Pay off $1,000 at 29.99% with $150/month
Balance $1,000.00 • APR 29.99% • 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: $107.94
Schedule (first 24 months)
| Month | Balance | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|---|
| 1 | $1,000.00 | $150.00 | $24.99 | $125.01 | $874.99 |
| 2 | $874.99 | $150.00 | $21.87 | $128.13 | $746.86 |
| 3 | $746.86 | $150.00 | $18.67 | $131.33 | $615.52 |
| 4 | $615.52 | $150.00 | $15.38 | $134.62 | $480.91 |
| 5 | $480.91 | $150.00 | $12.02 | $137.98 | $342.93 |
| 6 | $342.93 | $150.00 | $8.57 | $141.43 | $201.50 |
| 7 | $201.50 | $150.00 | $5.04 | $144.96 | $56.53 |
| 8 | $56.53 | $57.94 | $1.41 | $56.53 | $0.00 |
Explanation
This scenario starts with $1,000.00 at 29.99% APR. Paying $150.00/month clears the balance in about 8 months (example payoff date: 9/1/2026).
Month one interest is roughly $24.99 (2.50% per month), so about $125.01 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 | $24.99 | $125.01 | $874.99 |
| 2 | $150.00 | $21.87 | $128.13 | $746.86 |
| 3 | $150.00 | $18.67 | $131.33 | $615.52 |
| 4 | $150.00 | $15.38 | $134.62 | $480.91 |
| 5 | $150.00 | $12.02 | $137.98 | $342.93 |
| 6 | $150.00 | $8.57 | $141.43 | $201.50 |
| 7 | $150.00 | $5.04 | $144.96 | $56.53 |
| 8 | $57.94 | $1.41 | $56.53 | $0.00 |
Show full schedule
| Month | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|
| 1 | $150.00 | $24.99 | $125.01 | $874.99 |
| 2 | $150.00 | $21.87 | $128.13 | $746.86 |
| 3 | $150.00 | $18.67 | $131.33 | $615.52 |
| 4 | $150.00 | $15.38 | $134.62 | $480.91 |
| 5 | $150.00 | $12.02 | $137.98 | $342.93 |
| 6 | $150.00 | $8.57 | $141.43 | $201.50 |
| 7 | $150.00 | $5.04 | $144.96 | $56.53 |
| 8 | $57.94 | $1.41 | $56.53 | $0.00 |
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