Pay off $1,000 at 29.99% with $300/month
Balance $1,000.00 • APR 29.99% • Payment $300.00/mo
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Adjust inputs to see how payoff time and interest change.
Payoff in: 4 months
Payoff date: 6/27/2026
Total interest: $58.04
Schedule (first 24 months)
| Month | Balance | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|---|
| 1 | $1,000.00 | $300.00 | $24.99 | $275.01 | $724.99 |
| 2 | $724.99 | $300.00 | $18.12 | $281.88 | $443.11 |
| 3 | $443.11 | $300.00 | $11.07 | $288.93 | $154.18 |
| 4 | $154.18 | $158.04 | $3.85 | $154.18 | $0.00 |
Explanation
This scenario starts with $1,000.00 at 29.99% APR. Paying $300.00/month clears the balance in about 4 months (example payoff date: 5/1/2026).
Month one interest is roughly $24.99 (2.50% per month), so about $275.01 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 $58.04. 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 | $300.00 | $24.99 | $275.01 | $724.99 |
| 2 | $300.00 | $18.12 | $281.88 | $443.11 |
| 3 | $300.00 | $11.07 | $288.93 | $154.18 |
| 4 | $158.04 | $3.85 | $154.18 | $0.00 |
Show full schedule
| Month | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|
| 1 | $300.00 | $24.99 | $275.01 | $724.99 |
| 2 | $300.00 | $18.12 | $281.88 | $443.11 |
| 3 | $300.00 | $11.07 | $288.93 | $154.18 |
| 4 | $158.04 | $3.85 | $154.18 | $0.00 |
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