Paying off $1,000 at 30% APR
Computed month by month.
$42/mo
pays off $1,000 at 30% APR in 3 years · $528 interest
$1,000 at 30% APR by monthly payment
| Payment | Time to pay off | Total interest |
|---|---|---|
| $25/mo | never | – |
| $30/mo | 6 yr 1 mo | $1,177 |
| $42/mo | 3 yr 1 mo | $539 |
| $50/mo | 2 yr 5 mo | $404 |
| $100/mo | 1 yr 0 mo | $165 |
Assumes no new charges, fixed APR, interest compounded monthly.
Payment for a target payoff date
| Pay off in | Monthly payment | Interest |
|---|---|---|
| 12 months | $97 | $170 |
| 18 months | $70 | $254 |
| 24 months | $56 | $342 |
| 36 months | $42 | $528 |
| 48 months | $36 | $728 |
| 60 months | $32 | $941 |
FAQ
How long to pay off $1,000 at 30% paying 3% a month?
Paying a fixed $30 a month takes 6 yr 1 mo and costs about $1,177 in interest.
What payment clears $1,000 at 30% in 2 years?
About $56 a month, with $342 total interest.
Would a balance transfer help?
A 0% transfer for 18 months with a 3-5% fee ($30-$50) is usually cheaper than 30% APR if you can clear the balance during the promo.