The honest numbers for a $20,000 credit card balance at 18% APR, by monthly payment. While you decide, the balance costs about $9.86 per day in interest.
| Monthly payment | Time to $0 | Total interest | Total paid |
|---|---|---|---|
| $500/mo | 5 years 2 months | $10,772 | $30,772 |
| $550/mo | 4 years 5 months | $9,127 | $29,127 |
| $600/mo | 3 years 11 months | $7,934 | $27,934 |
| $700/mo | 3 years 2 months | $6,312 | $26,312 |
| $1,000/mo | 2 years | $3,957 | $23,957 |
Assumes no new charges and a fixed APR. Estimates only — not financial advice.
Run your exact numbers in the free calculatorOr track it live with bank sync — your first card is free at paydown.proAbout $9.86 per day in interest — roughly $296 a month before you've paid for anything new.
Every dollar above the minimum goes entirely to the balance. Moving from $500/mo to $1,000/mo cuts the payoff from 5 years 2 months to 2 years and saves $6,816 in interest.