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$20,000 Credit Card Payoff Calculator

Debt calculator for $20k balances. See how much time you save by doubling your payment.

Card Details

$
%
$

Paying $500/mo

Debt-Free In

67months(5.6 years)
Total PrincipalTotal Interest
$20,000.00+$13,233.29

Total Cost of Debt

$33,233.29

You will pay $13,233.29 in interest fees.

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Analysis: $20,000 Balance

At $20,000, interest costs ~$330/month. A $500 monthly payment barely dents the principal. You likely need a payment closer to $800.

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Frequently Asked Questions

How long to pay off $20,000?

With a monthly payment of $500, it will take approximately 67 months to pay off $20,000 at 20% APR.

How much interest will I pay on $20,000?

At 20% APR, you are paying roughly $333 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.