Don't get into credit card debt!

Today I decided to write a Perl script to calculate compound interest for an imaginary credit card debt scenario. This is what I've learned.

So, imagine that you've collected $30,000 in credit card debt with an interest rate of 20%. But what if you can only pay $501 / month? This is the number I came up with because it was the only way to keep up with interest. Otherwise you're paying your debt off slower than the interest is increasing it which means it will take infinity years to pay off. So let's try to pay it off...

What I learned is that there are two ways to calculate compounded interest. My mortgage charges me once-a-month interest and adds that to my balance at the end of the month. But with evil credit cards they tend to compound the interest daily.

So let's cut to the chase. These are the numbers I came up with for interest compounded monthly:

Starting debt: $30000 at an interest rate of 20%

Monthly payments of: $501

Time elapsed: 31 years, 5 months

Total cost: $188424.51

Not so good, right? If you're like me you want to pay this off in like a year, right? Better consolidate that loan or something. Definitely get a lower interest rate somehow.

But now look at it when you compound interest daily:

Starting debt: $30000 at an interest rate of 20%

Monthly payments of: $501

Time elapsed: 32 years, 7 months

Total cost: $195566.51

That's a $7,142 difference which doesn't seem like much when you look at those totals, but it's a lot next to the original debt of $30,000.

I write this script in Perl because I wanted to run some numbers quickly, but now I'd like to publish a web calculator, without a pay wall, so people can do the research themselves and come up with a plan to get out of debt. But I'd like to reach people before they get into credit card debt.

By the way, before I started writing this post I hadn't taken a good close look at the data. What I'm seeing now is that the number of days per month makes a significant amount of different to the amount of interest charged for that month. So in January of this imaginary year I only paid $501 but was charged $509.59 in interest. I was saved in February, or so I thought. It took until November of the first year to crack the $30,000 balance. Keep scrolling down and watch the rollercoaster go up and down for the first couple years and then barely move the needle for the first 10 years! Be careful with your money!

Here's the full data output:

