Pay off $3,000 at 12.99% with $300/month
Balance $3,000.00 • APR 12.99% • Payment $300.00/mo
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Adjust inputs to see how payoff time and interest change.
Payoff in: 11 months
Payoff date: 1/27/2027
Total interest: $192.66
Schedule (first 24 months)
| Month | Balance | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|---|
| 1 | $3,000.00 | $300.00 | $32.48 | $267.53 | $2,732.48 |
| 2 | $2,732.48 | $300.00 | $29.58 | $270.42 | $2,462.05 |
| 3 | $2,462.05 | $300.00 | $26.65 | $273.35 | $2,188.71 |
| 4 | $2,188.71 | $300.00 | $23.69 | $276.31 | $1,912.40 |
| 5 | $1,912.40 | $300.00 | $20.70 | $279.30 | $1,633.10 |
| 6 | $1,633.10 | $300.00 | $17.68 | $282.32 | $1,350.78 |
| 7 | $1,350.78 | $300.00 | $14.62 | $285.38 | $1,065.40 |
| 8 | $1,065.40 | $300.00 | $11.53 | $288.47 | $776.93 |
| 9 | $776.93 | $300.00 | $8.41 | $291.59 | $485.34 |
| 10 | $485.34 | $300.00 | $5.25 | $294.75 | $190.60 |
| 11 | $190.60 | $192.66 | $2.06 | $190.60 | $0.00 |
Explanation
This scenario starts with $3,000.00 at 12.99% APR. Paying $300.00/month clears the balance in about 11 months (example payoff date: 12/1/2026).
Month one interest is roughly $32.48 (1.08% per month), so about $267.53 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 $192.66. 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 | $32.48 | $267.53 | $2,732.48 |
| 2 | $300.00 | $29.58 | $270.42 | $2,462.05 |
| 3 | $300.00 | $26.65 | $273.35 | $2,188.71 |
| 4 | $300.00 | $23.69 | $276.31 | $1,912.40 |
| 5 | $300.00 | $20.70 | $279.30 | $1,633.10 |
| 6 | $300.00 | $17.68 | $282.32 | $1,350.78 |
| 7 | $300.00 | $14.62 | $285.38 | $1,065.40 |
| 8 | $300.00 | $11.53 | $288.47 | $776.93 |
| 9 | $300.00 | $8.41 | $291.59 | $485.34 |
| 10 | $300.00 | $5.25 | $294.75 | $190.60 |
| 11 | $192.66 | $2.06 | $190.60 | $0.00 |
Show full schedule
| Month | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|
| 1 | $300.00 | $32.48 | $267.53 | $2,732.48 |
| 2 | $300.00 | $29.58 | $270.42 | $2,462.05 |
| 3 | $300.00 | $26.65 | $273.35 | $2,188.71 |
| 4 | $300.00 | $23.69 | $276.31 | $1,912.40 |
| 5 | $300.00 | $20.70 | $279.30 | $1,633.10 |
| 6 | $300.00 | $17.68 | $282.32 | $1,350.78 |
| 7 | $300.00 | $14.62 | $285.38 | $1,065.40 |
| 8 | $300.00 | $11.53 | $288.47 | $776.93 |
| 9 | $300.00 | $8.41 | $291.59 | $485.34 |
| 10 | $300.00 | $5.25 | $294.75 | $190.60 |
| 11 | $192.66 | $2.06 | $190.60 | $0.00 |
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