Debt payoff calculator: the month you're debt-free
Compounding works against you too. See the exact month you'd be debt-free — and how much sooner (and cheaper) a slightly bigger payment gets you there.
| Pay each month | Debt-free in | Total interest |
|---|
How it works: each month, interest is added (APR ÷ 12), then your payment comes off. The table shows what a bigger or smaller payment does to the finish line and to the total interest. Fees, minimum-payment rules and rate changes are left out.
Compounding, working against you
This is the same math as the compound interest calculator — pointed the other way. At 22% APR, a payment that barely covers the interest can keep a balance alive for years. That's why many people clear high-interest debt before they put money at risk anywhere. Trading with money you can't afford to lose adds pressure — and pressure is when rules break. See how much money you need to start trading.
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