Pay off $5,000 at 24.99% with $300/month

Balance $5,000.00 • APR 24.99% • Payment $300.00/mo

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Adjust inputs to see how payoff time and interest change.

Balance ($)

APR (%)

Monthly Payment ($)

Payoff in: 21 months

Payoff date: 11/27/2027

Total interest: $1,205.65

Month	Balance	Payment	Interest	Principal	Remaining
1	$5,000.00	$300.00	$104.13	$195.88	$4,804.13
2	$4,804.13	$300.00	$100.05	$199.95	$4,604.17
3	$4,604.17	$300.00	$95.88	$204.12	$4,400.05
4	$4,400.05	$300.00	$91.63	$208.37	$4,191.68
5	$4,191.68	$300.00	$87.29	$212.71	$3,978.98
6	$3,978.98	$300.00	$82.86	$217.14	$3,761.84
7	$3,761.84	$300.00	$78.34	$221.66	$3,540.18
8	$3,540.18	$300.00	$73.72	$226.28	$3,313.90
9	$3,313.90	$300.00	$69.01	$230.99	$3,082.91
10	$3,082.91	$300.00	$64.20	$235.80	$2,847.12
11	$2,847.12	$300.00	$59.29	$240.71	$2,606.41
12	$2,606.41	$300.00	$54.28	$245.72	$2,360.69
13	$2,360.69	$300.00	$49.16	$250.84	$2,109.85
14	$2,109.85	$300.00	$43.94	$256.06	$1,853.78
15	$1,853.78	$300.00	$38.61	$261.39	$1,592.39
16	$1,592.39	$300.00	$33.16	$266.84	$1,325.55
17	$1,325.55	$300.00	$27.60	$272.40	$1,053.16
18	$1,053.16	$300.00	$21.93	$278.07	$775.09
19	$775.09	$300.00	$16.14	$283.86	$491.23
20	$491.23	$300.00	$10.23	$289.77	$201.46
21	$201.46	$205.65	$4.20	$201.46	$0.00

This scenario starts with $5,000.00 at 24.99% APR. Paying $300.00/month clears the balance in about 21 months (example payoff date: 10/1/2027).

Month one interest is roughly $104.13 (2.08% per month), so about $195.88 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	$104.13	$195.88	$4,804.13
2	$300.00	$100.05	$199.95	$4,604.17
3	$300.00	$95.88	$204.12	$4,400.05
4	$300.00	$91.63	$208.37	$4,191.68
5	$300.00	$87.29	$212.71	$3,978.98
6	$300.00	$82.86	$217.14	$3,761.84
7	$300.00	$78.34	$221.66	$3,540.18
8	$300.00	$73.72	$226.28	$3,313.90
9	$300.00	$69.01	$230.99	$3,082.91
10	$300.00	$64.20	$235.80	$2,847.12
11	$300.00	$59.29	$240.71	$2,606.41
12	$300.00	$54.28	$245.72	$2,360.69

Show full schedule

Month	Payment	Interest	Principal	Remaining
1	$300.00	$104.13	$195.88	$4,804.13
2	$300.00	$100.05	$199.95	$4,604.17
3	$300.00	$95.88	$204.12	$4,400.05
4	$300.00	$91.63	$208.37	$4,191.68
5	$300.00	$87.29	$212.71	$3,978.98
6	$300.00	$82.86	$217.14	$3,761.84
7	$300.00	$78.34	$221.66	$3,540.18
8	$300.00	$73.72	$226.28	$3,313.90
9	$300.00	$69.01	$230.99	$3,082.91
10	$300.00	$64.20	$235.80	$2,847.12
11	$300.00	$59.29	$240.71	$2,606.41
12	$300.00	$54.28	$245.72	$2,360.69
13	$300.00	$49.16	$250.84	$2,109.85
14	$300.00	$43.94	$256.06	$1,853.78
15	$300.00	$38.61	$261.39	$1,592.39
16	$300.00	$33.16	$266.84	$1,325.55
17	$300.00	$27.60	$272.40	$1,053.16
18	$300.00	$21.93	$278.07	$775.09
19	$300.00	$16.14	$283.86	$491.23
20	$300.00	$10.23	$289.77	$201.46
21	$205.65	$4.20	$201.46	$0.00