y: 0 m: 1 payment: $501.00 interest: $509.59 balance: $30008.59

y: 0 m: 2 payment: $501.00 interest: $493.29 balance: $30000.88

y: 0 m: 3 payment: $501.00 interest: $509.60 balance: $30009.48

y: 0 m: 4 payment: $501.00 interest: $493.31 balance: $30001.79

y: 0 m: 5 payment: $501.00 interest: $509.62 balance: $30010.41

y: 0 m: 6 payment: $501.00 interest: $509.77 balance: $30019.18

y: 0 m: 7 payment: $501.00 interest: $493.47 balance: $30011.64

y: 0 m: 8 payment: $501.00 interest: $509.79 balance: $30020.43

y: 0 m: 9 payment: $501.00 interest: $493.49 balance: $30012.92

y: 0 m: 10 payment: $501.00 interest: $509.81 balance: $30021.72

y: 0 m: 11 payment: $501.00 interest: $460.61 balance: $29981.33

y: 0 m: 12 payment: $501.00 interest: $509.27 balance: $29989.60

y: 1 m: 1 payment: $501.00 interest: $509.41 balance: $29998.02

y: 1 m: 2 payment: $501.00 interest: $493.12 balance: $29990.13

y: 1 m: 3 payment: $501.00 interest: $509.42 balance: $29998.56

y: 1 m: 4 payment: $501.00 interest: $493.13 balance: $29990.68

y: 1 m: 5 payment: $501.00 interest: $509.43 balance: $29999.11

y: 1 m: 6 payment: $501.00 interest: $509.57 balance: $30007.69

y: 1 m: 7 payment: $501.00 interest: $493.28 balance: $29999.96

y: 1 m: 8 payment: $501.00 interest: $509.59 balance: $30008.55

y: 1 m: 9 payment: $501.00 interest: $493.29 balance: $30000.84

y: 1 m: 10 payment: $501.00 interest: $509.60 balance: $30009.45

y: 1 m: 11 payment: $501.00 interest: $460.42 balance: $29968.87

y: 1 m: 12 payment: $501.00 interest: $509.06 balance: $29976.93

y: 2 m: 1 payment: $501.00 interest: $509.20 balance: $29985.12

y: 2 m: 2 payment: $501.00 interest: $492.91 balance: $29977.03

y: 2 m: 3 payment: $501.00 interest: $509.20 balance: $29985.23

y: 2 m: 4 payment: $501.00 interest: $492.91 balance: $29977.14

y: 2 m: 5 payment: $501.00 interest: $509.20 balance: $29985.34

y: 2 m: 6 payment: $501.00 interest: $509.34 balance: $29993.68

y: 2 m: 7 payment: $501.00 interest: $493.05 balance: $29985.72

y: 2 m: 8 payment: $501.00 interest: $509.35 balance: $29994.07

y: 2 m: 9 payment: $501.00 interest: $493.05 balance: $29986.12

y: 2 m: 10 payment: $501.00 interest: $509.35 balance: $29994.48

y: 2 m: 11 payment: $501.00 interest: $460.19 balance: $29953.67

y: 2 m: 12 payment: $501.00 interest: $508.80 balance: $29961.47

y: 3 m: 1 payment: $501.00 interest: $508.93 balance: $29969.40

y: 3 m: 2 payment: $501.00 interest: $492.65 balance: $29961.05

y: 3 m: 3 payment: $501.00 interest: $508.93 balance: $29968.98

y: 3 m: 4 payment: $501.00 interest: $492.64 balance: $29960.62

y: 3 m: 5 payment: $501.00 interest: $508.92 balance: $29968.54

y: 3 m: 6 payment: $501.00 interest: $509.05 balance: $29976.59

y: 3 m: 7 payment: $501.00 interest: $492.77 balance: $29968.36

y: 3 m: 8 payment: $501.00 interest: $509.05 balance: $29976.41

y: 3 m: 9 payment: $501.00 interest: $492.76 balance: $29968.17

y: 3 m: 10 payment: $501.00 interest: $509.05 balance: $29976.22

y: 3 m: 11 payment: $501.00 interest: $459.91 balance: $29935.13

y: 3 m: 12 payment: $501.00 interest: $508.49 balance: $29942.62

y: 4 m: 1 payment: $501.00 interest: $508.61 balance: $29950.23

y: 4 m: 2 payment: $501.00 interest: $492.33 balance: $29941.57

y: 4 m: 3 payment: $501.00 interest: $508.60 balance: $29949.16

y: 4 m: 4 payment: $501.00 interest: $492.31 balance: $29940.48

y: 4 m: 5 payment: $501.00 interest: $508.58 balance: $29948.06

y: 4 m: 6 payment: $501.00 interest: $508.71 balance: $29955.76

y: 4 m: 7 payment: $501.00 interest: $492.42 balance: $29947.19

y: 4 m: 8 payment: $501.00 interest: $508.69 balance: $29954.88

y: 4 m: 9 payment: $501.00 interest: $492.41 balance: $29946.29

