It will take 32 months to pay off $15,000 with payments of $600 per month, assuming the average credit card APR of around 18%. The time it takes to repay a balance depends on how often you make payments, how big your payments are and what the interest rate charged by the lender is. Increasing your payments to $2,400 per month, for example, would decrease your payoff timeline to 7 months.
Examples of How Long It Will Take to Pay Off $15,000 on a Credit Card
- If you pay $600 a month, it will take you 32 months to pay off $15,000
- If you pay $1,200 a month, it will take you 14 months to pay off $15,000
- If you pay $1,800 a month, it will take you 9 months to pay off $15,000
- If you pay $2,400 a month, it will take you 7 months to pay off $15,000
Note: All examples assume an average APR of 18%.
With credit cards and other lines of credit, you can technically take as much time as you need to pay off $15,000 , as long as you always make at least your required minimum monthly payment. You can use WalletHub’s credit card calculator to find out exactly how long it would take you to pay off $15,000 with specific interest rates and monthly payments.
Finally, it’s worth noting that other types of borrowing, such as personal loans, mortgages, home equity loans, car loans and student loans, will give you a set repayment term from the start. You won’t need to figure out how long it will take to pay off the balance. But you can always pay back what you owe in a shorter amount of time by making larger monthly payments. Just make sure your lender doesn’t have a penalty for early payoff – most don’t.
This answer was last updated on 12/13/23 and it was first published on 12/05/23. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.
FAQs
It will take 32 months to pay off $15,000 with payments of $600 per month, assuming the average credit card APR of around 18%. The time it takes to repay a balance depends on how often you make payments, how big your payments are and what the interest rate charged by the lender is.
How long would it take to pay $15000? ›
A minimum payment of 3% a month on $15,000 worth of debt means 227 months (almost 19 years) of payments, starting at $450 a month.
How to pay off a 15k loan fast? ›
5 Ways To Pay Off A Loan Early
- Make bi-weekly payments. Instead of making monthly payments toward your loan, submit half-payments every two weeks. ...
- Round up your monthly payments. ...
- Make one extra payment each year. ...
- Refinance. ...
- Boost your income and put all extra money toward the loan.
Advertising Disclosures
| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|
| $10,000 | 5 | $207.54 |
| $15,000 | 3 | $466.52 |
| $15,000 | 5 | $311.67 |
| $20,000 | 3 | $617.45 |
13 more rows$15,000 can be an intimidating total when you see it on credit card statements, but you don't have to be in debt forever. If you're struggling to make your minimum payments every month and you don't see light at the end of the tunnel, sign up for a debt management program to get out of debt fast.
How long does it take to get a 15k loan? ›
Fortunately, getting approved for one and receiving the funds is typically a quick process. You could get money the same day you apply for a personal loan or within two five business days — depending on the lender and how long it takes to approve your application.
How much is car payment on 15k? ›
Advertising Disclosures
| Loan Term (Months) | Loan Amount | Estimated Monthly Payment |
|---|
| 60 | $25000.00 | $484.00 |
| $30000.00 | $581.00 |
| 72 | $10000.00 | $176.19 |
| $15000.00 | $259.91 |
16 more rowsTo pay off $15,000 in credit card debt within 36 months, you will need to pay $543 per month, assuming an APR of 18%. You would incur $4,558 in interest charges during that time, but you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.
What happens if I pay an extra $100 a month on my car loan? ›
Keep in mind that your actual monthly car payment won't change even if you pay extra for a period of time. You'll just repay the loan sooner and save some interest.
How to clear 20k debt fast? ›
If you have $20,000 in credit card debt that you need to pay off in three years or less, you have multiple options to consider, including:
- Take advantage of a debt relief service.
- Consolidate your debt with a home equity loan.
- Take advantage of 0% balance transfer credit cards.
Requirements for a $15,000 Personal Loan
In many cases, you'll need a good credit score of 670 or above to apply. While some lenders lean more heavily on credit scores, others take into account occupation, education and income. A lower DTI ratio is also more favorable to lenders.
How much can I borrow with a 700 credit score? ›
You can borrow from $1,000 to $100,000 or more with a 700 credit score. The exact amount of money you will get depends on other factors besides your credit score, such as your income, your employment status, the type of loan you get, and even the lender.
How much is a $20,000 loan for 5 years? ›
A $20,000 loan at 5% for 60 months (5 years) will cost you a total of $22,645.48, whereas the same loan at 3% will cost you $21,562.43. That's a savings of $1,083.05. That same wise shopper will look not only at the interest rate but also the length of the loan.
How much debt is serious? ›
Debt-to-income ratio is your monthly debt obligations compared to your gross monthly income (before taxes), expressed as a percentage. A good debt-to-income ratio is less than or equal to 36%. Any debt-to-income ratio above 43% is considered to be too much debt.
How much debt is normal? ›
Average household debt in 2024
As of the third quarter of 2023, the average American held $104,215 in debt, according to Experian. Keep in mind that while this number might seem staggering, it's an average — some consumers carry more or less than this amount of debt.
How to be debt free in 2 years? ›
Dave Ramsey says most people get out of debt in two years using the debt snowball method. With the debt snowball, you prioritize paying off your smallest debts first. The debt snowball is a good option, but if you have a high credit score, debt consolidation will save you more money.
How fast to pay off $10,000? ›
To pay off $10,000 in credit card debt within 36 months, you will need to pay $362 per month, assuming an APR of 18%. You would incur $3,039 in interest charges during that time, but you could avoid much of this extra cost and pay off your debt faster by using a 0% APR balance transfer credit card.
Why does it take 30 years to pay off $150,000? ›
The interest rate on a loan directly affects the duration of a loan. Note: The interest rate is calculated using the hit and trial method. Therefore, it takes 30 years to complete the loan of $150,000 with $1,000 per monthly installment at a 0.585% monthly interest rate.
How long will it take to pay off $20,000? ›
The minimum payment approach
If you only make the minimum payment each month, which is typically around 1% of the balance plus interest, here's what you can expect: Time to pay off: Approximately 421 months.
How to pay off $5000 in debt in 6 months? ›
If you can afford to pay off your debt during the promotional APR period, a balance transfer card may be your best bet. For example, with $5,000 of debt, a six-month intro APR balance transfer card would allow you to pay off your debt interest-free with $833.33/month payments.
