The honest numbers for a $20,000 credit card balance at 22% APR, by monthly payment. While you decide, the balance costs about $12.05 per day in interest.
| Monthly payment | Time to $0 | Total interest | Total paid |
|---|---|---|---|
| $500/mo | 6 years 1 month | $16,378 | $36,378 |
| $550/mo | 5 years 1 month | $13,261 | $33,261 |
| $600/mo | 4 years 4 months | $11,192 | $31,192 |
| $700/mo | 3 years 5 months | $8,588 | $28,588 |
| $1,000/mo | 2 years 2 months | $5,143 | $25,143 |
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 $12.05 per day in interest — roughly $362 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 6 years 1 month to 2 years 2 months and saves $11,235 in interest.