Pay off $3,000 at 29.99% with $300/month
Balance $3,000.00 • APR 29.99% • 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: $495.80
Schedule (first 24 months)
| Month | Balance | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|---|
| 1 | $3,000.00 | $300.00 | $74.98 | $225.03 | $2,774.98 |
| 2 | $2,774.98 | $300.00 | $69.35 | $230.65 | $2,544.33 |
| 3 | $2,544.33 | $300.00 | $63.59 | $236.41 | $2,307.91 |
| 4 | $2,307.91 | $300.00 | $57.68 | $242.32 | $2,065.59 |
| 5 | $2,065.59 | $300.00 | $51.62 | $248.38 | $1,817.21 |
| 6 | $1,817.21 | $300.00 | $45.42 | $254.58 | $1,562.63 |
| 7 | $1,562.63 | $300.00 | $39.05 | $260.95 | $1,301.68 |
| 8 | $1,301.68 | $300.00 | $32.53 | $267.47 | $1,034.21 |
| 9 | $1,034.21 | $300.00 | $25.85 | $274.15 | $760.06 |
| 10 | $760.06 | $300.00 | $19.00 | $281.00 | $479.06 |
| 11 | $479.06 | $300.00 | $11.97 | $288.03 | $191.03 |
| 12 | $191.03 | $195.80 | $4.77 | $191.03 | $0.00 |
Explanation
This scenario starts with $3,000.00 at 29.99% APR. Paying $300.00/month clears the balance in about 12 months (example payoff date: 1/1/2027).
Month one interest is roughly $74.98 (2.50% per month), so about $225.03 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 | $74.98 | $225.03 | $2,774.98 |
| 2 | $300.00 | $69.35 | $230.65 | $2,544.33 |
| 3 | $300.00 | $63.59 | $236.41 | $2,307.91 |
| 4 | $300.00 | $57.68 | $242.32 | $2,065.59 |
| 5 | $300.00 | $51.62 | $248.38 | $1,817.21 |
| 6 | $300.00 | $45.42 | $254.58 | $1,562.63 |
| 7 | $300.00 | $39.05 | $260.95 | $1,301.68 |
| 8 | $300.00 | $32.53 | $267.47 | $1,034.21 |
| 9 | $300.00 | $25.85 | $274.15 | $760.06 |
| 10 | $300.00 | $19.00 | $281.00 | $479.06 |
| 11 | $300.00 | $11.97 | $288.03 | $191.03 |
| 12 | $195.80 | $4.77 | $191.03 | $0.00 |
Show full schedule
| Month | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|
| 1 | $300.00 | $74.98 | $225.03 | $2,774.98 |
| 2 | $300.00 | $69.35 | $230.65 | $2,544.33 |
| 3 | $300.00 | $63.59 | $236.41 | $2,307.91 |
| 4 | $300.00 | $57.68 | $242.32 | $2,065.59 |
| 5 | $300.00 | $51.62 | $248.38 | $1,817.21 |
| 6 | $300.00 | $45.42 | $254.58 | $1,562.63 |
| 7 | $300.00 | $39.05 | $260.95 | $1,301.68 |
| 8 | $300.00 | $32.53 | $267.47 | $1,034.21 |
| 9 | $300.00 | $25.85 | $274.15 | $760.06 |
| 10 | $300.00 | $19.00 | $281.00 | $479.06 |
| 11 | $300.00 | $11.97 | $288.03 | $191.03 |
| 12 | $195.80 | $4.77 | $191.03 | $0.00 |
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