Paying off $1,000 at 21% APR
Computed month by month.
$38/mo
pays off $1,000 at 21% APR in 3 years · $356 interest
$1,000 at 21% APR by monthly payment
| Payment | Time to pay off | Total interest |
|---|---|---|
| $25/mo | 5 yr 10 mo | $735 |
| $30/mo | 4 yr 3 mo | $514 |
| $38/mo | 3 yr 0 mo | $352 |
| $50/mo | 2 yr 1 mo | $242 |
| $100/mo | 1 yr 0 mo | $109 |
Assumes no new charges, fixed APR, interest compounded monthly.
Payment for a target payoff date
| Pay off in | Monthly payment | Interest |
|---|---|---|
| 12 months | $93 | $117 |
| 18 months | $65 | $174 |
| 24 months | $51 | $233 |
| 36 months | $38 | $356 |
| 48 months | $31 | $486 |
| 60 months | $27 | $623 |
FAQ
How long to pay off $1,000 at 21% paying 3% a month?
Paying a fixed $30 a month takes 4 yr 3 mo and costs about $514 in interest.
What payment clears $1,000 at 21% in 2 years?
About $51 a month, with $233 total interest.
Would a balance transfer help?
A 0% transfer for 18 months with a 3-5% fee ($30-$50) is usually cheaper than 21% APR if you can clear the balance during the promo.