Paying $600 a month on $20,000 at 22% APR clears the card in 4 years and 4 months and costs $11,192 in interest.
A $20,000 balance at 22% APR paid down at $600 a month takes 4 years and 4 months to clear, and you hand the card issuer $11,192 in interest along the way — $31,192 paid in total. The first month alone costs $367 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 3 years and 5 months instead and saves $2,604 in interest. The calculator below is set to $20,000 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 |
|---|---|---|
| $600 | 4 years and 4 months | $11,192 |
| $800 | 2 years and 10 months | $7,000 |
| $1,000 | 2 years and 2 months | $5,143 |
| $1,600 | 15 months | $2,926 |
| $2,000 | 12 months | $2,298 |