Paying off $15,000 at 21% APR
Computed month by month.
$565/mo
pays off $15,000 at 21% APR in 3 years · $5,345 interest
$15,000 at 21% APR by monthly payment
| Payment | Time to pay off | Total interest |
|---|---|---|
| $300/mo | 10 yr 0 mo | $20,959 |
| $450/mo | 4 yr 3 mo | $7,709 |
| $565/mo | 3 yr 1 mo | $5,346 |
| $750/mo | 2 yr 1 mo | $3,624 |
| $1,500/mo | 1 yr 0 mo | $1,634 |
Assumes no new charges, fixed APR, interest compounded monthly.
Payment for a target payoff date
| Pay off in | Monthly payment | Interest |
|---|---|---|
| 12 months | $1,397 | $1,760 |
| 18 months | $979 | $2,616 |
| 24 months | $771 | $3,499 |
| 36 months | $565 | $5,345 |
| 48 months | $464 | $7,295 |
| 60 months | $406 | $9,348 |
FAQ
How long to pay off $15,000 at 21% paying 3% a month?
Paying a fixed $450 a month takes 4 yr 3 mo and costs about $7,709 in interest.
What payment clears $15,000 at 21% in 2 years?
About $771 a month, with $3,499 total interest.
Would a balance transfer help?
A 0% transfer for 18 months with a 3-5% fee ($450-$750) is usually cheaper than 21% APR if you can clear the balance during the promo.