y: 4 m: 10 payment: $501.00 interest: $508.68 balance: $29953.96

y: 4 m: 11 payment: $501.00 interest: $459.57 balance: $29912.53

y: 4 m: 12 payment: $501.00 interest: $508.10 balance: $29919.63

y: 5 m: 1 payment: $501.00 interest: $508.22 balance: $29926.86

y: 5 m: 2 payment: $501.00 interest: $491.95 balance: $29917.81

y: 5 m: 3 payment: $501.00 interest: $508.19 balance: $29925.00

y: 5 m: 4 payment: $501.00 interest: $491.92 balance: $29915.92

y: 5 m: 5 payment: $501.00 interest: $508.16 balance: $29923.08

y: 5 m: 6 payment: $501.00 interest: $508.28 balance: $29930.36

y: 5 m: 7 payment: $501.00 interest: $492.01 balance: $29921.37

y: 5 m: 8 payment: $501.00 interest: $508.25 balance: $29928.62

y: 5 m: 9 payment: $501.00 interest: $491.98 balance: $29919.60

y: 5 m: 10 payment: $501.00 interest: $508.22 balance: $29926.82

y: 5 m: 11 payment: $501.00 interest: $459.15 balance: $29884.97

y: 5 m: 12 payment: $501.00 interest: $507.64 balance: $29891.61

y: 6 m: 1 payment: $501.00 interest: $507.75 balance: $29898.35

y: 6 m: 2 payment: $501.00 interest: $491.48 balance: $29888.83

y: 6 m: 3 payment: $501.00 interest: $507.70 balance: $29895.53

y: 6 m: 4 payment: $501.00 interest: $491.43 balance: $29885.97

y: 6 m: 5 payment: $501.00 interest: $507.65 balance: $29892.62

y: 6 m: 6 payment: $501.00 interest: $507.77 balance: $29899.39

y: 6 m: 7 payment: $501.00 interest: $491.50 balance: $29889.88

y: 6 m: 8 payment: $501.00 interest: $507.72 balance: $29896.60

y: 6 m: 9 payment: $501.00 interest: $491.45 balance: $29887.05

y: 6 m: 10 payment: $501.00 interest: $507.67 balance: $29893.72

y: 6 m: 11 payment: $501.00 interest: $458.64 balance: $29851.37

y: 6 m: 12 payment: $501.00 interest: $507.06 balance: $29857.43

y: 7 m: 1 payment: $501.00 interest: $507.17 balance: $29863.60

y: 7 m: 2 payment: $501.00 interest: $490.91 balance: $29853.51

y: 7 m: 3 payment: $501.00 interest: $507.10 balance: $29859.61

y: 7 m: 4 payment: $501.00 interest: $490.84 balance: $29849.45

y: 7 m: 5 payment: $501.00 interest: $507.03 balance: $29855.48

y: 7 m: 6 payment: $501.00 interest: $507.13 balance: $29861.61

y: 7 m: 7 payment: $501.00 interest: $490.88 balance: $29851.49

y: 7 m: 8 payment: $501.00 interest: $507.07 balance: $29857.56

y: 7 m: 9 payment: $501.00 interest: $490.81 balance: $29847.37

y: 7 m: 10 payment: $501.00 interest: $507.00 balance: $29853.36

y: 7 m: 11 payment: $501.00 interest: $458.02 balance: $29810.39

y: 7 m: 12 payment: $501.00 interest: $506.37 balance: $29815.75

y: 8 m: 1 payment: $501.00 interest: $506.46 balance: $29821.21

y: 8 m: 2 payment: $501.00 interest: $490.21 balance: $29810.43

y: 8 m: 3 payment: $501.00 interest: $506.37 balance: $29815.79

y: 8 m: 4 payment: $501.00 interest: $490.12 balance: $29804.92

y: 8 m: 5 payment: $501.00 interest: $506.28 balance: $29810.19

y: 8 m: 6 payment: $501.00 interest: $506.36 balance: $29815.56

y: 8 m: 7 payment: $501.00 interest: $490.12 balance: $29804.68

y: 8 m: 8 payment: $501.00 interest: $506.27 balance: $29809.95

y: 8 m: 9 payment: $501.00 interest: $490.03 balance: $29798.97

y: 8 m: 10 payment: $501.00 interest: $506.17 balance: $29804.15

y: 8 m: 11 payment: $501.00 interest: $457.27 balance: $29760.42

y: 8 m: 12 payment: $501.00 interest: $505.52 balance: $29764.94

y: 9 m: 1 payment: $501.00 interest: $505.60 balance: $29769.53

y: 9 m: 2 payment: $501.00 interest: $489.36 balance: $29757.90

y: 9 m: 3 payment: $501.00 interest: $505.48 balance: $29762.37

y: 9 m: 4 payment: $501.00 interest: $489.24 balance: $29750.62

y: 9 m: 5 payment: $501.00 interest: $505.35 balance: $29754.97

