Credit Card Interest: $1,000 at 24.99% APR
Balance
$1,000
APR
24.99%
Monthly Interest
$21
Total Interest (min pmts)
$1,175
The True Cost of Carrying This Balance
At $1,000 and 24.99% APR, you're paying $21 in interest every month — money that reduces your principal by exactly $0. Paying only the minimum payment of approximately $25/month means this debt takes 7 years to pay off, costing $1,175 in interest total.
Payoff Scenarios
Pay off in 12 months
$95/mo
Total interest: $140
Pay off in 24 months
$53/mo
Total interest: $272
Pay off in 36 months
$40/mo
Total interest: $440
Pay off in 48 months
$33/mo
Total interest: $584
Pay off in 60 months
$29/mo
Total interest: $740