Pay off $1,000 at 12.99% with $300/month

Balance $1,000.00 • APR 12.99% • Payment $300.00/mo

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Adjust inputs to see how payoff time and interest change.

Balance ($)

APR (%)

Monthly Payment ($)

Payoff in: 4 months

Payoff date: 6/27/2026

Total interest: $24.38

Month	Balance	Payment	Interest	Principal	Remaining
1	$1,000.00	$300.00	$10.83	$289.18	$710.83
2	$710.83	$300.00	$7.69	$292.31	$418.52
3	$418.52	$300.00	$4.53	$295.47	$123.05
4	$123.05	$124.38	$1.33	$123.05	$0.00

This scenario starts with $1,000.00 at 12.99% APR. Paying $300.00/month clears the balance in about 4 months (example payoff date: 5/1/2026).

Month one interest is roughly $10.83 (1.08% per month), so about $289.18 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.

Total interest paid is about $24.38. Even small payment increases can reduce interest, especially at higher APRs.

First 12 months. Use the tool for full details.

Month	Payment	Interest	Principal	Remaining
1	$300.00	$10.83	$289.18	$710.83
2	$300.00	$7.69	$292.31	$418.52
3	$300.00	$4.53	$295.47	$123.05
4	$124.38	$1.33	$123.05	$0.00

Show full schedule

Month	Payment	Interest	Principal	Remaining
1	$300.00	$10.83	$289.18	$710.83
2	$300.00	$7.69	$292.31	$418.52
3	$300.00	$4.53	$295.47	$123.05
4	$124.38	$1.33	$123.05	$0.00