Minimum Payment
Lending & MortgagesThe lowest amount you must pay on a credit card or loan each month to stay current.
Example
Example: Suppose you take out a $300,000 30-year fixed mortgage at 6.5%. Understanding minimum payment helps you see how your monthly payment of approximately $1,896 is structured — and how this concept affects your total cost over the life of the loan. Use our mortgage calculator to see how minimum payment impacts your specific situation.