y: 9 m: 6 payment: $501.00 interest: $505.43 balance: $29759.40

y: 9 m: 7 payment: $501.00 interest: $489.20 balance: $29747.59

y: 9 m: 8 payment: $501.00 interest: $505.30 balance: $29751.89

y: 9 m: 9 payment: $501.00 interest: $489.07 balance: $29739.97

y: 9 m: 10 payment: $501.00 interest: $505.17 balance: $29744.14

y: 9 m: 11 payment: $501.00 interest: $456.35 balance: $29699.49

y: 9 m: 12 payment: $501.00 interest: $504.48 balance: $29702.97

y: 10 m: 1 payment: $501.00 interest: $504.54 balance: $29706.51

y: 10 m: 2 payment: $501.00 interest: $488.33 balance: $29693.84

y: 10 m: 3 payment: $501.00 interest: $504.39 balance: $29697.23

y: 10 m: 4 payment: $501.00 interest: $488.17 balance: $29684.40

y: 10 m: 5 payment: $501.00 interest: $504.23 balance: $29687.63

y: 10 m: 6 payment: $501.00 interest: $504.28 balance: $29690.91

y: 10 m: 7 payment: $501.00 interest: $488.07 balance: $29677.98

y: 10 m: 8 payment: $501.00 interest: $504.12 balance: $29681.10

y: 10 m: 9 payment: $501.00 interest: $487.91 balance: $29668.01

y: 10 m: 10 payment: $501.00 interest: $503.95 balance: $29670.96

y: 10 m: 11 payment: $501.00 interest: $455.23 balance: $29625.19

y: 10 m: 12 payment: $501.00 interest: $503.22 balance: $29627.41

y: 11 m: 1 payment: $501.00 interest: $503.26 balance: $29629.67

y: 11 m: 2 payment: $501.00 interest: $487.06 balance: $29615.73

y: 11 m: 3 payment: $501.00 interest: $503.06 balance: $29617.79

y: 11 m: 4 payment: $501.00 interest: $486.87 balance: $29603.66

y: 11 m: 5 payment: $501.00 interest: $502.86 balance: $29605.52

y: 11 m: 6 payment: $501.00 interest: $502.89 balance: $29607.41

y: 11 m: 7 payment: $501.00 interest: $486.70 balance: $29593.10

y: 11 m: 8 payment: $501.00 interest: $502.68 balance: $29594.78

y: 11 m: 9 payment: $501.00 interest: $486.49 balance: $29580.27

y: 11 m: 10 payment: $501.00 interest: $502.46 balance: $29581.73

y: 11 m: 11 payment: $501.00 interest: $453.86 balance: $29534.59

y: 11 m: 12 payment: $501.00 interest: $501.68 balance: $29535.27

y: 12 m: 1 payment: $501.00 interest: $501.70 balance: $29535.97

y: 12 m: 2 payment: $501.00 interest: $485.52 balance: $29520.49

y: 12 m: 3 payment: $501.00 interest: $501.44 balance: $29520.93

y: 12 m: 4 payment: $501.00 interest: $485.28 balance: $29505.21

y: 12 m: 5 payment: $501.00 interest: $501.18 balance: $29505.39

y: 12 m: 6 payment: $501.00 interest: $501.19 balance: $29505.58

y: 12 m: 7 payment: $501.00 interest: $485.02 balance: $29489.60

y: 12 m: 8 payment: $501.00 interest: $500.92 balance: $29489.52

y: 12 m: 9 payment: $501.00 interest: $484.76 balance: $29473.28

y: 12 m: 10 payment: $501.00 interest: $500.64 balance: $29472.92

y: 12 m: 11 payment: $501.00 interest: $452.19 balance: $29424.11

y: 12 m: 12 payment: $501.00 interest: $499.81 balance: $29422.92

y: 13 m: 1 payment: $501.00 interest: $499.79 balance: $29421.70

y: 13 m: 2 payment: $501.00 interest: $483.64 balance: $29404.35

y: 13 m: 3 payment: $501.00 interest: $499.47 balance: $29402.82

y: 13 m: 4 payment: $501.00 interest: $483.33 balance: $29385.15

y: 13 m: 5 payment: $501.00 interest: $499.15 balance: $29383.30

y: 13 m: 6 payment: $501.00 interest: $499.11 balance: $29381.41

y: 13 m: 7 payment: $501.00 interest: $482.98 balance: $29363.39

y: 13 m: 8 payment: $501.00 interest: $498.78 balance: $29361.17

y: 13 m: 9 payment: $501.00 interest: $482.65 balance: $29342.82

y: 13 m: 10 payment: $501.00 interest: $498.43 balance: $29340.24

y: 13 m: 11 payment: $501.00 interest: $450.15 balance: $29289.40

y: 13 m: 12 payment: $501.00 interest: $497.52 balance: $29285.92

y: 14 m: 1 payment: $501.00 interest: $497.46 balance: $29282.37

