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How Long to Pay Off $20,000 at 18.99% APR?

A $20,000 credit card balance at 18.99% APR takes 30 years 2 months to pay off making only the minimum payment (interest plus 1% of the balance, at least $25), costing $30,661 in total interest. Paying $1,200/month instead clears the same balance in 20 months with only $3,403 in interest - a savings of $27,257. Enter your own numbers below to compare.

How the interest is worked out: how to calculate credit card interest, and what paying only the minimum really costs.

Results update instantly.Change any value and the estimate recalculates on the spot.

Money

Credit card minimum payment

See the time and interest cost of paying only the required minimum.

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Payoff time at the minimum

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  • Months to payoff-
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Minimum paymentsFixed payment

Minimum payments cost more

Compare the required minimum with a higher fixed payment.

Paying minimums-
Paying $1,200 monthly-

Assumes no new charges or fees. The minimum is recalculated monthly as the greater of the selected balance percentage or payment floor.

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Paying off $20,000 at 18.99% APR: every option

Quick answer: At 18.99% APR, a $20,000 balance builds $316.50 of interest in the first month. Paying only the minimum takes 30 years 2 months; a fixed $1,200 a month clears it in 20 months.

How the monthly payment changes the payoff

Monthly paymentTime to pay offTotal interest
Minimum only (interest + 1%, first payment $516.50)30 years 2 months$30,661
$600 a month4 years$8,651
$1,000 a month2 years 1 month$4,237
$1,200 a month20 months$3,403
$2,000 a month11 months$1,944

Assumes no new purchases or fees and a fixed APR; interest is charged monthly at APR / 12. A fixed payment pays the card off far faster than the minimum because the minimum shrinks as the balance falls. See how to calculate credit card interest and minimum payment vs paying in full.

Other balances and rates