Pay off $8,000 at 12.99% with $300/month

Balance $8,000.00 • APR 12.99% • Payment $300.00/mo

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Adjust inputs to see how payoff time and interest change.

Balance ($)

APR (%)

Monthly Payment ($)

Payoff in: 32 months

Payoff date: 10/27/2028

Total interest: $1,491.03

This scenario starts with $8,000.00 at 12.99% APR. Paying $300.00/month clears the balance in about 32 months (example payoff date: 9/1/2028).

Month one interest is roughly $86.60 (1.08% per month), so about $213.40 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 5 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	$86.60	$213.40	$7,786.60
2	$300.00	$84.29	$215.71	$7,570.89
3	$300.00	$81.95	$218.05	$7,352.84
4	$300.00	$79.59	$220.41	$7,132.44
5	$300.00	$77.21	$222.79	$6,909.65
6	$300.00	$74.80	$225.20	$6,684.44
7	$300.00	$72.36	$227.64	$6,456.80
8	$300.00	$69.89	$230.11	$6,226.70
9	$300.00	$67.40	$232.60	$5,994.10
10	$300.00	$64.89	$235.11	$5,758.99
11	$300.00	$62.34	$237.66	$5,521.33
12	$300.00	$59.77	$240.23	$5,281.10

Show full schedule

Month	Payment	Interest	Principal	Remaining
1	$300.00	$86.60	$213.40	$7,786.60
2	$300.00	$84.29	$215.71	$7,570.89
3	$300.00	$81.95	$218.05	$7,352.84
4	$300.00	$79.59	$220.41	$7,132.44
5	$300.00	$77.21	$222.79	$6,909.65
6	$300.00	$74.80	$225.20	$6,684.44
7	$300.00	$72.36	$227.64	$6,456.80
8	$300.00	$69.89	$230.11	$6,226.70
9	$300.00	$67.40	$232.60	$5,994.10
10	$300.00	$64.89	$235.11	$5,758.99
11	$300.00	$62.34	$237.66	$5,521.33
12	$300.00	$59.77	$240.23	$5,281.10
13	$300.00	$57.17	$242.83	$5,038.27
14	$300.00	$54.54	$245.46	$4,792.81
15	$300.00	$51.88	$248.12	$4,544.69
16	$300.00	$49.20	$250.80	$4,293.88
17	$300.00	$46.48	$253.52	$4,040.37
18	$300.00	$43.74	$256.26	$3,784.10
19	$300.00	$40.96	$259.04	$3,525.07
20	$300.00	$38.16	$261.84	$3,263.22
21	$300.00	$35.32	$264.68	$2,998.55
22	$300.00	$32.46	$267.54	$2,731.01
23	$300.00	$29.56	$270.44	$2,460.57
24	$300.00	$26.64	$273.36	$2,187.21
25	$300.00	$23.68	$276.32	$1,910.88
26	$300.00	$20.69	$279.31	$1,631.57
27	$300.00	$17.66	$282.34	$1,349.23
28	$300.00	$14.61	$285.39	$1,063.84
29	$300.00	$11.52	$288.48	$775.35
30	$300.00	$8.39	$291.61	$483.74
31	$300.00	$5.24	$294.76	$188.98
32	$191.03	$2.05	$188.98	$0.00