Paying $300 a month on $10,000 at 22% APR clears the card in 4 years and 4 months and costs $5,596 in interest.
A $10,000 balance at 22% APR paid down at $300 a month takes 4 years and 4 months to clear, and you hand the card issuer $5,596 in interest along the way — $15,596 paid in total. The first month alone costs $183 in interest before a cent goes to the balance.
Paying more shortens this dramatically. Adding just $100 a month to that payment clears the card in 2 years and 10 months instead and saves $2,096 in interest. The calculator below is set to $10,000 at 22% — change the rate and payment to match your card.
At 22% APR, with no new purchases on the card.
| Monthly payment | Time to pay off | Total interest |
|---|---|---|
| $300 | 4 years and 4 months | $5,596 |
| $400 | 2 years and 10 months | $3,500 |
| $500 | 2 years and 2 months | $2,571 |
| $800 | 15 months | $1,463 |
| $1,000 | 12 months | $1,149 |