Payoff $25,000 Debt
Calculate the monthly payment needed to pay off a debt of $25,000 in a certain number of months or years. It can be used for a credit-card debt, student loan debt, or any other type of debt.
You have a debt of $25,000 with an interest rate of 5.75%.
To pay it off in 3 years, you will have to pay:
$757.72 / month
You will pay a total of $2,277.91 in interest.
What if You Refinance?
The effects of high interest-rate debt can be large. Here's how much you'd have to pay each month to pay off a $25,000 debt in 3 years with different interest rates:
| Interest Rate |
Payment |
Total Interest |
| 5% |
$749.27 |
$1,974 |
| 6% |
$760.55 |
$2,380 |
| 7% |
$771.93 |
$2,789 |
| 8% |
$783.41 |
$3,203 |
| 10% |
$806.68 |
$4,040 |
| 12% |
$830.36 |
$4,893 |
| 15% |
$866.63 |
$6,199 |
| 20% |
$929.09 |
$8,447 |
| 25% |
$994.00 |
$10,784 |
| 30% |
$1,061 |
$13,206 |
What's the Highest Credit Card Interest Rate?
In the U.S. there is no federal law that limits the rate of interest that a credit card company can charge. However, there is a maximum of 36% for active U.S. military members and their dependents.
Perhaps because of this law, there is no credit card with an APR greater than 36% as of July 2023.
In 2009, First Premier Bank offered a card with a stunning 79.9% interest rate, probably the highest ever.