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Short answer
At 24.99% APR, $5,000 needs about $266.83 a month to be paid off in 24 months, with about $1,404 of interest. The chart covers $2,500 to $20,000.
1. The payment formula
Payment = balance × i ÷ (1 − (1 + i)^−n), where i is APR ÷ 12 and n is the number of months. Assumes a fixed APR and no new charges.
2. Monthly payment at 24.99% APR
| Balance | 12 months | 18 months | 24 months | 36 months | 60 months |
|---|---|---|---|---|---|
| $2,500 | $237.60 | $167.97 | $133.42 | $99.39 | $73.36 |
| $5,000 | $475.20 | $335.93 | $266.83 | $198.77 | $146.73 |
| $10,000 | $950.39 | $671.87 | $533.67 | $397.55 | $293.45 |
| $15,000 | $1,425.59 | $1,007.80 | $800.50 | $596.32 | $440.18 |
| $20,000 | $1,900.79 | $1,343.74 | $1,067.33 | $795.09 | $586.91 |
3. What $5,000 costs over different terms
| Months | Monthly payment | Total interest |
|---|---|---|
| 12 | $475.20 | $702 |
| 18 | $335.93 | $1,047 |
| 24 | $266.83 | $1,404 |
| 36 | $198.77 | $2,156 |
| 60 | $146.73 | $3,804 |
4. Reading the chart
Halving the term does not halve the cost, but it cuts interest sharply. A 12-month plan on $5,000 costs far less interest than a 60-month plan.
5. Frequently asked questions
How much per month to pay off $10,000 in 36 months?expand_more
About $397.55 at 24.99% APR.
Does the chart include new purchases?expand_more
No. Stop new charges while paying down.
What if my APR is lower?expand_more
Payments are lower. Enter your APR in the calculator.
What is a good payoff term?expand_more
The shortest you can afford, since interest falls as the term shortens.
6. Sources
- menu_bookCFPB: What is a minimum payment?
- menu_bookCFPB: Credit cards
- menu_bookFederal Reserve: Consumer credit