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DebtFree
The sobering math of minimum payments — and how much extra payments save you.
Credit card minimum payments (typically 1-3% of balance) are calculated to keep you in debt for decades — a $5,000 balance at 20% APR with minimum payments takes over 30 years and costs $12,000+ in interest. Even small increases to your payment dramatically reduce both time and interest.
If you have multiple debts, the avalanche method (pay highest APR first) saves the most money, while the snowball method (pay smallest balance first) provides faster psychological wins. Both beat paying only minimums everywhere.
Estimate monthly payments with taxes, insurance, and amortization.
OpenProperty price, down payment, tenure — EMI, processing fee, and stamp duty & registration.
OpenCompare loan terms and see total interest paid.
OpenProject growth from deposits and compounding interest.
OpenWhat you entered
Monthly interest rate
19.99% / 12= 1.6658%Months to pay off
−ln(1 − $5,000.00×r / $200.00) / ln(1+r)= 33 months (2.8 years)Total paid
33 × $200.00= $6,600.00Total interest
$6,600.00 − $5,000.00= $1,600.00Result
Payoff time: 33 months
Paying $200/month on a $5,000 balance at 19.99% APR, you'll be debt-free in 33 months and pay $1,600 in interest.