Where do these numbers come from?
- Standard formulasAmortization M = P·r(1+r)^n / ((1+r)^n − 1) and monthly compoundingreviewed Oct 23, 2026
- Freddie MacPMMS mortgage-rate benchmarkweek of Oct 22, 2026
Checked Oct 23, 2026. $320,000 at 6.5% over 360 months: this calculator gives $2,022.62 a month and =PMT(6.5%/12; 360; -320000) in LibreOffice Calc (same PMT as Excel and Google Sheets) returns 2,022.62.
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Paying off $20,000: months and interest
| Monthly payment | 18% APR | 22% APR | 26% APR | 30% APR |
|---|---|---|---|---|
| $400 | 94 mo · $17,600 | 137 mo · $34,800 | never | never |
| $600 | 47 mo · $8,200 | 52 mo · $11,200 | 60 mo · $16,000 | 73 mo · $23,800 |
| $1,000 | 24 mo · $4,000 | 26 mo · $6,000 | 27 mo · $7,000 | 29 mo · $9,000 |
| $2,000 | 11 mo · $2,000 | 12 mo · $4,000 | 12 mo · $4,000 | 12 mo · $4,000 |
Interest is approximate (last payment treated as full).
Worked example
Paying $1,000 a month on $20,000 at 22% APR takes 26 months. Doubling the payment to $2,000 cuts it to 12 months.
Frequently asked questions
How long to pay off $20,000 paying $1,000 a month?
26 months at 22% APR.