Pay off $3,000 at 29.99% with $400/month
Balance $3,000.00 • APR 29.99% • Payment $400.00/mo
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Adjust inputs to see how payoff time and interest change.
Payoff in: 9 months
Payoff date: 11/27/2026
Total interest: $364.64
Schedule (first 24 months)
| Month | Balance | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|---|
| 1 | $3,000.00 | $400.00 | $74.98 | $325.03 | $2,674.98 |
| 2 | $2,674.98 | $400.00 | $66.85 | $333.15 | $2,341.83 |
| 3 | $2,341.83 | $400.00 | $58.53 | $341.47 | $2,000.35 |
| 4 | $2,000.35 | $400.00 | $49.99 | $350.01 | $1,650.35 |
| 5 | $1,650.35 | $400.00 | $41.24 | $358.76 | $1,291.59 |
| 6 | $1,291.59 | $400.00 | $32.28 | $367.72 | $923.87 |
| 7 | $923.87 | $400.00 | $23.09 | $376.91 | $546.96 |
| 8 | $546.96 | $400.00 | $13.67 | $386.33 | $160.63 |
| 9 | $160.63 | $164.64 | $4.01 | $160.63 | $0.00 |
Explanation
This scenario starts with $3,000.00 at 29.99% APR. Paying $400.00/month clears the balance in about 9 months (example payoff date: 10/1/2026).
Month one interest is roughly $74.98 (2.50% per month), so about $325.03 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.
Total interest paid is about $364.64. 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 | $400.00 | $74.98 | $325.03 | $2,674.98 |
| 2 | $400.00 | $66.85 | $333.15 | $2,341.83 |
| 3 | $400.00 | $58.53 | $341.47 | $2,000.35 |
| 4 | $400.00 | $49.99 | $350.01 | $1,650.35 |
| 5 | $400.00 | $41.24 | $358.76 | $1,291.59 |
| 6 | $400.00 | $32.28 | $367.72 | $923.87 |
| 7 | $400.00 | $23.09 | $376.91 | $546.96 |
| 8 | $400.00 | $13.67 | $386.33 | $160.63 |
| 9 | $164.64 | $4.01 | $160.63 | $0.00 |
Show full schedule
| Month | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|
| 1 | $400.00 | $74.98 | $325.03 | $2,674.98 |
| 2 | $400.00 | $66.85 | $333.15 | $2,341.83 |
| 3 | $400.00 | $58.53 | $341.47 | $2,000.35 |
| 4 | $400.00 | $49.99 | $350.01 | $1,650.35 |
| 5 | $400.00 | $41.24 | $358.76 | $1,291.59 |
| 6 | $400.00 | $32.28 | $367.72 | $923.87 |
| 7 | $400.00 | $23.09 | $376.91 | $546.96 |
| 8 | $400.00 | $13.67 | $386.33 | $160.63 |
| 9 | $164.64 | $4.01 | $160.63 | $0.00 |
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