Pay off $5,000 at 12.99% with $300/month

Balance $5,000.00 • APR 12.99% • Payment $300.00/mo

Prefilled calculator

Adjust inputs to see how payoff time and interest change.

Balance ($)

APR (%)

Monthly Payment ($)

Payoff in: 19 months

Payoff date: 9/27/2027

Total interest: $544.07

Month	Balance	Payment	Interest	Principal	Remaining
1	$5,000.00	$300.00	$54.13	$245.88	$4,754.13
2	$4,754.13	$300.00	$51.46	$248.54	$4,505.59
3	$4,505.59	$300.00	$48.77	$251.23	$4,254.36
4	$4,254.36	$300.00	$46.05	$253.95	$4,000.41
5	$4,000.41	$300.00	$43.30	$256.70	$3,743.72
6	$3,743.72	$300.00	$40.53	$259.47	$3,484.25
7	$3,484.25	$300.00	$37.72	$262.28	$3,221.96
8	$3,221.96	$300.00	$34.88	$265.12	$2,956.84
9	$2,956.84	$300.00	$32.01	$267.99	$2,688.85
10	$2,688.85	$300.00	$29.11	$270.89	$2,417.95
11	$2,417.95	$300.00	$26.17	$273.83	$2,144.13
12	$2,144.13	$300.00	$23.21	$276.79	$1,867.34
13	$1,867.34	$300.00	$20.21	$279.79	$1,587.55
14	$1,587.55	$300.00	$17.19	$282.81	$1,304.74
15	$1,304.74	$300.00	$14.12	$285.88	$1,018.86
16	$1,018.86	$300.00	$11.03	$288.97	$729.89
17	$729.89	$300.00	$7.90	$292.10	$437.79
18	$437.79	$300.00	$4.74	$295.26	$142.53
19	$142.53	$144.07	$1.54	$142.53	$0.00

This scenario starts with $5,000.00 at 12.99% APR. Paying $300.00/month clears the balance in about 19 months (example payoff date: 8/1/2027).

Month one interest is roughly $54.13 (1.08% per month), so about $245.88 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 3 months in this setup and reduce total interest.

First 12 months. Use the tool for full details.

Month	Payment	Interest	Principal	Remaining
1	$300.00	$54.13	$245.88	$4,754.13
2	$300.00	$51.46	$248.54	$4,505.59
3	$300.00	$48.77	$251.23	$4,254.36
4	$300.00	$46.05	$253.95	$4,000.41
5	$300.00	$43.30	$256.70	$3,743.72
6	$300.00	$40.53	$259.47	$3,484.25
7	$300.00	$37.72	$262.28	$3,221.96
8	$300.00	$34.88	$265.12	$2,956.84
9	$300.00	$32.01	$267.99	$2,688.85
10	$300.00	$29.11	$270.89	$2,417.95
11	$300.00	$26.17	$273.83	$2,144.13
12	$300.00	$23.21	$276.79	$1,867.34

Show full schedule

Month	Payment	Interest	Principal	Remaining
1	$300.00	$54.13	$245.88	$4,754.13
2	$300.00	$51.46	$248.54	$4,505.59
3	$300.00	$48.77	$251.23	$4,254.36
4	$300.00	$46.05	$253.95	$4,000.41
5	$300.00	$43.30	$256.70	$3,743.72
6	$300.00	$40.53	$259.47	$3,484.25
7	$300.00	$37.72	$262.28	$3,221.96
8	$300.00	$34.88	$265.12	$2,956.84
9	$300.00	$32.01	$267.99	$2,688.85
10	$300.00	$29.11	$270.89	$2,417.95
11	$300.00	$26.17	$273.83	$2,144.13
12	$300.00	$23.21	$276.79	$1,867.34
13	$300.00	$20.21	$279.79	$1,587.55
14	$300.00	$17.19	$282.81	$1,304.74
15	$300.00	$14.12	$285.88	$1,018.86
16	$300.00	$11.03	$288.97	$729.89
17	$300.00	$7.90	$292.10	$437.79
18	$300.00	$4.74	$295.26	$142.53
19	$144.07	$1.54	$142.53	$0.00