Pay off $2,000 at 18.99% with $300/month
Balance $2,000.00 • APR 18.99% • Payment $300.00/mo
Prefilled calculator
Adjust inputs to see how payoff time and interest change.
Payoff in: 8 months
Payoff date: 10/27/2026
Total interest: $130.46
Schedule (first 24 months)
| Month | Balance | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|---|
| 1 | $2,000.00 | $300.00 | $31.65 | $268.35 | $1,731.65 |
| 2 | $1,731.65 | $300.00 | $27.40 | $272.60 | $1,459.05 |
| 3 | $1,459.05 | $300.00 | $23.09 | $276.91 | $1,182.14 |
| 4 | $1,182.14 | $300.00 | $18.71 | $281.29 | $900.85 |
| 5 | $900.85 | $300.00 | $14.26 | $285.74 | $615.11 |
| 6 | $615.11 | $300.00 | $9.73 | $290.27 | $324.84 |
| 7 | $324.84 | $300.00 | $5.14 | $294.86 | $29.98 |
| 8 | $29.98 | $30.46 | $0.47 | $29.98 | $0.00 |
Explanation
This scenario starts with $2,000.00 at 18.99% APR. Paying $300.00/month clears the balance in about 8 months (example payoff date: 9/1/2026).
Month one interest is roughly $31.65 (1.58% per month), so about $268.35 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 $130.46. 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 | $31.65 | $268.35 | $1,731.65 |
| 2 | $300.00 | $27.40 | $272.60 | $1,459.05 |
| 3 | $300.00 | $23.09 | $276.91 | $1,182.14 |
| 4 | $300.00 | $18.71 | $281.29 | $900.85 |
| 5 | $300.00 | $14.26 | $285.74 | $615.11 |
| 6 | $300.00 | $9.73 | $290.27 | $324.84 |
| 7 | $300.00 | $5.14 | $294.86 | $29.98 |
| 8 | $30.46 | $0.47 | $29.98 | $0.00 |
Show full schedule
| Month | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|
| 1 | $300.00 | $31.65 | $268.35 | $1,731.65 |
| 2 | $300.00 | $27.40 | $272.60 | $1,459.05 |
| 3 | $300.00 | $23.09 | $276.91 | $1,182.14 |
| 4 | $300.00 | $18.71 | $281.29 | $900.85 |
| 5 | $300.00 | $14.26 | $285.74 | $615.11 |
| 6 | $300.00 | $9.73 | $290.27 | $324.84 |
| 7 | $300.00 | $5.14 | $294.86 | $29.98 |
| 8 | $30.46 | $0.47 | $29.98 | $0.00 |
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