Pay off $5,000 at 18.99% with $300/month

Balance $5,000.00 • APR 18.99% • Payment $300.00/mo

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Adjust inputs to see how payoff time and interest change.

Balance ($)

APR (%)

Monthly Payment ($)

Payoff in: 20 months

Payoff date: 10/27/2027

Total interest: $850.86

Month	Balance	Payment	Interest	Principal	Remaining
1	$5,000.00	$300.00	$79.13	$220.88	$4,779.13
2	$4,779.13	$300.00	$75.63	$224.37	$4,554.75
3	$4,554.75	$300.00	$72.08	$227.92	$4,326.83
4	$4,326.83	$300.00	$68.47	$231.53	$4,095.31
5	$4,095.31	$300.00	$64.81	$235.19	$3,860.11
6	$3,860.11	$300.00	$61.09	$238.91	$3,621.20
7	$3,621.20	$300.00	$57.31	$242.69	$3,378.51
8	$3,378.51	$300.00	$53.46	$246.54	$3,131.97
9	$3,131.97	$300.00	$49.56	$250.44	$2,881.53
10	$2,881.53	$300.00	$45.60	$254.40	$2,627.13
11	$2,627.13	$300.00	$41.57	$258.43	$2,368.71
12	$2,368.71	$300.00	$37.48	$262.52	$2,106.19
13	$2,106.19	$300.00	$33.33	$266.67	$1,839.52
14	$1,839.52	$300.00	$29.11	$270.89	$1,568.63
15	$1,568.63	$300.00	$24.82	$275.18	$1,293.46
16	$1,293.46	$300.00	$20.47	$279.53	$1,013.93
17	$1,013.93	$300.00	$16.05	$283.95	$729.97
18	$729.97	$300.00	$11.55	$288.45	$441.52
19	$441.52	$300.00	$6.99	$293.01	$148.51
20	$148.51	$150.86	$2.35	$148.51	$0.00

This scenario starts with $5,000.00 at 18.99% APR. Paying $300.00/month clears the balance in about 20 months (example payoff date: 9/1/2027).

Month one interest is roughly $79.13 (1.58% per month), so about $220.88 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	$79.13	$220.88	$4,779.13
2	$300.00	$75.63	$224.37	$4,554.75
3	$300.00	$72.08	$227.92	$4,326.83
4	$300.00	$68.47	$231.53	$4,095.31
5	$300.00	$64.81	$235.19	$3,860.11
6	$300.00	$61.09	$238.91	$3,621.20
7	$300.00	$57.31	$242.69	$3,378.51
8	$300.00	$53.46	$246.54	$3,131.97
9	$300.00	$49.56	$250.44	$2,881.53
10	$300.00	$45.60	$254.40	$2,627.13
11	$300.00	$41.57	$258.43	$2,368.71
12	$300.00	$37.48	$262.52	$2,106.19

Show full schedule

Month	Payment	Interest	Principal	Remaining
1	$300.00	$79.13	$220.88	$4,779.13
2	$300.00	$75.63	$224.37	$4,554.75
3	$300.00	$72.08	$227.92	$4,326.83
4	$300.00	$68.47	$231.53	$4,095.31
5	$300.00	$64.81	$235.19	$3,860.11
6	$300.00	$61.09	$238.91	$3,621.20
7	$300.00	$57.31	$242.69	$3,378.51
8	$300.00	$53.46	$246.54	$3,131.97
9	$300.00	$49.56	$250.44	$2,881.53
10	$300.00	$45.60	$254.40	$2,627.13
11	$300.00	$41.57	$258.43	$2,368.71
12	$300.00	$37.48	$262.52	$2,106.19
13	$300.00	$33.33	$266.67	$1,839.52
14	$300.00	$29.11	$270.89	$1,568.63
15	$300.00	$24.82	$275.18	$1,293.46
16	$300.00	$20.47	$279.53	$1,013.93
17	$300.00	$16.05	$283.95	$729.97
18	$300.00	$11.55	$288.45	$441.52
19	$300.00	$6.99	$293.01	$148.51
20	$150.86	$2.35	$148.51	$0.00