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$1,000 Credit Card Payoff Calculator

Calculate how long it takes to pay off a $1,000 credit card balance. See interest savings.

Card Details

$
%
$

Paying $50/mo

Debt-Free In

25months(2.1 years)
Total PrincipalTotal Interest
$1,000.00+$226.61

Total Cost of Debt

$1,226.61

You will pay $226.61 in interest fees.

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Analysis: $1,000 Balance

A $1,000 balance is manageable. By paying $50/month, you can clear this in about 2 years. Increase it to $100 to finish in under a year.

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Frequently Asked Questions

How long to pay off $1,000?

With a monthly payment of $50, it will take approximately 25 months to pay off $1,000 at 20% APR.

How much interest will I pay on $1,000?

At 20% APR, you are paying roughly $16 in interest alone every single month. To make progress, your payment must exceed this amount.

Is it better to pay minimum or extra?

Always pay extra. Paying only the minimum (~2%) typically extends your debt timeline to 15-20 years. Doubling the minimum often cuts that to 3-5 years.