y: 14 m: 2 payment: $501.00 interest: $481.35 balance: $29262.73

y: 14 m: 3 payment: $501.00 interest: $497.07 balance: $29258.79

y: 14 m: 4 payment: $501.00 interest: $480.97 balance: $29238.76

y: 14 m: 5 payment: $501.00 interest: $496.66 balance: $29234.42

y: 14 m: 6 payment: $501.00 interest: $496.58 balance: $29230.00

y: 14 m: 7 payment: $501.00 interest: $480.49 balance: $29209.50

y: 14 m: 8 payment: $501.00 interest: $496.16 balance: $29204.66

y: 14 m: 9 payment: $501.00 interest: $480.08 balance: $29183.73

y: 14 m: 10 payment: $501.00 interest: $495.72 balance: $29178.46

y: 14 m: 11 payment: $501.00 interest: $447.67 balance: $29125.13

y: 14 m: 12 payment: $501.00 interest: $494.73 balance: $29118.86

y: 15 m: 1 payment: $501.00 interest: $494.62 balance: $29112.48

y: 15 m: 2 payment: $501.00 interest: $478.56 balance: $29090.04

y: 15 m: 3 payment: $501.00 interest: $494.13 balance: $29083.17

y: 15 m: 4 payment: $501.00 interest: $478.08 balance: $29060.25

y: 15 m: 5 payment: $501.00 interest: $493.63 balance: $29052.88

y: 15 m: 6 payment: $501.00 interest: $493.50 balance: $29045.38

y: 15 m: 7 payment: $501.00 interest: $477.46 balance: $29021.84

y: 15 m: 8 payment: $501.00 interest: $492.97 balance: $29013.81

y: 15 m: 9 payment: $501.00 interest: $476.94 balance: $28989.75

y: 15 m: 10 payment: $501.00 interest: $492.43 balance: $28981.18

y: 15 m: 11 payment: $501.00 interest: $444.64 balance: $28924.82

y: 15 m: 12 payment: $501.00 interest: $491.33 balance: $28915.15

y: 16 m: 1 payment: $501.00 interest: $491.16 balance: $28905.31

y: 16 m: 2 payment: $501.00 interest: $475.16 balance: $28879.46

y: 16 m: 3 payment: $501.00 interest: $490.56 balance: $28869.02

y: 16 m: 4 payment: $501.00 interest: $474.56 balance: $28842.58

y: 16 m: 5 payment: $501.00 interest: $489.93 balance: $28831.51

y: 16 m: 6 payment: $501.00 interest: $489.74 balance: $28820.25

y: 16 m: 7 payment: $501.00 interest: $473.76 balance: $28793.00

y: 16 m: 8 payment: $501.00 interest: $489.09 balance: $28781.09

y: 16 m: 9 payment: $501.00 interest: $473.11 balance: $28753.21

y: 16 m: 10 payment: $501.00 interest: $488.41 balance: $28740.62

y: 16 m: 11 payment: $501.00 interest: $440.95 balance: $28680.57

y: 16 m: 12 payment: $501.00 interest: $487.18 balance: $28666.74

y: 17 m: 1 payment: $501.00 interest: $486.94 balance: $28652.69

y: 17 m: 2 payment: $501.00 interest: $471.00 balance: $28622.69

y: 17 m: 3 payment: $501.00 interest: $486.19 balance: $28607.88

y: 17 m: 4 payment: $501.00 interest: $470.27 balance: $28577.15

y: 17 m: 5 payment: $501.00 interest: $485.42 balance: $28561.57

y: 17 m: 6 payment: $501.00 interest: $485.16 balance: $28545.73

y: 17 m: 7 payment: $501.00 interest: $469.24 balance: $28513.97

y: 17 m: 8 payment: $501.00 interest: $484.35 balance: $28497.32

y: 17 m: 9 payment: $501.00 interest: $468.45 balance: $28464.77

y: 17 m: 10 payment: $501.00 interest: $483.51 balance: $28447.28

y: 17 m: 11 payment: $501.00 interest: $436.45 balance: $28382.73

y: 17 m: 12 payment: $501.00 interest: $482.12 balance: $28363.85

y: 18 m: 1 payment: $501.00 interest: $481.80 balance: $28344.64

y: 18 m: 2 payment: $501.00 interest: $465.94 balance: $28309.58

y: 18 m: 3 payment: $501.00 interest: $480.88 balance: $28289.46

y: 18 m: 4 payment: $501.00 interest: $465.03 balance: $28253.49

y: 18 m: 5 payment: $501.00 interest: $479.92 balance: $28232.41

y: 18 m: 6 payment: $501.00 interest: $479.56 balance: $28210.98

y: 18 m: 7 payment: $501.00 interest: $463.74 balance: $28173.72

y: 18 m: 8 payment: $501.00 interest: $478.57 balance: $28151.29

y: 18 m: 9 payment: $501.00 interest: $462.76 balance: $28113.05

