Pay off $1,000 at 29.99% with $200/month
Balance $1,000.00 • APR 29.99% • Payment $200.00/mo
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Adjust inputs to see how payoff time and interest change.
Payoff in: 6 months
Payoff date: 8/27/2026
Total interest: $82.12
Schedule (first 24 months)
| Month | Balance | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|---|
| 1 | $1,000.00 | $200.00 | $24.99 | $175.01 | $824.99 |
| 2 | $824.99 | $200.00 | $20.62 | $179.38 | $645.61 |
| 3 | $645.61 | $200.00 | $16.13 | $183.87 | $461.74 |
| 4 | $461.74 | $200.00 | $11.54 | $188.46 | $273.28 |
| 5 | $273.28 | $200.00 | $6.83 | $193.17 | $80.11 |
| 6 | $80.11 | $82.12 | $2.00 | $80.11 | $0.00 |
Explanation
This scenario starts with $1,000.00 at 29.99% APR. Paying $200.00/month clears the balance in about 6 months (example payoff date: 7/1/2026).
Month one interest is roughly $24.99 (2.50% per month), so about $175.01 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.
Total interest paid is about $82.12. Even small payment increases can reduce interest, especially at higher APRs.
Schedule preview
First 12 months. Use the tool for full details.
| Month | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|
| 1 | $200.00 | $24.99 | $175.01 | $824.99 |
| 2 | $200.00 | $20.62 | $179.38 | $645.61 |
| 3 | $200.00 | $16.13 | $183.87 | $461.74 |
| 4 | $200.00 | $11.54 | $188.46 | $273.28 |
| 5 | $200.00 | $6.83 | $193.17 | $80.11 |
| 6 | $82.12 | $2.00 | $80.11 | $0.00 |
Show full schedule
| Month | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|
| 1 | $200.00 | $24.99 | $175.01 | $824.99 |
| 2 | $200.00 | $20.62 | $179.38 | $645.61 |
| 3 | $200.00 | $16.13 | $183.87 | $461.74 |
| 4 | $200.00 | $11.54 | $188.46 | $273.28 |
| 5 | $200.00 | $6.83 | $193.17 | $80.11 |
| 6 | $82.12 | $2.00 | $80.11 | $0.00 |
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