Paying off $20,000 at 24% APR
Computed month by month.
$785/mo
pays off $20,000 at 24% APR in 3 years · $8,248 interest
$20,000 at 24% APR by monthly payment
| Payment | Time to pay off | Total interest |
|---|---|---|
| $400/mo | never | – |
| $600/mo | 4 yr 8 mo | $13,288 |
| $785/mo | 3 yr 0 mo | $8,242 |
| $1,000/mo | 2 yr 2 mo | $5,797 |
| $2,000/mo | 1 yr 0 mo | $2,541 |
Assumes no new charges, fixed APR, interest compounded monthly.
Payment for a target payoff date
| Pay off in | Monthly payment | Interest |
|---|---|---|
| 12 months | $1,891 | $2,694 |
| 18 months | $1,334 | $4,013 |
| 24 months | $1,057 | $5,378 |
| 36 months | $785 | $8,248 |
| 48 months | $652 | $11,298 |
| 60 months | $575 | $14,522 |
FAQ
How long to pay off $20,000 at 24% paying 3% a month?
Paying a fixed $600 a month takes 4 yr 8 mo and costs about $13,288 in interest.
What payment clears $20,000 at 24% in 2 years?
About $1,057 a month, with $5,378 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 24% APR if you can clear the balance during the promo.