Pay off $8,000 at 24.99% with $300/month
Balance $8,000.00 • APR 24.99% • Payment $300.00/mo
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Adjust inputs to see how payoff time and interest change.
Payoff in: 40 months
Payoff date: 6/27/2029
Total interest: $3,796.69
Explanation
This scenario starts with $8,000.00 at 24.99% APR. Paying $300.00/month clears the balance in about 40 months (example payoff date: 5/1/2029).
Month one interest is roughly $166.60 (2.08% per month), so about $133.40 goes to principal right away.
Early on, interest consumes a large share of the payment, so progress feels slow. The good news: as the balance drops, interest drops too, and more of each payment goes toward principal.
If you increased the payment by $50 to $350.00/month, you’d save about 8 months in this setup and reduce total interest.
Schedule preview
First 12 months. Use the tool for full details.
| Month | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|
| 1 | $300.00 | $166.60 | $133.40 | $7,866.60 |
| 2 | $300.00 | $163.82 | $136.18 | $7,730.42 |
| 3 | $300.00 | $160.99 | $139.01 | $7,591.41 |
| 4 | $300.00 | $158.09 | $141.91 | $7,449.50 |
| 5 | $300.00 | $155.14 | $144.86 | $7,304.63 |
| 6 | $300.00 | $152.12 | $147.88 | $7,156.75 |
| 7 | $300.00 | $149.04 | $150.96 | $7,005.79 |
| 8 | $300.00 | $145.90 | $154.10 | $6,851.69 |
| 9 | $300.00 | $142.69 | $157.31 | $6,694.38 |
| 10 | $300.00 | $139.41 | $160.59 | $6,533.79 |
| 11 | $300.00 | $136.07 | $163.93 | $6,369.85 |
| 12 | $300.00 | $132.65 | $167.35 | $6,202.50 |
Show full schedule
| Month | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|
| 1 | $300.00 | $166.60 | $133.40 | $7,866.60 |
| 2 | $300.00 | $163.82 | $136.18 | $7,730.42 |
| 3 | $300.00 | $160.99 | $139.01 | $7,591.41 |
| 4 | $300.00 | $158.09 | $141.91 | $7,449.50 |
| 5 | $300.00 | $155.14 | $144.86 | $7,304.63 |
| 6 | $300.00 | $152.12 | $147.88 | $7,156.75 |
| 7 | $300.00 | $149.04 | $150.96 | $7,005.79 |
| 8 | $300.00 | $145.90 | $154.10 | $6,851.69 |
| 9 | $300.00 | $142.69 | $157.31 | $6,694.38 |
| 10 | $300.00 | $139.41 | $160.59 | $6,533.79 |
| 11 | $300.00 | $136.07 | $163.93 | $6,369.85 |
| 12 | $300.00 | $132.65 | $167.35 | $6,202.50 |
| 13 | $300.00 | $129.17 | $170.83 | $6,031.67 |
| 14 | $300.00 | $125.61 | $174.39 | $5,857.28 |
| 15 | $300.00 | $121.98 | $178.02 | $5,679.26 |
| 16 | $300.00 | $118.27 | $181.73 | $5,497.53 |
| 17 | $300.00 | $114.49 | $185.51 | $5,312.02 |
| 18 | $300.00 | $110.62 | $189.38 | $5,122.64 |
| 19 | $300.00 | $106.68 | $193.32 | $4,929.32 |
| 20 | $300.00 | $102.65 | $197.35 | $4,731.97 |
| 21 | $300.00 | $98.54 | $201.46 | $4,530.51 |
| 22 | $300.00 | $94.35 | $205.65 | $4,324.86 |
| 23 | $300.00 | $90.07 | $209.93 | $4,114.93 |
| 24 | $300.00 | $85.69 | $214.31 | $3,900.62 |
| 25 | $300.00 | $81.23 | $218.77 | $3,681.85 |
| 26 | $300.00 | $76.67 | $223.33 | $3,458.52 |
| 27 | $300.00 | $72.02 | $227.98 | $3,230.55 |
| 28 | $300.00 | $67.28 | $232.72 | $2,997.82 |
| 29 | $300.00 | $62.43 | $237.57 | $2,760.25 |
| 30 | $300.00 | $57.48 | $242.52 | $2,517.74 |
| 31 | $300.00 | $52.43 | $247.57 | $2,270.17 |
| 32 | $300.00 | $47.28 | $252.72 | $2,017.44 |
| 33 | $300.00 | $42.01 | $257.99 | $1,759.46 |
| 34 | $300.00 | $36.64 | $263.36 | $1,496.10 |
| 35 | $300.00 | $31.16 | $268.84 | $1,227.25 |
| 36 | $300.00 | $25.56 | $274.44 | $952.81 |
| 37 | $300.00 | $19.84 | $280.16 | $672.65 |
| 38 | $300.00 | $14.01 | $285.99 | $386.66 |
| 39 | $300.00 | $8.05 | $291.95 | $94.72 |
| 40 | $96.69 | $1.97 | $94.72 | $0.00 |