debts just fine? Which option are you more motivated to undertake? But what they cant do is help you balance your budget, so you stop charging. Calculate monthly payment, here, you can input how soon you want to pay off your balance. Your balance is 7,000 with a 20 APR. Increased risk of foreclosure, heloc Fair-Excellent Up to 80 of the equity available in your home Typically around 5 Interest-only for 10 years, then payments increase with principal interest Credit cards, medical bills, back taxes, other financial goals Increased risk. Disclaimer: While weve made every effort to ensure the accuracy of this calculator, results are for your general information only and not intended to reflect your specific circumstances. Regardless of how much you pay, you pay less interest on your next repayment statement as long as you havent added to your balance in the meantime. Work to pay off your balance in full. If you enter a debt-free deadline, the calculator lets you know how much you have to pay each month to meet that timeline. Apply now View details Compare Yes. A good rule of thumb is that any solution you use should be able to pay off your debt in 3-5 years. On a standard 3 payment schedule, it takes almost 11 years to pay off the balance. The greater of 15 or 1 of your closing balance. What happens if I repay only my statements minimum? We look forward to assisting you! You often carry a balance. If you work with a credit counseling agency to enroll in a debt management program, they help you create a balanced budget. Use our calculator to movie poster template free download learn how long you might need to pay off your debt with minimum payments and how much more can better meet your payoff goals. Rates Fees Apply now View details Compare American Express Cash Magnet Card 0 for the first 15 months (then.24.24 variable) 5 or 3 of the transaction, whichever is greater 680 Earn a 150 statement credit. If you are receiving a match (for example, through an employer-based 401k it might be more attractive to pay into your retirement account knowing youll at least make a 100 return more than youd save by putting that money toward debt. That way, you can pay down the principal only within the intro period. Start by making a list of items you can sell to gather the cash you need for a lump sum payment.