Minimum payment

Over 2200 Glossary Terms

Minimum payment

Minimum payment is the smallest payment amount a creditor will accept on a revolving debt without charging a penalty. Minimum payments are usually calculated as a small percentage (such as 3 percent) of the outstanding balance.

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Loan Type Today
30 yr fixed 4.83
15 yr fixed 4.38
5/1 ARM 3.68

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