Paying off $5,000 at 21% APR
Computed month by month.
$188/mo
pays off $5,000 at 21% APR in 3 years · $1,782 interest
$5,000 at 21% APR by monthly payment
| Payment | Time to pay off | Total interest |
|---|---|---|
| $100/mo | 10 yr 0 mo | $6,986 |
| $150/mo | 4 yr 3 mo | $2,570 |
| $188/mo | 3 yr 1 mo | $1,787 |
| $250/mo | 2 yr 1 mo | $1,208 |
| $500/mo | 1 yr 0 mo | $545 |
Assumes no new charges, fixed APR, interest compounded monthly.
Payment for a target payoff date
| Pay off in | Monthly payment | Interest |
|---|---|---|
| 12 months | $466 | $587 |
| 18 months | $326 | $872 |
| 24 months | $257 | $1,166 |
| 36 months | $188 | $1,782 |
| 48 months | $155 | $2,432 |
| 60 months | $135 | $3,116 |
FAQ
How long to pay off $5,000 at 21% paying 3% a month?
Paying a fixed $150 a month takes 4 yr 3 mo and costs about $2,570 in interest.
What payment clears $5,000 at 21% in 2 years?
About $257 a month, with $1,166 total interest.
Would a balance transfer help?
A 0% transfer for 18 months with a 3-5% fee ($150-$250) is usually cheaper than 21% APR if you can clear the balance during the promo.