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Minimum Payment Calculator (The Trap)
See why minimum payments keep you in debt for decades.
Card Details
$
%
$
Paying $100/mo
Debt-Free In
109months(9.1 years)
Total PrincipalTotal Interest
$5,000.00+$5,840.10
Total Cost of Debt
$10,840.10
You will pay $5,840.10 in interest fees.
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Analysis: 20% APR
Banks set minimum payments low (usually 2% of balance) on purpose. Use this tool to see how 2% keeps you paying interest forever.
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Frequently Asked Questions
How long to pay off $5,000?
With a monthly payment of $100, it will take approximately 109 months to pay off $5,000 at 20% APR.
How much interest will I pay on $5,000?
At 20% APR, you are paying roughly $83 in interest alone every single month. To make progress, your payment must exceed this amount.
Is it better to pay minimum or extra?
Always pay extra. Paying only the minimum (~2%) typically extends your debt timeline to 15-20 years. Doubling the minimum often cuts that to 3-5 years.