Credit Card Interest: $1,000 at 29.99% APR
Balance
$1,000
APR
29.99%
Monthly Interest
$25
Total Interest (min pmts)
$7,125
The True Cost of Carrying This Balance
At $1,000 and 29.99% APR, you're paying $25 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 27 years to pay off, costing $7,125 in interest total.
Payoff Scenarios
Pay off in 12 months
$97/mo
Total interest: $164
Pay off in 24 months
$56/mo
Total interest: $344
Pay off in 36 months
$42/mo
Total interest: $512
Pay off in 48 months
$36/mo
Total interest: $728
Pay off in 60 months
$32/mo
Total interest: $920