Pay off $2,000 at 29.99% with $300/month
Balance $2,000.00 • APR 29.99% • Payment $300.00/mo
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Adjust inputs to see how payoff time and interest change.
Payoff in: 8 months
Payoff date: 10/27/2026
Total interest: $215.89
Schedule (first 24 months)
| Month | Balance | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|---|
| 1 | $2,000.00 | $300.00 | $49.98 | $250.02 | $1,749.98 |
| 2 | $1,749.98 | $300.00 | $43.74 | $256.26 | $1,493.72 |
| 3 | $1,493.72 | $300.00 | $37.33 | $262.67 | $1,231.05 |
| 4 | $1,231.05 | $300.00 | $30.77 | $269.23 | $961.81 |
| 5 | $961.81 | $300.00 | $24.04 | $275.96 | $685.85 |
| 6 | $685.85 | $300.00 | $17.14 | $282.86 | $402.99 |
| 7 | $402.99 | $300.00 | $10.07 | $289.93 | $113.06 |
| 8 | $113.06 | $115.89 | $2.83 | $113.06 | $0.00 |
Explanation
This scenario starts with $2,000.00 at 29.99% APR. Paying $300.00/month clears the balance in about 8 months (example payoff date: 9/1/2026).
Month one interest is roughly $49.98 (2.50% per month), so about $250.02 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 $215.89. 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 | $49.98 | $250.02 | $1,749.98 |
| 2 | $300.00 | $43.74 | $256.26 | $1,493.72 |
| 3 | $300.00 | $37.33 | $262.67 | $1,231.05 |
| 4 | $300.00 | $30.77 | $269.23 | $961.81 |
| 5 | $300.00 | $24.04 | $275.96 | $685.85 |
| 6 | $300.00 | $17.14 | $282.86 | $402.99 |
| 7 | $300.00 | $10.07 | $289.93 | $113.06 |
| 8 | $115.89 | $2.83 | $113.06 | $0.00 |
Show full schedule
| Month | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|
| 1 | $300.00 | $49.98 | $250.02 | $1,749.98 |
| 2 | $300.00 | $43.74 | $256.26 | $1,493.72 |
| 3 | $300.00 | $37.33 | $262.67 | $1,231.05 |
| 4 | $300.00 | $30.77 | $269.23 | $961.81 |
| 5 | $300.00 | $24.04 | $275.96 | $685.85 |
| 6 | $300.00 | $17.14 | $282.86 | $402.99 |
| 7 | $300.00 | $10.07 | $289.93 | $113.06 |
| 8 | $115.89 | $2.83 | $113.06 | $0.00 |
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