The honest numbers for a $20,000 credit card balance at 25% APR, by monthly payment. While you decide, the balance costs about $13.70 per day in interest.
| Monthly payment | Time to $0 | Total interest | Total paid |
|---|---|---|---|
| $500/mo | 7 years 3 months | $23,449 | $43,449 |
| $550/mo | 5 years 9 months | $17,800 | $37,800 |
| $600/mo | 4 years 10 months | $14,502 | $34,502 |
| $700/mo | 3 years 8 months | $10,706 | $30,706 |
| $1,000/mo | 2 years 3 months | $6,142 | $26,142 |
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 $13.70 per day in interest — roughly $411 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 7 years 3 months to 2 years 3 months and saves $17,307 in interest.