Paying off $20,000 at 21% APR
Computed month by month.
$754/mo
pays off $20,000 at 21% APR in 3 years · $7,126 interest
$20,000 at 21% APR by monthly payment
| Payment | Time to pay off | Total interest |
|---|---|---|
| $400/mo | 10 yr 0 mo | $27,945 |
| $600/mo | 4 yr 3 mo | $10,279 |
| $754/mo | 3 yr 0 mo | $7,119 |
| $1,000/mo | 2 yr 1 mo | $4,832 |
| $2,000/mo | 1 yr 0 mo | $2,179 |
Assumes no new charges, fixed APR, interest compounded monthly.
Payment for a target payoff date
| Pay off in | Monthly payment | Interest |
|---|---|---|
| 12 months | $1,862 | $2,347 |
| 18 months | $1,305 | $3,488 |
| 24 months | $1,028 | $4,665 |
| 36 months | $754 | $7,126 |
| 48 months | $619 | $9,727 |
| 60 months | $541 | $12,464 |
FAQ
How long to pay off $20,000 at 21% paying 3% a month?
Paying a fixed $600 a month takes 4 yr 3 mo and costs about $10,279 in interest.
What payment clears $20,000 at 21% in 2 years?
About $1,028 a month, with $4,665 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 21% APR if you can clear the balance during the promo.