Here's how long a $5,000 balance at 29% APR really takes to clear — paying just the minimum versus adding a little extra each month. Every number below is computed live by the same engine that's inside the workbook.
Assumes a minimum payment of about $125/mo (≈2.5% of the balance). "Extra" is added on top every month and goes straight at the principal.
| Payment | You pay | Debt-free in | Total interest | Interest saved |
|---|---|---|---|---|
| Minimum only | $125/mo | 11 yr 11 mo | $12,805 | — |
| +$50/mo | $175/mo | 4 yr 2 mo | $3,595 | −$9,210 |
| +$100/mo | $225/mo | 2 yr 9 mo | $2,257 | −$10,548 |
| +$200/mo | $325/mo | 1 yr 8 mo | $1,328 | −$11,476 |
| +$300/mo | $425/mo | 1 yr 3 mo | $954 | −$11,851 |
Have more than one debt? Try the free calculator with all of them at once.
Every dollar above the minimum attacks the principal directly — watch the payoff time shrink in the rows above.
At 29% APR, about $1,450 a year in interest is charged on the full balance. Paying faster is the only way to cut it.
With several debts, the order you pay them changes the total interest. The free calculator compares both methods.
The workbook's budget and sinking-fund tabs free up the cash to put toward this — without surprise bills derailing the plan.