How Long to Pay Off $1,000 at 20% APR with $100/Month
Paying $100.00/month on a $1,000 balance at 20% APR takes 1 yr and costs $200.00 in interest.
Payoff summary
Months to pay off
12
1 yr
Total interest
$200
Total paid
$1,200
1st month interest
$16.67
Computed using the standard amortization formula (monthly compounding at APR/12). Assumes fixed payment with no new charges — real card statements may vary based on billing date, grace period, and fees.
Minimum payment warning: At ~$25.00/month (minimum), payoff takes 5 yrs 7 mo with $675.00 in interest — $475.00 more than your $100/month plan.
Payment Schedule (First 6 Months)
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $100.00 | $83.33 | $16.67 | $916.67 |
| 2 | $100.00 | $84.72 | $15.28 | $831.94 |
| 3 | $100.00 | $86.13 | $13.87 | $745.81 |
| 4 | $100.00 | $87.57 | $12.43 | $658.24 |
| 5 | $100.00 | $89.03 | $10.97 | $569.21 |
| 6 | $100.00 | $90.51 | $9.49 | $478.70 |
Showing first 6 of 12 payments. Use the full calculator →
Compare Payment Amounts ($1,000 at 20% APR)
| Monthly Payment | Payoff Time | Total Interest | |
|---|---|---|---|
| $50.00/mo | 2 yrs 1 mo (25 mo) | $250.00 | costs $50 more |
| $100.00/mo ◀ | 1 yr (12 mo) | $200.00 | current |
| $150.00/mo | 8 mo (8 mo) | $200.00 | saves $0 |
| $200.00/mo | 6 mo (6 mo) | $200.00 | saves $0 |
| $250.00/mo | 5 mo (5 mo) | $250.00 | saves $-50 |
| $300.00/mo | 4 mo (4 mo) | $200.00 | saves $0 |
Try your numbers
Interactive Credit Card Payoff Calculator
Adjust balance, APR, and payment — see full payoff timeline instantly.
FAQ
- How long to pay off $1,000 at 20% APR paying $100/month?
- At $100.00/month on a $1,000 balance at 20% APR, payoff takes 1 year (12 payments). Total interest paid: $200.00.
- How much interest will I pay on $1,000 at 20%?
- With a $100/month payment you'll pay $200.00 in interest over 12 months. Total out-of-pocket: $1,200.00.
- What happens if I pay the minimum on $1,000 at 20%?
- At the minimum payment (~$25.00/month), payoff takes 5 years and 7 months with $675.00 in interest — $475.00 more than paying $100/month.
- How do I pay off $1,000 faster?
- Every extra dollar reduces both the balance and future interest. Adding $25 more per month (total $125) would cut roughly 2 months off your payoff time.