Paying off $20,000 at 30% APR
Computed month by month.
$849/mo
pays off $20,000 at 30% APR in 3 years · $10,565 interest
$20,000 at 30% APR by monthly payment
| Payment | Time to pay off | Total interest |
|---|---|---|
| $400/mo | never | – |
| $600/mo | 6 yr 1 mo | $23,539 |
| $849/mo | 3 yr 1 mo | $10,566 |
| $1,000/mo | 2 yr 5 mo | $8,072 |
| $2,000/mo | 1 yr 0 mo | $3,307 |
Assumes no new charges, fixed APR, interest compounded monthly.
Payment for a target payoff date
| Pay off in | Monthly payment | Interest |
|---|---|---|
| 12 months | $1,950 | $3,397 |
| 18 months | $1,393 | $5,081 |
| 24 months | $1,118 | $6,838 |
| 36 months | $849 | $10,565 |
| 48 months | $720 | $14,566 |
| 60 months | $647 | $18,824 |
FAQ
How long to pay off $20,000 at 30% paying 3% a month?
Paying a fixed $600 a month takes 6 yr 1 mo and costs about $23,539 in interest.
What payment clears $20,000 at 30% in 2 years?
About $1,118 a month, with $6,838 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 30% APR if you can clear the balance during the promo.