How Long to Pay Off $18,000 at 15% APR with $300/Month
Paying $300.00/month on a $18,000 balance at 15% APR takes 9 yrs 4 mo and costs $15,600.00 in interest.
Payoff summary
Months to pay off
112
9 yrs 4 mo
Total interest
$15,600
Total paid
$33,600
1st month interest
$225.00
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 6 yrs 7 mo with $10,440.00 in interest — $-5,160.00 more than your $300/month plan.
Payment Schedule (First 6 Months)
| Month | Payment | Principal | Interest | Balance |
|---|---|---|---|---|
| 1 | $300.00 | $75.00 | $225.00 | $17,925.00 |
| 2 | $300.00 | $75.94 | $224.06 | $17,849.06 |
| 3 | $300.00 | $76.89 | $223.11 | $17,772.18 |
| 4 | $300.00 | $77.85 | $222.15 | $17,694.33 |
| 5 | $300.00 | $78.82 | $221.18 | $17,615.51 |
| 6 | $300.00 | $79.81 | $220.19 | $17,535.70 |
Showing first 6 of 112 payments. Use the full calculator →
Compare Payment Amounts ($18,000 at 15% APR)
| Monthly Payment | Payoff Time | Total Interest | |
|---|---|---|---|
| $250.00/mo | 15 yrs 6 mo (186 mo) | $28,500.00 | costs $12,900 more |
| $300.00/mo ◀ | 9 yrs 4 mo (112 mo) | $15,600.00 | current |
| $400.00/mo | 5 yrs 7 mo (67 mo) | $8,800.00 | saves $6,800 |
| $500.00/mo | 4 yrs 1 mo (49 mo) | $6,500.00 | saves $9,100 |
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FAQ
- How long to pay off $18,000 at 15% APR paying $300/month?
- At $300.00/month on a $18,000 balance at 15% APR, payoff takes 9 years and 4 months (112 payments). Total interest paid: $15,600.00.
- How much interest will I pay on $18,000 at 15%?
- With a $300/month payment you'll pay $15,600.00 in interest over 112 months. Total out-of-pocket: $33,600.00.
- What happens if I pay the minimum on $18,000 at 15%?
- At the minimum payment (~$360.00/month), payoff takes 6 years and 7 months with $10,440.00 in interest — $-5,160.00 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 22 months off your payoff time.