y: 18 m: 10 payment: $501.00 interest: $477.54 balance: $28089.58

y: 18 m: 11 payment: $501.00 interest: $430.96 balance: $28019.55

y: 18 m: 12 payment: $501.00 interest: $475.95 balance: $27994.49

y: 19 m: 1 payment: $501.00 interest: $475.52 balance: $27969.02

y: 19 m: 2 payment: $501.00 interest: $459.76 balance: $27927.78

y: 19 m: 3 payment: $501.00 interest: $474.39 balance: $27901.17

y: 19 m: 4 payment: $501.00 interest: $458.65 balance: $27858.82

y: 19 m: 5 payment: $501.00 interest: $473.22 balance: $27831.04

y: 19 m: 6 payment: $501.00 interest: $472.75 balance: $27802.79

y: 19 m: 7 payment: $501.00 interest: $457.03 balance: $27758.82

y: 19 m: 8 payment: $501.00 interest: $471.52 balance: $27729.34

y: 19 m: 9 payment: $501.00 interest: $455.82 balance: $27684.16

y: 19 m: 10 payment: $501.00 interest: $470.25 balance: $27653.41

y: 19 m: 11 payment: $501.00 interest: $424.27 balance: $27576.69

y: 19 m: 12 payment: $501.00 interest: $468.43 balance: $27544.11

y: 20 m: 1 payment: $501.00 interest: $467.87 balance: $27510.98

y: 20 m: 2 payment: $501.00 interest: $452.24 balance: $27462.22

y: 20 m: 3 payment: $501.00 interest: $466.48 balance: $27427.70

y: 20 m: 4 payment: $501.00 interest: $450.87 balance: $27377.57

y: 20 m: 5 payment: $501.00 interest: $465.04 balance: $27341.61

y: 20 m: 6 payment: $501.00 interest: $464.43 balance: $27305.04

y: 20 m: 7 payment: $501.00 interest: $448.85 balance: $27252.89

y: 20 m: 8 payment: $501.00 interest: $462.93 balance: $27214.82

y: 20 m: 9 payment: $501.00 interest: $447.37 balance: $27161.19

y: 20 m: 10 payment: $501.00 interest: $461.37 balance: $27121.56

y: 20 m: 11 payment: $501.00 interest: $416.11 balance: $27036.67

y: 20 m: 12 payment: $501.00 interest: $459.25 balance: $26994.92

y: 21 m: 1 payment: $501.00 interest: $458.54 balance: $26952.46

y: 21 m: 2 payment: $501.00 interest: $443.05 balance: $26894.52

y: 21 m: 3 payment: $501.00 interest: $456.84 balance: $26850.36

y: 21 m: 4 payment: $501.00 interest: $441.38 balance: $26790.73

y: 21 m: 5 payment: $501.00 interest: $455.08 balance: $26744.81

y: 21 m: 6 payment: $501.00 interest: $454.30 balance: $26698.10

y: 21 m: 7 payment: $501.00 interest: $438.87 balance: $26635.98

y: 21 m: 8 payment: $501.00 interest: $452.45 balance: $26587.42

y: 21 m: 9 payment: $501.00 interest: $437.05 balance: $26523.48

y: 21 m: 10 payment: $501.00 interest: $450.54 balance: $26473.01

y: 21 m: 11 payment: $501.00 interest: $406.16 balance: $26378.17

y: 21 m: 12 payment: $501.00 interest: $448.07 balance: $26325.24

y: 22 m: 1 payment: $501.00 interest: $447.17 balance: $26271.41

y: 22 m: 2 payment: $501.00 interest: $431.86 balance: $26202.27

y: 22 m: 3 payment: $501.00 interest: $445.08 balance: $26146.35

y: 22 m: 4 payment: $501.00 interest: $429.80 balance: $26075.15

y: 22 m: 5 payment: $501.00 interest: $442.92 balance: $26017.07

y: 22 m: 6 payment: $501.00 interest: $441.93 balance: $25958.00

y: 22 m: 7 payment: $501.00 interest: $426.71 balance: $25883.71

y: 22 m: 8 payment: $501.00 interest: $439.67 balance: $25822.38

y: 22 m: 9 payment: $501.00 interest: $424.48 balance: $25745.86

y: 22 m: 10 payment: $501.00 interest: $437.33 balance: $25682.18

y: 22 m: 11 payment: $501.00 interest: $394.03 balance: $25575.21

y: 22 m: 12 payment: $501.00 interest: $434.43 balance: $25508.64

y: 23 m: 1 payment: $501.00 interest: $433.30 balance: $25440.94

y: 23 m: 2 payment: $501.00 interest: $418.21 balance: $25358.14

y: 23 m: 3 payment: $501.00 interest: $430.74 balance: $25287.89

y: 23 m: 4 payment: $501.00 interest: $415.69 balance: $25202.58

y: 23 m: 5 payment: $501.00 interest: $428.10 balance: $25129.68

