The honest numbers for a $20,000 credit card balance at 29% APR, by monthly payment. While you decide, the balance costs about $15.89 per day in interest.
| Monthly payment | Time to $0 | Total interest | Total paid |
|---|---|---|---|
| $500/mo | 11 years 11 months | $51,218 | $71,218 |
| $550/mo | 7 years 5 months | $28,605 | $48,605 |
| $600/mo | 5 years 9 months | $21,149 | $41,149 |
| $700/mo | 4 years 2 months | $14,378 | $34,378 |
| $1,000/mo | 2 years 4 months | $7,657 | $27,657 |
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 $15.89 per day in interest — roughly $477 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 11 years 11 months to 2 years 4 months and saves $43,561 in interest.