Pay off $2,000 at 12.99% with $300/month
Balance $2,000.00 • APR 12.99% • Payment $300.00/mo
Prefilled calculator
Adjust inputs to see how payoff time and interest change.
Payoff in: 7 months
Payoff date: 9/27/2026
Total interest: $87.12
Schedule (first 24 months)
| Month | Balance | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|---|
| 1 | $2,000.00 | $300.00 | $21.65 | $278.35 | $1,721.65 |
| 2 | $1,721.65 | $300.00 | $18.64 | $281.36 | $1,440.29 |
| 3 | $1,440.29 | $300.00 | $15.59 | $284.41 | $1,155.88 |
| 4 | $1,155.88 | $300.00 | $12.51 | $287.49 | $868.39 |
| 5 | $868.39 | $300.00 | $9.40 | $290.60 | $577.79 |
| 6 | $577.79 | $300.00 | $6.25 | $293.75 | $284.05 |
| 7 | $284.05 | $287.12 | $3.07 | $284.05 | $0.00 |
Explanation
This scenario starts with $2,000.00 at 12.99% APR. Paying $300.00/month clears the balance in about 7 months (example payoff date: 8/1/2026).
Month one interest is roughly $21.65 (1.08% per month), so about $278.35 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 $87.12. 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 | $300.00 | $21.65 | $278.35 | $1,721.65 |
| 2 | $300.00 | $18.64 | $281.36 | $1,440.29 |
| 3 | $300.00 | $15.59 | $284.41 | $1,155.88 |
| 4 | $300.00 | $12.51 | $287.49 | $868.39 |
| 5 | $300.00 | $9.40 | $290.60 | $577.79 |
| 6 | $300.00 | $6.25 | $293.75 | $284.05 |
| 7 | $287.12 | $3.07 | $284.05 | $0.00 |
Show full schedule
| Month | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|
| 1 | $300.00 | $21.65 | $278.35 | $1,721.65 |
| 2 | $300.00 | $18.64 | $281.36 | $1,440.29 |
| 3 | $300.00 | $15.59 | $284.41 | $1,155.88 |
| 4 | $300.00 | $12.51 | $287.49 | $868.39 |
| 5 | $300.00 | $9.40 | $290.60 | $577.79 |
| 6 | $300.00 | $6.25 | $293.75 | $284.05 |
| 7 | $287.12 | $3.07 | $284.05 | $0.00 |
Explore debt calculators
Related scenarios
Pay off $1,000 at 12.99% with $300/month
$1,000 • 12.99% • $300/mo
Pay off $3,000 at 12.99% with $300/month
$3,000 • 12.99% • $300/mo
Pay off $2,000 at 18.99% with $300/month
$2,000 • 18.99% • $300/mo
Pay off $5,000 at 12.99% with $300/month
$5,000 • 12.99% • $300/mo
Pay off $2,000 at 12.99% with $200/month
$2,000 • 12.99% • $200/mo
Pay off $2,000 at 12.99% with $400/month
$2,000 • 12.99% • $400/mo