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Fixed Vs Minimum Payment Credit Card Calculator

Calculator Preferences
Fixed Vs Minimum Payment Credit Card Calculator Sign
Fixed Vs Minimum Payment Credit Card Calculator

This calculator will calculate the payments, interest charges, and work hours you will save if you simply switch from making the declining minimum monthly payments on your credit card, to making fixed monthly payments. The Learn tab includes:

  • What is the declining minimum payment (DMP) method?
  • How is DMP calculated?
  • Become your own credit card company.

Learn More

Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Balance:Current balance:Current balance:Current balance:

Current balance:

Enter the current balance on your credit card. Enter as a dollar amount but without the dollar sign and any commas. If you have added any charges to your card since your last statement, be sure to include those as well.

% rate:Percent rate:Annual interest rate :Annual interest rate percentage:

Annual interest rate:

Enter the annual interest rate you are being charged on the credit card. Enter as a percentage, but without the percent sign (for .1799 or 17.99%, enter 17.99).

Minimum pmt:Minimum payment:Current minimum payment amount:Current minimum payment amount:

Current minimum payment amount:

Enter the minimum payment amount for the current month. Enter as a dollar amount but without the dollar sign and any commas.

Smallest pmt:Smallest payment:Smallest minimum payment allowed:Smallest minimum payment allowed:

Smallest minimum payment allowed:

Enter the lowest allowable minimum payment dollar amount. Enter as a dollar amount but without the dollar sign and any commas.

For example, if your credit card company states your payment will be 2% of the balance, or $15, whichever is greater, enter 15 in the field provided.

Wage/hrHourly wageReal hourly wageReal hourly wage:

Real hourly wage:

Optional: If you want to compare how many hours you will need to allocate to work just to pay the interest charges on your credit card, enter your real hourly wage in the field provided. Enter as a dollar amount, but without the dollar sign and any commas.

Your real hourly wage (RHW) is the after-tax, after work-related expense wage earned per hour devoted to working. If you don't know your RHW, click the link in this row to open the real hourly wage calculator in a new window.

Minimum Vs Fixed Payment
Tap the text for a description of each row result.
Compare# of
Pmts
# of
Pmts
Number
of
Payments
Number
of
Payments
Interest
Cost
Work Hrs
to Pay
Interest
Work Hrs
to Pay
Interest
Work Hours
to Pay
Interest
Work Hours
to Pay
Interest
Min pmt:Min pmt:Minimum payment:Minimum payment:

Minimum payment:

This row shows the number of payments and the total interest cost if you make only the declining minimum monthly payments on your credit card. If you included your real hourly wage in your entries the calculator will also show you how many hours you will need to work to pay the interest charges when making only the minimum monthly payments.

Fix pmt:Fix pmt:Fixed payment:Fixed payment:

Fixed payment:

This row shows the number of payments and the total interest cost if you fix the payments on your credit card. If you included your real hourly wage in your entries the calculator will also show you how many hours you will need to work to pay the interest charges when making fixed monthly payments.

Fix save:Fix save:Fixed pmt savings:Fixed payment savings:

Fixed payment savings:

This row shows the months and interest savings you will realize if you make fixed monthly payments instead of declining minimum monthly payments. If you included your real hourly wage in your entries the calculator will also show you how many work hours you will save when making fixed monthly payments.

If you would like to save the current entries to the secure database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Feedback AppreciatedFeedback Greatly AppreciatedYour Feedback Would Be Greatly AppreciatedYour Feedback Is Greatly Appreciated
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Tip

About

About the Fixed Vs Minimum Payment Credit Card Calculator

This calculator will calculate credit card payoff comparisons between making declining minimum monthly payments and fixed monthly payments.

Unlike most credit card payoff calculators, this calculator will also calculate how many hours you will need to allocate to working just to pay the interest charges on the credit card -- for both fixed and minimum payment methods.

Plus, the calculated result also includes an interest cost bar chart for a visual representation of the fixed versus minimum payment savings.

Note that if you would like to see how much your monthly payment would need to be in order to meet a designated payoff goal, please visit the Credit Card Monthly Payment Calculator.

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Instructions

How to use the Fixed Vs Minimum Payment Credit Card Calculator

Step #1:

Enter the current balance on your card.

Step #2:

Enter the annual finance charge percentage.

Step #3:

Enter the current minimum payment amount from your statement.

Step #4:

Enter the smallest minimum payment allowed.

