Pay off $3,000 at 24.99% with $300/month
Balance $3,000.00 • APR 24.99% • Payment $300.00/mo
Prefilled calculator
Adjust inputs to see how payoff time and interest change.
Payoff in: 12 months
Payoff date: 2/27/2027
Total interest: $399.47
Schedule (first 24 months)
| Month | Balance | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|---|
| 1 | $3,000.00 | $300.00 | $62.48 | $237.53 | $2,762.48 |
| 2 | $2,762.48 | $300.00 | $57.53 | $242.47 | $2,520.00 |
| 3 | $2,520.00 | $300.00 | $52.48 | $247.52 | $2,272.48 |
| 4 | $2,272.48 | $300.00 | $47.32 | $252.68 | $2,019.81 |
| 5 | $2,019.81 | $300.00 | $42.06 | $257.94 | $1,761.87 |
| 6 | $1,761.87 | $300.00 | $36.69 | $263.31 | $1,498.56 |
| 7 | $1,498.56 | $300.00 | $31.21 | $268.79 | $1,229.77 |
| 8 | $1,229.77 | $300.00 | $25.61 | $274.39 | $955.38 |
| 9 | $955.38 | $300.00 | $19.90 | $280.10 | $675.27 |
| 10 | $675.27 | $300.00 | $14.06 | $285.94 | $389.34 |
| 11 | $389.34 | $300.00 | $8.11 | $291.89 | $97.44 |
| 12 | $97.44 | $99.47 | $2.03 | $97.44 | $0.00 |
Explanation
This scenario starts with $3,000.00 at 24.99% APR. Paying $300.00/month clears the balance in about 12 months (example payoff date: 1/1/2027).
Month one interest is roughly $62.48 (2.08% per month), so about $237.53 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.
If you increased the payment by $50 to $350.00/month, you’d save about 2 months in this setup and reduce total interest.
Schedule preview
First 12 months. Use the tool for full details.
| Month | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|
| 1 | $300.00 | $62.48 | $237.53 | $2,762.48 |
| 2 | $300.00 | $57.53 | $242.47 | $2,520.00 |
| 3 | $300.00 | $52.48 | $247.52 | $2,272.48 |
| 4 | $300.00 | $47.32 | $252.68 | $2,019.81 |
| 5 | $300.00 | $42.06 | $257.94 | $1,761.87 |
| 6 | $300.00 | $36.69 | $263.31 | $1,498.56 |
| 7 | $300.00 | $31.21 | $268.79 | $1,229.77 |
| 8 | $300.00 | $25.61 | $274.39 | $955.38 |
| 9 | $300.00 | $19.90 | $280.10 | $675.27 |
| 10 | $300.00 | $14.06 | $285.94 | $389.34 |
| 11 | $300.00 | $8.11 | $291.89 | $97.44 |
| 12 | $99.47 | $2.03 | $97.44 | $0.00 |
Show full schedule
| Month | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|
| 1 | $300.00 | $62.48 | $237.53 | $2,762.48 |
| 2 | $300.00 | $57.53 | $242.47 | $2,520.00 |
| 3 | $300.00 | $52.48 | $247.52 | $2,272.48 |
| 4 | $300.00 | $47.32 | $252.68 | $2,019.81 |
| 5 | $300.00 | $42.06 | $257.94 | $1,761.87 |
| 6 | $300.00 | $36.69 | $263.31 | $1,498.56 |
| 7 | $300.00 | $31.21 | $268.79 | $1,229.77 |
| 8 | $300.00 | $25.61 | $274.39 | $955.38 |
| 9 | $300.00 | $19.90 | $280.10 | $675.27 |
| 10 | $300.00 | $14.06 | $285.94 | $389.34 |
| 11 | $300.00 | $8.11 | $291.89 | $97.44 |
| 12 | $99.47 | $2.03 | $97.44 | $0.00 |
Explore debt calculators
Related scenarios
Pay off $2,000 at 24.99% with $300/month
$2,000 • 24.99% • $300/mo
Pay off $1,000 at 24.99% with $300/month
$1,000 • 24.99% • $300/mo
Pay off $5,000 at 24.99% with $300/month
$5,000 • 24.99% • $300/mo
Pay off $3,000 at 29.99% with $300/month
$3,000 • 29.99% • $300/mo
Pay off $3,000 at 18.99% with $300/month
$3,000 • 18.99% • $300/mo
Pay off $2,000 at 29.99% with $300/month
$2,000 • 29.99% • $300/mo