y: 23 m: 6 payment: $501.00 interest: $426.86 balance: $25055.54

y: 23 m: 7 payment: $501.00 interest: $411.87 balance: $24966.41

y: 23 m: 8 payment: $501.00 interest: $424.09 balance: $24889.49

y: 23 m: 9 payment: $501.00 interest: $409.14 balance: $24797.64

y: 23 m: 10 payment: $501.00 interest: $421.22 balance: $24717.86

y: 23 m: 11 payment: $501.00 interest: $379.23 balance: $24596.09

y: 23 m: 12 payment: $501.00 interest: $417.80 balance: $24512.89

y: 24 m: 1 payment: $501.00 interest: $416.38 balance: $24428.27

y: 24 m: 2 payment: $501.00 interest: $401.56 balance: $24328.83

y: 24 m: 3 payment: $501.00 interest: $413.26 balance: $24241.09

y: 24 m: 4 payment: $501.00 interest: $398.48 balance: $24138.57

y: 24 m: 5 payment: $501.00 interest: $410.03 balance: $24047.60

y: 24 m: 6 payment: $501.00 interest: $408.48 balance: $23955.08

y: 24 m: 7 payment: $501.00 interest: $393.78 balance: $23847.86

y: 24 m: 8 payment: $501.00 interest: $405.09 balance: $23751.94

y: 24 m: 9 payment: $501.00 interest: $390.44 balance: $23641.39

y: 24 m: 10 payment: $501.00 interest: $401.58 balance: $23541.97

y: 24 m: 11 payment: $501.00 interest: $361.19 balance: $23402.16

y: 24 m: 12 payment: $501.00 interest: $397.52 balance: $23298.68

y: 25 m: 1 payment: $501.00 interest: $395.76 balance: $23193.43

y: 25 m: 2 payment: $501.00 interest: $381.26 balance: $23073.70

y: 25 m: 3 payment: $501.00 interest: $391.94 balance: $22964.63

y: 25 m: 4 payment: $501.00 interest: $377.50 balance: $22841.13

y: 25 m: 5 payment: $501.00 interest: $387.99 balance: $22728.12

y: 25 m: 6 payment: $501.00 interest: $386.07 balance: $22613.19

y: 25 m: 7 payment: $501.00 interest: $371.72 balance: $22483.91

y: 25 m: 8 payment: $501.00 interest: $381.92 balance: $22364.83

y: 25 m: 9 payment: $501.00 interest: $367.64 balance: $22231.47

y: 25 m: 10 payment: $501.00 interest: $377.63 balance: $22108.10

y: 25 m: 11 payment: $501.00 interest: $339.19 balance: $21946.29

y: 25 m: 12 payment: $501.00 interest: $372.79 balance: $21818.08

y: 26 m: 1 payment: $501.00 interest: $370.61 balance: $21687.69

y: 26 m: 2 payment: $501.00 interest: $356.51 balance: $21543.20

y: 26 m: 3 payment: $501.00 interest: $365.94 balance: $21408.14

y: 26 m: 4 payment: $501.00 interest: $351.91 balance: $21259.05

y: 26 m: 5 payment: $501.00 interest: $361.11 balance: $21119.16

y: 26 m: 6 payment: $501.00 interest: $358.74 balance: $20976.90

y: 26 m: 7 payment: $501.00 interest: $344.83 balance: $20820.73

y: 26 m: 8 payment: $501.00 interest: $353.67 balance: $20673.39

y: 26 m: 9 payment: $501.00 interest: $339.84 balance: $20512.23

y: 26 m: 10 payment: $501.00 interest: $348.43 balance: $20359.66

y: 26 m: 11 payment: $501.00 interest: $312.37 balance: $20171.02

y: 26 m: 12 payment: $501.00 interest: $342.63 balance: $20012.66

y: 27 m: 1 payment: $501.00 interest: $339.94 balance: $19851.60

y: 27 m: 2 payment: $501.00 interest: $326.33 balance: $19676.92

y: 27 m: 3 payment: $501.00 interest: $334.24 balance: $19510.16

y: 27 m: 4 payment: $501.00 interest: $320.71 balance: $19329.88

y: 27 m: 5 payment: $501.00 interest: $328.34 balance: $19157.22

y: 27 m: 6 payment: $501.00 interest: $325.41 balance: $18981.63

y: 27 m: 7 payment: $501.00 interest: $312.03 balance: $18792.66

y: 27 m: 8 payment: $501.00 interest: $319.22 balance: $18610.87

y: 27 m: 9 payment: $501.00 interest: $305.93 balance: $18415.81

y: 27 m: 10 payment: $501.00 interest: $312.82 balance: $18227.62

y: 27 m: 11 payment: $501.00 interest: $279.66 balance: $18006.28

y: 27 m: 12 payment: $501.00 interest: $305.86 balance: $17811.14

y: 28 m: 1 payment: $501.00 interest: $302.55 balance: $17612.69

