Pay off $3,000 at 18.99% with $300/month
Balance $3,000.00 • APR 18.99% • 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: $291.66
Schedule (first 24 months)
| Month | Balance | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|---|
| 1 | $3,000.00 | $300.00 | $47.47 | $252.53 | $2,747.48 |
| 2 | $2,747.48 | $300.00 | $43.48 | $256.52 | $2,490.95 |
| 3 | $2,490.95 | $300.00 | $39.42 | $260.58 | $2,230.37 |
| 4 | $2,230.37 | $300.00 | $35.30 | $264.70 | $1,965.67 |
| 5 | $1,965.67 | $300.00 | $31.11 | $268.89 | $1,696.78 |
| 6 | $1,696.78 | $300.00 | $26.85 | $273.15 | $1,423.63 |
| 7 | $1,423.63 | $300.00 | $22.53 | $277.47 | $1,146.16 |
| 8 | $1,146.16 | $300.00 | $18.14 | $281.86 | $864.29 |
| 9 | $864.29 | $300.00 | $13.68 | $286.32 | $577.97 |
| 10 | $577.97 | $300.00 | $9.15 | $290.85 | $287.12 |
| 11 | $287.12 | $291.66 | $4.54 | $287.12 | $0.00 |
Explanation
This scenario starts with $3,000.00 at 18.99% APR. Paying $300.00/month clears the balance in about 11 months (example payoff date: 12/1/2026).
Month one interest is roughly $47.47 (1.58% per month), so about $252.53 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 $291.66. 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 | $47.47 | $252.53 | $2,747.48 |
| 2 | $300.00 | $43.48 | $256.52 | $2,490.95 |
| 3 | $300.00 | $39.42 | $260.58 | $2,230.37 |
| 4 | $300.00 | $35.30 | $264.70 | $1,965.67 |
| 5 | $300.00 | $31.11 | $268.89 | $1,696.78 |
| 6 | $300.00 | $26.85 | $273.15 | $1,423.63 |
| 7 | $300.00 | $22.53 | $277.47 | $1,146.16 |
| 8 | $300.00 | $18.14 | $281.86 | $864.29 |
| 9 | $300.00 | $13.68 | $286.32 | $577.97 |
| 10 | $300.00 | $9.15 | $290.85 | $287.12 |
| 11 | $291.66 | $4.54 | $287.12 | $0.00 |
Show full schedule
| Month | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|
| 1 | $300.00 | $47.47 | $252.53 | $2,747.48 |
| 2 | $300.00 | $43.48 | $256.52 | $2,490.95 |
| 3 | $300.00 | $39.42 | $260.58 | $2,230.37 |
| 4 | $300.00 | $35.30 | $264.70 | $1,965.67 |
| 5 | $300.00 | $31.11 | $268.89 | $1,696.78 |
| 6 | $300.00 | $26.85 | $273.15 | $1,423.63 |
| 7 | $300.00 | $22.53 | $277.47 | $1,146.16 |
| 8 | $300.00 | $18.14 | $281.86 | $864.29 |
| 9 | $300.00 | $13.68 | $286.32 | $577.97 |
| 10 | $300.00 | $9.15 | $290.85 | $287.12 |
| 11 | $291.66 | $4.54 | $287.12 | $0.00 |
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