Paying off $30,000 at 18% APR
Computed month by month.
$1,085/mo
pays off $30,000 at 18% APR in 3 years · $9,045 interest
$30,000 at 18% APR by monthly payment
| Payment | Time to pay off | Total interest |
|---|---|---|
| $600/mo | 7 yr 10 mo | $25,867 |
| $900/mo | 3 yr 11 mo | $11,902 |
| $1,085/mo | 3 yr 0 mo | $9,040 |
| $1,500/mo | 2 yr 0 mo | $5,935 |
| $3,000/mo | 11 mo | $2,749 |
Assumes no new charges, fixed APR, interest compounded monthly.
Payment for a target payoff date
| Pay off in | Monthly payment | Interest |
|---|---|---|
| 12 months | $2,750 | $3,005 |
| 18 months | $1,914 | $4,455 |
| 24 months | $1,498 | $5,945 |
| 36 months | $1,085 | $9,045 |
| 48 months | $881 | $12,300 |
| 60 months | $762 | $15,708 |
FAQ
How long to pay off $30,000 at 18% paying 3% a month?
Paying a fixed $900 a month takes 3 yr 11 mo and costs about $11,902 in interest.
What payment clears $30,000 at 18% in 2 years?
About $1,498 a month, with $5,945 total interest.
Would a balance transfer help?
A 0% transfer for 18 months with a 3-5% fee ($900-$1,500) is usually cheaper than 18% APR if you can clear the balance during the promo.