Paying off $15,000 at 30% APR
Computed month by month.
$637/mo
pays off $15,000 at 30% APR in 3 years · $7,924 interest
$15,000 at 30% APR by monthly payment
| Payment | Time to pay off | Total interest |
|---|---|---|
| $300/mo | never | – |
| $450/mo | 6 yr 1 mo | $17,655 |
| $637/mo | 3 yr 0 mo | $7,919 |
| $750/mo | 2 yr 5 mo | $6,054 |
| $1,500/mo | 1 yr 0 mo | $2,480 |
Assumes no new charges, fixed APR, interest compounded monthly.
Payment for a target payoff date
| Pay off in | Monthly payment | Interest |
|---|---|---|
| 12 months | $1,462 | $2,548 |
| 18 months | $1,045 | $3,811 |
| 24 months | $839 | $5,129 |
| 36 months | $637 | $7,924 |
| 48 months | $540 | $10,924 |
| 60 months | $485 | $14,118 |
FAQ
How long to pay off $15,000 at 30% paying 3% a month?
Paying a fixed $450 a month takes 6 yr 1 mo and costs about $17,655 in interest.
What payment clears $15,000 at 30% in 2 years?
About $839 a month, with $5,129 total interest.
Would a balance transfer help?
A 0% transfer for 18 months with a 3-5% fee ($450-$750) is usually cheaper than 30% APR if you can clear the balance during the promo.