Inputs
Current balance
$5,000Interest rate (APR)Annual rate on your balance — U.S. avg ~21-23%; find it on your statement
21.50%Minimum payment (% of balance)Of balance; usually 2-3%
2.00%Extra monthlyOn top of minimum
$0How long if you pay only the minimum
50+ yrs
At this rate the minimum barely covers interest, so the balance may never fully clear. Add an extra payment to break out of it.
Time to pay off
How long until the balance hits $0 — minimum only vs. with your extra payment
Scenario
Time to pay off
How they compare
Minimum only
50+ yrs
100%
With your extra
50+ yrs
100%
Balance
$5,000
Interest at the minimum
$30,696
Total you'll pay
$35,696
Time to pay off
50+ yrs