Paying off $30,000 at 30% APR
Computed month by month.
$1,274/mo
pays off $30,000 at 30% APR in 3 years · $15,848 interest
$30,000 at 30% APR by monthly payment
| Payment | Time to pay off | Total interest |
|---|---|---|
| $600/mo | never | – |
| $900/mo | 6 yr 1 mo | $35,309 |
| $1,274/mo | 3 yr 0 mo | $15,838 |
| $1,500/mo | 2 yr 5 mo | $12,108 |
| $3,000/mo | 1 yr 0 mo | $4,960 |
Assumes no new charges, fixed APR, interest compounded monthly.
Payment for a target payoff date
| Pay off in | Monthly payment | Interest |
|---|---|---|
| 12 months | $2,925 | $5,095 |
| 18 months | $2,090 | $7,622 |
| 24 months | $1,677 | $10,257 |
| 36 months | $1,274 | $15,848 |
| 48 months | $1,080 | $21,849 |
| 60 months | $971 | $28,236 |
FAQ
How long to pay off $30,000 at 30% paying 3% a month?
Paying a fixed $900 a month takes 6 yr 1 mo and costs about $35,309 in interest.
What payment clears $30,000 at 30% in 2 years?
About $1,677 a month, with $10,257 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 30% APR if you can clear the balance during the promo.