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Pay Off Credit Card Early Calculator
Calculate savings from making extra payments.
Card Details
$
%
$
Paying $500/mo
Debt-Free In
12months(1.0 years)
Total PrincipalTotal Interest
$5,000.00+$515.22
Total Cost of Debt
$5,515.22
You will pay $515.22 in interest fees.
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Analysis: 20% APR
Adding just $50 to your monthly payment can typically shave 1-2 years off your debt freedom date.
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Frequently Asked Questions
How long to pay off $5,000?
With a monthly payment of $500, it will take approximately 12 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.