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 first published on 12/05/23 and it was last updated on 12/13/23. 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
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. By the time you've paid off the $15,000, you'll also have paid almost as much in interest ($12,978 if you're paying the average interest rate of 14.96%) as you did in principal.
How long would it take to pay off 15k? ›
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 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.
Here are four ways you can pay off $15,000 in credit card debt quickly.
- Take advantage of debt relief programs.
- Use a home equity loan to cut the cost of interest.
- Use a 401k loan.
- Take advantage of balance transfer credit cards with promotional interest rates.
1% of the balance plus interest: It would take 29.5 years or 354 months to pay off $10,000 in credit card debt making only minimum payments. You would pay a total of $19,332.21 in interest over that period.
How much is a $15000 loan a month? ›
Advertising Disclosures
| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|
| $15,000 | 3 | $463.09 |
| $15,000 | 5 | $313.13 |
| $20,000 | 3 | $617.45 |
| $20,000 | 5 | $415.07 |
13 more rowsThe monthly payment on a $15,000 loan ranges from $205 to $1,504, depending on the APR and how long the loan lasts. For example, if you take out a $15,000 loan for one year with an APR of 36%, your monthly payment will be $1,504.
Can you get a 15k loan with no credit? ›
$15,000 loans may be available to people with no credit or bad credit, these options likely will come with higher interest rates, fees, or even the need to provide collateral to get approved. If you don't have a strong credit history, lenders might consider you a risk and structure your loan terms with that in mind.
Is 15k a lot of debt? ›
It's not at all uncommon for households to be swimming in more that twice as much credit card debt. But just because a $15,000 balance isn't rare doesn't mean it's a good thing. Credit card debt is seriously expensive. Most credit cards charge between 15% and 29% interest, so paying down that debt should be a priority.
How to pay off $18,000 in debt fast? ›
However, if you'd rather accelerate your debt payoff timeline, here are seven ways to do it.
- Pay more than the minimum payment every month. ...
- Tackle high-interest debts with the avalanche method. ...
- Set up a payment plan. ...
- Put extra money toward paying off your debts. ...
- Start a side hustle. ...
- Limit unnecessary spending.
Yes, $15,000 is a high credit card limit. Generally, a high credit card limit is considered to be $5,000 or more, and you will likely need good or excellent credit, along with a solid income, to get a limit of $15,000 or higher.
How much would you pay monthly for a 15k loan? ›
Advertising Disclosures
| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|
| $10,000 | 5 | $207.54 |
| $15,000 | 3 | $463.09 |
| $15,000 | 5 | $313.13 |
| $20,000 | 3 | $617.45 |
13 more rowsCost to repay a $15k loan
| Repayment term | Interest rate | payment |
|---|
| 2 years | 5% | $658 |
| 3 years | 6% | $456 |
| 4 years | 7% | $359 |
| 5 years | 8% | $304 |
2 more rowsThe monthly payment on a $15,000 loan ranges from $205 to $1,504, depending on the APR and how long the loan lasts. For example, if you take out a $15,000 loan for one year with an APR of 36%, your monthly payment will be $1,504.
How much a month is a 15k car loan? ›
Advertising Disclosures
| Loan Amount | Loan Term (Years) | Estimated Fixed Monthly Payment* |
|---|
| $15,000 | 3 | $463.09 |
| $15,000 | 5 | $313.13 |
| $20,000 | 3 | $617.45 |
| $20,000 | 5 | $415.07 |
13 more rows