Paying off $5,000 at 18% APR
Computed month by month.
$181/mo
pays off $5,000 at 18% APR in 3 years · $1,507 interest
$5,000 at 18% APR by monthly payment
| Payment | Time to pay off | Total interest |
|---|---|---|
| $100/mo | 7 yr 10 mo | $4,311 |
| $150/mo | 3 yr 11 mo | $1,984 |
| $181/mo | 3 yr 0 mo | $1,505 |
| $250/mo | 2 yr 0 mo | $989 |
| $500/mo | 11 mo | $458 |
Assumes no new charges, fixed APR, interest compounded monthly.
Payment for a target payoff date
| Pay off in | Monthly payment | Interest |
|---|---|---|
| 12 months | $458 | $501 |
| 18 months | $319 | $743 |
| 24 months | $250 | $991 |
| 36 months | $181 | $1,507 |
| 48 months | $147 | $2,050 |
| 60 months | $127 | $2,618 |
FAQ
How long to pay off $5,000 at 18% paying 3% a month?
Paying a fixed $150 a month takes 3 yr 11 mo and costs about $1,984 in interest.
What payment clears $5,000 at 18% in 2 years?
About $250 a month, with $991 total interest.
Would a balance transfer help?
A 0% transfer for 18 months with a 3-5% fee ($150-$250) is usually cheaper than 18% APR if you can clear the balance during the promo.