PayoffKit

Pay off $10,000 at 24.99% with $300/month

Balance $10,000.00 • APR 24.99% • Payment $300.00/mo

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Adjust inputs to see how payoff time and interest change.

Payoff in: 58 months

Payoff date: 12/27/2030

Total interest: $7,244.59

Explanation

This scenario starts with $10,000.00 at 24.99% APR. Paying $300.00/month clears the balance in about 58 months (example payoff date: 11/1/2030).

Month one interest is roughly $208.25 (2.08% per month), so about $91.75 goes to principal right away.

Early on, interest consumes a large share of the payment, so progress feels slow. The good news: as the balance drops, interest drops too, and more of each payment goes toward principal.

If you increased the payment by $50 to $350.00/month, you’d save about 14 months in this setup and reduce total interest.

Schedule preview

First 12 months. Use the tool for full details.

MonthPaymentInterestPrincipalRemaining
1$300.00$208.25$91.75$9,908.25
2$300.00$206.34$93.66$9,814.59
3$300.00$204.39$95.61$9,718.98
4$300.00$202.40$97.60$9,621.38
5$300.00$200.37$99.63$9,521.74
6$300.00$198.29$101.71$9,420.03
7$300.00$196.17$103.83$9,316.20
8$300.00$194.01$105.99$9,210.21
9$300.00$191.80$108.20$9,102.02
10$300.00$189.55$110.45$8,991.57
11$300.00$187.25$112.75$8,878.81
12$300.00$184.90$115.10$8,763.72
Show full schedule
MonthPaymentInterestPrincipalRemaining
1$300.00$208.25$91.75$9,908.25
2$300.00$206.34$93.66$9,814.59
3$300.00$204.39$95.61$9,718.98
4$300.00$202.40$97.60$9,621.38
5$300.00$200.37$99.63$9,521.74
6$300.00$198.29$101.71$9,420.03
7$300.00$196.17$103.83$9,316.20
8$300.00$194.01$105.99$9,210.21
9$300.00$191.80$108.20$9,102.02
10$300.00$189.55$110.45$8,991.57
11$300.00$187.25$112.75$8,878.81
12$300.00$184.90$115.10$8,763.72
13$300.00$182.50$117.50$8,646.22
14$300.00$180.06$119.94$8,526.28
15$300.00$177.56$122.44$8,403.84
16$300.00$175.01$124.99$8,278.85
17$300.00$172.41$127.59$8,151.25
18$300.00$169.75$130.25$8,021.00
19$300.00$167.04$132.96$7,888.04
20$300.00$164.27$135.73$7,752.31
21$300.00$161.44$138.56$7,613.75
22$300.00$158.56$141.44$7,472.31
23$300.00$155.61$144.39$7,327.92
24$300.00$152.60$147.40$7,180.52
25$300.00$149.53$150.47$7,030.06
26$300.00$146.40$153.60$6,876.46
27$300.00$143.20$156.80$6,719.66
28$300.00$139.94$160.06$6,559.60
29$300.00$136.60$163.40$6,396.20
30$300.00$133.20$166.80$6,229.40
31$300.00$129.73$170.27$6,059.13
32$300.00$126.18$173.82$5,885.31
33$300.00$122.56$177.44$5,707.87
34$300.00$118.87$181.13$5,526.74
35$300.00$115.09$184.91$5,341.83
36$300.00$111.24$188.76$5,153.08
37$300.00$107.31$192.69$4,960.39
38$300.00$103.30$196.70$4,763.69
39$300.00$99.20$200.80$4,562.89
40$300.00$95.02$204.98$4,357.92
41$300.00$90.75$209.25$4,148.67
42$300.00$86.40$213.60$3,935.07
43$300.00$81.95$218.05$3,717.01
44$300.00$77.41$222.59$3,494.42
45$300.00$72.77$227.23$3,267.19
46$300.00$68.04$231.96$3,035.23
47$300.00$63.21$236.79$2,798.44
48$300.00$58.28$241.72$2,556.72
49$300.00$53.24$246.76$2,309.96
50$300.00$48.10$251.90$2,058.07
51$300.00$42.86$257.14$1,800.93
52$300.00$37.50$262.50$1,538.43
53$300.00$32.04$267.96$1,270.47
54$300.00$26.46$273.54$996.93
55$300.00$20.76$279.24$717.69
56$300.00$14.95$285.05$432.63
57$300.00$9.01$290.99$141.64
58$144.59$2.95$141.64$0.00

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