Paying off $20,000 at 18% APR
Computed month by month.
$723/mo
pays off $20,000 at 18% APR in 3 years · $6,030 interest
$20,000 at 18% APR by monthly payment
| Payment | Time to pay off | Total interest |
|---|---|---|
| $400/mo | 7 yr 10 mo | $17,245 |
| $600/mo | 3 yr 11 mo | $7,934 |
| $723/mo | 3 yr 1 mo | $6,030 |
| $1,000/mo | 2 yr 0 mo | $3,957 |
| $2,000/mo | 11 mo | $1,832 |
Assumes no new charges, fixed APR, interest compounded monthly.
Payment for a target payoff date
| Pay off in | Monthly payment | Interest |
|---|---|---|
| 12 months | $1,834 | $2,003 |
| 18 months | $1,276 | $2,970 |
| 24 months | $998 | $3,964 |
| 36 months | $723 | $6,030 |
| 48 months | $587 | $8,200 |
| 60 months | $508 | $10,472 |
FAQ
How long to pay off $20,000 at 18% paying 3% a month?
Paying a fixed $600 a month takes 3 yr 11 mo and costs about $7,934 in interest.
What payment clears $20,000 at 18% in 2 years?
About $998 a month, with $3,964 total interest.
Would a balance transfer help?
A 0% transfer for 18 months with a 3-5% fee ($600-$1,000) is usually cheaper than 18% APR if you can clear the balance during the promo.