How Long to Pay Off $18,000 at 10% APR with $300/Month
Paying $300.00/month on a $18,000 balance at 10% APR takes 7 yrs and costs $7,200.00 in interest.
Payoff summary
Months to pay off
84
7 yrs
Total interest
$7,200
Total paid
$25,200
1st month interest
$150.00
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 ~$360.00/month (minimum), payoff takes 5 yrs 5 mo with $5,400.00 in interest — $-1,800.00 more than your $300/month plan.
Payment Schedule (First 6 Months)
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $300.00 | $150.00 | $150.00 | $17,850.00 |
| 2 | $300.00 | $151.25 | $148.75 | $17,698.75 |
| 3 | $300.00 | $152.51 | $147.49 | $17,546.24 |
| 4 | $300.00 | $153.78 | $146.22 | $17,392.46 |
| 5 | $300.00 | $155.06 | $144.94 | $17,237.40 |
| 6 | $300.00 | $156.36 | $143.64 | $17,081.04 |
Showing first 6 of 84 payments. Use the full calculator →
Compare Payment Amounts ($18,000 at 10% APR)
| Monthly Payment | Payoff Time | Total Interest | |
|---|---|---|---|
| $200.00/mo | 14 yrs (168 mo) | $15,600.00 | costs $8,400 more |
| $250.00/mo | 9 yrs 3 mo (111 mo) | $9,750.00 | costs $2,550 more |
| $300.00/mo ◀ | 7 yrs (84 mo) | $7,200.00 | current |
| $400.00/mo | 4 yrs 9 mo (57 mo) | $4,800.00 | saves $2,400 |
| $500.00/mo | 3 yrs 7 mo (43 mo) | $3,500.00 | saves $3,700 |
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FAQ
- How long to pay off $18,000 at 10% APR paying $300/month?
- At $300.00/month on a $18,000 balance at 10% APR, payoff takes 7 years (84 payments). Total interest paid: $7,200.00.
- How much interest will I pay on $18,000 at 10%?
- With a $300/month payment you'll pay $7,200.00 in interest over 84 months. Total out-of-pocket: $25,200.00.
- What happens if I pay the minimum on $18,000 at 10%?
- At the minimum payment (~$360.00/month), payoff takes 5 years and 5 months with $5,400.00 in interest — $-1,800.00 more than paying $300/month.
- How do I pay off $18,000 faster?
- Every extra dollar reduces both the balance and future interest. Adding $75 more per month (total $375) would cut roughly 17 months off your payoff time.