y: 28 m: 2 payment: $501.00 interest: $289.52 balance: $17401.21

y: 28 m: 3 payment: $501.00 interest: $295.58 balance: $17195.79

y: 28 m: 4 payment: $501.00 interest: $282.67 balance: $16977.46

y: 28 m: 5 payment: $501.00 interest: $288.38 balance: $16764.85

y: 28 m: 6 payment: $501.00 interest: $284.77 balance: $16548.62

y: 28 m: 7 payment: $501.00 interest: $272.03 balance: $16319.65

y: 28 m: 8 payment: $501.00 interest: $277.21 balance: $16095.86

y: 28 m: 9 payment: $501.00 interest: $264.59 balance: $15859.45

y: 28 m: 10 payment: $501.00 interest: $269.39 balance: $15627.84

y: 28 m: 11 payment: $501.00 interest: $239.77 balance: $15366.61

y: 28 m: 12 payment: $501.00 interest: $261.02 balance: $15126.64

y: 29 m: 1 payment: $501.00 interest: $256.95 balance: $14882.58

y: 29 m: 2 payment: $501.00 interest: $244.65 balance: $14626.23

y: 29 m: 3 payment: $501.00 interest: $248.45 balance: $14373.67

y: 29 m: 4 payment: $501.00 interest: $236.28 balance: $14108.95

y: 29 m: 5 payment: $501.00 interest: $239.66 balance: $13847.61

y: 29 m: 6 payment: $501.00 interest: $235.22 balance: $13581.83

y: 29 m: 7 payment: $501.00 interest: $223.26 balance: $13304.09

y: 29 m: 8 payment: $501.00 interest: $225.99 balance: $13029.08

y: 29 m: 9 payment: $501.00 interest: $214.18 balance: $12742.26

y: 29 m: 10 payment: $501.00 interest: $216.44 balance: $12457.70

y: 29 m: 11 payment: $501.00 interest: $191.13 balance: $12147.83

y: 29 m: 12 payment: $501.00 interest: $206.35 balance: $11853.18

y: 30 m: 1 payment: $501.00 interest: $201.34 balance: $11553.52

y: 30 m: 2 payment: $501.00 interest: $189.92 balance: $11242.44

y: 30 m: 3 payment: $501.00 interest: $190.97 balance: $10932.41

y: 30 m: 4 payment: $501.00 interest: $179.71 balance: $10611.12

y: 30 m: 5 payment: $501.00 interest: $180.24 balance: $10290.36

y: 30 m: 6 payment: $501.00 interest: $174.80 balance: $9964.16

y: 30 m: 7 payment: $501.00 interest: $163.79 balance: $9626.95

y: 30 m: 8 payment: $501.00 interest: $163.53 balance: $9289.48

y: 30 m: 9 payment: $501.00 interest: $152.70 balance: $8941.18

y: 30 m: 10 payment: $501.00 interest: $151.88 balance: $8592.06

y: 30 m: 11 payment: $501.00 interest: $131.82 balance: $8222.89

y: 30 m: 12 payment: $501.00 interest: $139.68 balance: $7861.56

y: 31 m: 1 payment: $501.00 interest: $133.54 balance: $7494.10

y: 31 m: 2 payment: $501.00 interest: $123.19 balance: $7116.29

y: 31 m: 3 payment: $501.00 interest: $120.88 balance: $6736.17

y: 31 m: 4 payment: $501.00 interest: $110.73 balance: $6345.90

y: 31 m: 5 payment: $501.00 interest: $107.79 balance: $5952.70

y: 31 m: 6 payment: $501.00 interest: $101.11 balance: $5552.81

y: 31 m: 7 payment: $501.00 interest: $91.28 balance: $5143.09

y: 31 m: 8 payment: $501.00 interest: $87.36 balance: $4729.45

y: 31 m: 9 payment: $501.00 interest: $77.74 balance: $4306.20

y: 31 m: 10 payment: $501.00 interest: $73.15 balance: $3878.34

y: 31 m: 11 payment: $501.00 interest: $59.50 balance: $3436.85

y: 31 m: 12 payment: $501.00 interest: $58.38 balance: $2994.22

y: 32 m: 1 payment: $501.00 interest: $50.86 balance: $2544.09

y: 32 m: 2 payment: $501.00 interest: $41.82 balance: $2084.91

y: 32 m: 3 payment: $501.00 interest: $35.41 balance: $1619.32

y: 32 m: 4 payment: $501.00 interest: $26.62 balance: $1144.94

y: 32 m: 5 payment: $501.00 interest: $19.45 balance: $663.39

y: 32 m: 6 payment: $501.00 interest: $11.27 balance: $173.66

y: 32 m: 7 payment: $176.51 interest: $2.85 balance: $0.00

Starting debt: $30000 at an interest rate of 20%

Monthly payments of: $501

Time elapsed: 32 years, 7 months

Total cost: $195566.51