Step #5:

Enter your real hourly wage.

Step #6:

Tap the "Calculate Comparison" button and scroll down to view the results.

Saving Entries:

If your web browser supports Local Storage, you can save your entries to your web browser so won't have to start over on your next visit. Please note that your saved entries can only be retrieved from the same device and web browser you were using when you stored them. If you would like to access your saved entries from any device I invite you to subscribe to the Ad-Free Member Version.

To save your entries to your web browser, click or tap the Data tab in the Help and Tools section (mobile: top right of the main screen), select "New Data Record" from the drop-down menu, enter a name for the data record, and then tap or click the Save button.

To load previously saved entries, click or tap the Data tab and select the saved data record from the drop-down menu. You can then save any changes to your entries by simply clicking the Save button while the data record is selected.

To clear a named set of saved entries, click or tap the Data tab, select the saved data record from the drop-down menu, and then tap or click the Clear button.

Numbers and Decimals:

Only numeric characters (0-9 and decimal points) may be entered in numeric fields. Non-numeric characters (dollar signs, percent signs, commas, etc.) may cause calculation errors. If the field includes a grid icon, tapping the icon will open a popup keypad which will include only the characters allowed in the field. If your device keypad does not include a decimal point, use this popup keypad to enter decimal numbers where applicable.

Popup Tool Tips:

Tap the info (i) icons for a further explanation of each entry field (you can click [X] or outside of the pop-up tool tips to close them). A summary of these explanations, along with any additional term explanations, can also be found under the Terms tab.

Disclaimer:

Since I can't test for every possible combination of numbers, please be sure to double-check the results of this calculator yourself before considering them to be valid. If you do discover an issue with the calculated results, please report the issue using the feedback form located below the calculator.

Scrolling & Shrinking:

In order to scroll the calculator vertically you will need to swipe just outside of the calculator's dark-blue border, or use the window's far right-hand scroll bar, whichever is applicable to your device.

If the top section of the calculator becomes to tall for your viewport, tapping in the "Enter a problem..." field should reset the top section to its original height.

Disclaimer:

The Algebra Calculator is the only calculator on the site that I did not create myself. And since I did not create it, I don't have access to the code for fixing any issues you may be experiencing. So if you are having issues with the calculator, please visit the support page at Mathway.com for assistance.

Glossary

Fields, Terms, and Definitions.

Reset button:

Clicking the "Reset" button will restore the calculator to its default settings.

Pocket Calculator

Calculate any amounts needed to enter into calculator.

 

Data Management

Save and retrieve entries and notes (requires HTML5 compliant web browser).

Calculator Data

Calculator Data:

If you are using the latest version of your web browser software, this feature will allow you to save your calculator entries to your web browser's local storage in between visits. This means the calculator entries can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save data between devices you will need to subscribe to the Ad-Free Member Version.

Save: To save a new set of calculator entries, select "New Data Record" from the dropdown list, enter a nickname for the data record, then click the "Save" button.

Load: To load a previously saved set of calculator entries, simply select the name of the data record from the dropdown list.

Save Changes: To save changes to a set of previously saved calculator entries, be sure the name of the data record is selected, and then click the "Save" button.

Clear: To clear a saved set of entries, be sure the name of the data record is selected, and then click the "Clear" button.

Backup Data
My Notes:
Subscribe to the Cloud level of the Ad-Free Member Version to save your entries and notes to a secure online database, allowing you to access your saved entries from any device or web browser.

Sorry! The Save functions are bonus features reserved for those who allow ads to display on the page.

If you would like to use the Save features, please disable ad blocking for this website and refresh the page. Or you can choose to subscribe to the Ad-Free Member Version of the site.

Help and Tools

Help and Tools:

This section, which you can Unstick or Hide in the Calculator Preferences (just above the top of the calculator), contains the following tabs (content too long to fit within bordered frame can be scrolled up and down):

About: Click this tab for an introduction to the calculator.

Instructions: Click this tab for step-by-step instructions for using the calculator.

Terms: Click this tab for a list of the descriptions that are located within each popup help button (info icons).

PCalc: Click this tab for a handy "pocket" calculator you can use when you need to calculate an entry needed for the calculator.

Data: Click this tab to save a set of entries or a note in between visits. Entries and notes will be stored to your web browser's local storage (if supported by your browser of choice), meaning they can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save entries and notes between devices you can do so by subscribing to the Ad-Free Member Version.

 

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