Paying off $15,000 at 18% APR
Computed month by month.
$542/mo
pays off $15,000 at 18% APR in 3 years · $4,522 interest
$15,000 at 18% APR by monthly payment
| Payment | Time to pay off | Total interest |
|---|---|---|
| $300/mo | 7 yr 10 mo | $12,934 |
| $450/mo | 3 yr 11 mo | $5,951 |
| $542/mo | 3 yr 1 mo | $4,526 |
| $750/mo | 2 yr 0 mo | $2,967 |
| $1,500/mo | 11 mo | $1,374 |
Assumes no new charges, fixed APR, interest compounded monthly.
Payment for a target payoff date
| Pay off in | Monthly payment | Interest |
|---|---|---|
| 12 months | $1,375 | $1,502 |
| 18 months | $957 | $2,228 |
| 24 months | $749 | $2,973 |
| 36 months | $542 | $4,522 |
| 48 months | $441 | $6,150 |
| 60 months | $381 | $7,854 |
FAQ
How long to pay off $15,000 at 18% paying 3% a month?
Paying a fixed $450 a month takes 3 yr 11 mo and costs about $5,951 in interest.
What payment clears $15,000 at 18% in 2 years?
About $749 a month, with $2,973 total interest.
Would a balance transfer help?
A 0% transfer for 18 months with a 3-5% fee ($450-$750) is usually cheaper than 18% APR if you can clear the balance during the promo.