Pay off $1,000 at 18.99% with $150/month
Balance $1,000.00 • APR 18.99% • Payment $150.00/mo
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Adjust inputs to see how payoff time and interest change.
Payoff in: 8 months
Payoff date: 10/27/2026
Total interest: $65.23
Schedule (first 24 months)
| Month | Balance | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|---|
| 1 | $1,000.00 | $150.00 | $15.83 | $134.18 | $865.83 |
| 2 | $865.83 | $150.00 | $13.70 | $136.30 | $729.53 |
| 3 | $729.53 | $150.00 | $11.54 | $138.46 | $591.07 |
| 4 | $591.07 | $150.00 | $9.35 | $140.65 | $450.43 |
| 5 | $450.43 | $150.00 | $7.13 | $142.87 | $307.55 |
| 6 | $307.55 | $150.00 | $4.87 | $145.13 | $162.42 |
| 7 | $162.42 | $150.00 | $2.57 | $147.43 | $14.99 |
| 8 | $14.99 | $15.23 | $0.24 | $14.99 | $0.00 |
Explanation
This scenario starts with $1,000.00 at 18.99% APR. Paying $150.00/month clears the balance in about 8 months (example payoff date: 9/1/2026).
Month one interest is roughly $15.83 (1.58% per month), so about $134.18 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 $200.00/month, you’d save about 2 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 | $150.00 | $15.83 | $134.18 | $865.83 |
| 2 | $150.00 | $13.70 | $136.30 | $729.53 |
| 3 | $150.00 | $11.54 | $138.46 | $591.07 |
| 4 | $150.00 | $9.35 | $140.65 | $450.43 |
| 5 | $150.00 | $7.13 | $142.87 | $307.55 |
| 6 | $150.00 | $4.87 | $145.13 | $162.42 |
| 7 | $150.00 | $2.57 | $147.43 | $14.99 |
| 8 | $15.23 | $0.24 | $14.99 | $0.00 |
Show full schedule
| Month | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|
| 1 | $150.00 | $15.83 | $134.18 | $865.83 |
| 2 | $150.00 | $13.70 | $136.30 | $729.53 |
| 3 | $150.00 | $11.54 | $138.46 | $591.07 |
| 4 | $150.00 | $9.35 | $140.65 | $450.43 |
| 5 | $150.00 | $7.13 | $142.87 | $307.55 |
| 6 | $150.00 | $4.87 | $145.13 | $162.42 |
| 7 | $150.00 | $2.57 | $147.43 | $14.99 |
| 8 | $15.23 | $0.24 | $14.99 | $0.00 |
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