How long to pay off $15,000 on a personal loan at 9% paying $400 a month
Paying $400 a month on $15,000 at 9% clears the debt in 3 years and 9 months. You pay $2,679 in interest, $17,679 in total.
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The numbers for these inputs
| Year | Principal paid | Interest paid | Balance left |
|---|---|---|---|
| 1 | $3,596 | $1,204 | $11,404 |
| 2 | $3,933 | $867 | $7,471 |
| 3 | $4,302 | $498 | $3,169 |
| 4 | $3,169 | $110 | $0 |
How it works
Each month the lender adds interest on the balance (the yearly rate divided by 12), then your payment is taken off. What is left is next month's balance.
If the payment is only a little above the interest, the balance falls very slowly. If it is not above the interest, the debt never shrinks, which the calculator reports as never paid off.
It assumes a fixed rate, no new purchases and no fees. Real cards can change the rate and compute interest daily, so the schedule on your statement may differ a little.
Common mistakes
- Paying only the minimum, which is often just above the monthly interest and takes decades.
- Adding new purchases to a card while paying it down.
- Ignoring that a small extra payment early saves much more than the same amount later.
- Comparing cards by the monthly payment instead of the interest rate.
Questions
How long will it take to pay off the balance?
45 months (3 years and 9 months).
How much interest will I pay?
$2,679 in total, on top of the $15,000 you owe.
How much does paying extra help?
A lot: use the monthly payment slider. Even 50 more a month can cut years and a large part of the interest when the rate is high.
What if I only pay the minimum?
The minimum is often close to the monthly interest, so the balance falls very slowly. The last example in this list shows how long that takes.
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