Pay off $1,000 at 12.99% with $100/month
Balance $1,000.00 • APR 12.99% • Payment $100.00/mo
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Adjust inputs to see how payoff time and interest change.
Payoff in: 11 months
Payoff date: 1/27/2027
Total interest: $64.22
Schedule (first 24 months)
| Month | Balance | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|---|
| 1 | $1,000.00 | $100.00 | $10.83 | $89.18 | $910.83 |
| 2 | $910.83 | $100.00 | $9.86 | $90.14 | $820.68 |
| 3 | $820.68 | $100.00 | $8.88 | $91.12 | $729.57 |
| 4 | $729.57 | $100.00 | $7.90 | $92.10 | $637.47 |
| 5 | $637.47 | $100.00 | $6.90 | $93.10 | $544.37 |
| 6 | $544.37 | $100.00 | $5.89 | $94.11 | $450.26 |
| 7 | $450.26 | $100.00 | $4.87 | $95.13 | $355.13 |
| 8 | $355.13 | $100.00 | $3.84 | $96.16 | $258.98 |
| 9 | $258.98 | $100.00 | $2.80 | $97.20 | $161.78 |
| 10 | $161.78 | $100.00 | $1.75 | $98.25 | $63.53 |
| 11 | $63.53 | $64.22 | $0.69 | $63.53 | $0.00 |
Explanation
This scenario starts with $1,000.00 at 12.99% APR. Paying $100.00/month clears the balance in about 11 months (example payoff date: 12/1/2026).
Month one interest is roughly $10.83 (1.08% per month), so about $89.18 goes to principal right away.
Interest is a smaller share of the payment from the start, so most of what you pay reduces principal. That typically leads to a faster payoff curve.
If you increased the payment by $50 to $150.00/month, you’d save about 4 months in this setup and reduce total interest.
Schedule preview
First 12 months. Use the tool for full details.
| Month | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|
| 1 | $100.00 | $10.83 | $89.18 | $910.83 |
| 2 | $100.00 | $9.86 | $90.14 | $820.68 |
| 3 | $100.00 | $8.88 | $91.12 | $729.57 |
| 4 | $100.00 | $7.90 | $92.10 | $637.47 |
| 5 | $100.00 | $6.90 | $93.10 | $544.37 |
| 6 | $100.00 | $5.89 | $94.11 | $450.26 |
| 7 | $100.00 | $4.87 | $95.13 | $355.13 |
| 8 | $100.00 | $3.84 | $96.16 | $258.98 |
| 9 | $100.00 | $2.80 | $97.20 | $161.78 |
| 10 | $100.00 | $1.75 | $98.25 | $63.53 |
| 11 | $64.22 | $0.69 | $63.53 | $0.00 |
Show full schedule
| Month | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|
| 1 | $100.00 | $10.83 | $89.18 | $910.83 |
| 2 | $100.00 | $9.86 | $90.14 | $820.68 |
| 3 | $100.00 | $8.88 | $91.12 | $729.57 |
| 4 | $100.00 | $7.90 | $92.10 | $637.47 |
| 5 | $100.00 | $6.90 | $93.10 | $544.37 |
| 6 | $100.00 | $5.89 | $94.11 | $450.26 |
| 7 | $100.00 | $4.87 | $95.13 | $355.13 |
| 8 | $100.00 | $3.84 | $96.16 | $258.98 |
| 9 | $100.00 | $2.80 | $97.20 | $161.78 |
| 10 | $100.00 | $1.75 | $98.25 | $63.53 |
| 11 | $64.22 | $0.69 | $63.53 | $0.00 |
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