Debt Payoff Planner

$500 Credit Card
Payoff Calculator

At 20% APR — see how long it takes and how much interest you'll pay.

Monthly interest on $500 at 20% APR
$8.33/month
Minimum payment (~2%): $25.00 · Minimum-only path: 25 months · $113 total interest
Current Balance ($)
$
Annual APR (%)
%
Monthly Payment ($)
$
Debt-Free In
— months
Estimated payoff date
Total Paid
—
all payments
Total Interest
—
cost of debt
Monthly Interest
$8.33
first month
Min. Payment
$25.00
~2% balance
Min-Only Interest
$113
if min only
Interest Saved
—
vs min payment

Payoff Scenarios — $500 at 20% APR

How long you take to pay off $500 depends entirely on your monthly payment. Every dollar above the interest charge reduces your balance:

Monthly PaymentPayoff TimeTotal InterestTotal Paid
$15/mo 50 months (4.2 yr) $236 $736
$20/mo 33 months (2.8 yr) $152 $652
$25/mo 25 months (2.1 yr) $113 $613
$38/mo 15 months (1.3 yr) $69 $569
$40/mo 15 months (1.3 yr) $65 $565
$25/mo (min only) 25 months (2.1 yr) $113 $613

★ The minimum payment row shows the devastating cost of paying only 2% of balance each month.

Compare Other Balances at 20% APR
$1,000 $2,000 $3,000 $5,000 $7,500 $8,500 $10,000 $15,000 $20,000 $25,000 $30,000 $500 at 18% $500 at 22% $500 at 24% $500 at 26% $500 at 29% Full Credit Card Calculator
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