Paying $900 a month on $30,000 at 22% APR clears the card in 4 years and 4 months and costs $16,788 in interest.
A $30,000 balance at 22% APR paid down at $900 a month takes 4 years and 4 months to clear, and you hand the card issuer $16,788 in interest along the way — $46,788 paid in total. The first month alone costs $550 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 8 months instead and saves $2,835 in interest. The calculator below is set to $30,000 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 |
|---|---|---|
| $900 | 4 years and 4 months | $16,788 |
| $1,200 | 2 years and 10 months | $10,499 |
| $1,500 | 2 years and 2 months | $7,714 |
| $2,400 | 15 months | $4,390 |
| $3,000 | 12 months | $3,447 |