Payoff $98,000 Debt in 20 Years

What's the monthly payment to pay off $98,000 in 20 years? Pay down $98,000 in credit card or student loan debt in 20 years.
Current Debt
Pay Debt in
Interest Rate
You have a debt of $98,000 with an interest rate of 10.25%.
To pay it off in 20 years, you will have to pay:
$962.01 / month
You will pay a total of $132,882.52 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 $98,000 debt in 20 years with different interest rates:
Interest Rate Payment Total Interest
5% $646.76 $57,222
6% $702.10 $70,505
7% $759.79 $84,350
8% $819.71 $98,731
10% $945.72 $128,973
12% $1,079 $160,975
15% $1,290 $211,709
20% $1,665 $301,564
25% $2,056 $395,500
30% $2,457 $491,573
Student Debt - To Pay it Down or Not?
It almost always make sense to pay down high-interest credit card debt. Student debt is another matter. Making the minimum payments with a wait-and-see attitude may pay dividends. For 3½ years from March 2020-September 2023, the U.S. government suspended payments and interest on many student loans. What's more, the Biden administration wanted to forgive up to $20,000 per borrower entirely. Imagine working overtime for years to pay off your debt, and then finding out that other people got their debt paid for free. As long as your interest rate is not too high, our advice is to not aggressively pay down student debt. Just keep making the minimum payments and stay patient. With CD's earning 5.5% as of September 2023, it's not a bad idea to save money instead of paying down student debt early.