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Minimum Payment Calculator
By paying more than the minimum payment on a debt, you'll get out of debt faster and save money on interest. This calculator will help you explore how much you could save by paying more than the minimum payment on a debt. Enter the balance of your debt as well as the current monthly payment and the interest rate. See how a fixed monthly payment can help you pay off the debt quicker. You can change the Fixed Monthly Payment by entering a different amount or by using the plus and minus buttons.
Minimum Payment Calculator
Explore how much you could save by paying more than your minimum payment.
See how paying above the minimum at a fixed rate affects your payoff schedule:
Balance
Years
Payoff Date
Dec 2027
Total Amount Paid
$12,412
Total Interest Paid
$2,412
Interest Saved
$2,907
| Years | Minimum Payment | Fixed Payment |
|---|---|---|
| 0 | $10,000 | $10,000 |
| 1 | $7,297 | $6,637 |
| 2 | $5,324 | $2,660 |
| 3 | $3,885 | $0 |
| 4 | $2,835 | $0 |
| 5 | $2,069 | $0 |
| 6 | $1,509 | $0 |
| 7 | $1,101 | $0 |
| 8 | $803 | $0 |
| 9 | $586 | $0 |
| 10 | $428 | $0 |
| 11 | $304 | $0 |
| 12 | $165 | $0 |
| 13 | $1 | $0 |
| 14 | $0 | $0 |
Disclaimer
While we hope you find this content useful, it is only intended to serve as a starting point.
Your next step is to speak with a qualified, licensed professional who can provide advice tailored
to your individual circumstances. Nothing in this article, nor in any associated resources, should be
construed as financial or legal advice. Furthermore, while we have made good faith efforts to ensure
that the information presented was correct as of the date the content was prepared, we are unable to
guarantee that it remains accurate today.
Neither Banzai nor its sponsoring partners make any warranties or representations as to the accuracy, applicability, completeness, or suitability for any particular purpose of the information contained herein. Banzai and its sponsoring partners expressly disclaim any liability arising from the use or misuse of these materials and, by visiting this site, you agree to release Banzai and its sponsoring partners from any such liability. Do not rely upon the information provided in this content when making decisions regarding financial or legal matters without first consulting with a qualified, licensed professional.
Neither Banzai nor its sponsoring partners make any warranties or representations as to the accuracy, applicability, completeness, or suitability for any particular purpose of the information contained herein. Banzai and its sponsoring partners expressly disclaim any liability arising from the use or misuse of these materials and, by visiting this site, you agree to release Banzai and its sponsoring partners from any such liability. Do not rely upon the information provided in this content when making decisions regarding financial or legal matters without first consulting with a qualified, licensed professional.
Interest is one of the most powerful tools in your financial arsenal and one of the more slippery dangers.
Whether it's a personal loan, credit card, or payment plan on a large purchase, you can see how long it may take to pay off the loan.
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