Pay off $8,000 at 29.99% with $300/month
Balance $8,000.00 • APR 29.99% • Payment $300.00/mo
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Adjust inputs to see how payoff time and interest change.
Payoff in: 45 months
Payoff date: 11/27/2029
Total interest: $5,344.68
Explanation
This scenario starts with $8,000.00 at 29.99% APR. Paying $300.00/month clears the balance in about 45 months (example payoff date: 10/1/2029).
Month one interest is roughly $199.93 (2.50% per month), so about $100.07 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 10 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 | $199.93 | $100.07 | $7,899.93 |
| 2 | $300.00 | $197.43 | $102.57 | $7,797.37 |
| 3 | $300.00 | $194.87 | $105.13 | $7,692.24 |
| 4 | $300.00 | $192.24 | $107.76 | $7,584.48 |
| 5 | $300.00 | $189.55 | $110.45 | $7,474.03 |
| 6 | $300.00 | $186.79 | $113.21 | $7,360.81 |
| 7 | $300.00 | $183.96 | $116.04 | $7,244.77 |
| 8 | $300.00 | $181.06 | $118.94 | $7,125.83 |
| 9 | $300.00 | $178.09 | $121.91 | $7,003.92 |
| 10 | $300.00 | $175.04 | $124.96 | $6,878.96 |
| 11 | $300.00 | $171.92 | $128.08 | $6,750.87 |
| 12 | $300.00 | $168.72 | $131.28 | $6,619.59 |
Show full schedule
| Month | Payment | Interest | Principal | Remaining |
|---|---|---|---|---|
| 1 | $300.00 | $199.93 | $100.07 | $7,899.93 |
| 2 | $300.00 | $197.43 | $102.57 | $7,797.37 |
| 3 | $300.00 | $194.87 | $105.13 | $7,692.24 |
| 4 | $300.00 | $192.24 | $107.76 | $7,584.48 |
| 5 | $300.00 | $189.55 | $110.45 | $7,474.03 |
| 6 | $300.00 | $186.79 | $113.21 | $7,360.81 |
| 7 | $300.00 | $183.96 | $116.04 | $7,244.77 |
| 8 | $300.00 | $181.06 | $118.94 | $7,125.83 |
| 9 | $300.00 | $178.09 | $121.91 | $7,003.92 |
| 10 | $300.00 | $175.04 | $124.96 | $6,878.96 |
| 11 | $300.00 | $171.92 | $128.08 | $6,750.87 |
| 12 | $300.00 | $168.72 | $131.28 | $6,619.59 |
| 13 | $300.00 | $165.43 | $134.57 | $6,485.02 |
| 14 | $300.00 | $162.07 | $137.93 | $6,347.10 |
| 15 | $300.00 | $158.62 | $141.38 | $6,205.72 |
| 16 | $300.00 | $155.09 | $144.91 | $6,060.81 |
| 17 | $300.00 | $151.47 | $148.53 | $5,912.28 |
| 18 | $300.00 | $147.76 | $152.24 | $5,760.04 |
| 19 | $300.00 | $143.95 | $156.05 | $5,603.99 |
| 20 | $300.00 | $140.05 | $159.95 | $5,444.05 |
| 21 | $300.00 | $136.06 | $163.94 | $5,280.10 |
| 22 | $300.00 | $131.96 | $168.04 | $5,112.06 |
| 23 | $300.00 | $127.76 | $172.24 | $4,939.82 |
| 24 | $300.00 | $123.45 | $176.55 | $4,763.27 |
| 25 | $300.00 | $119.04 | $180.96 | $4,582.32 |
| 26 | $300.00 | $114.52 | $185.48 | $4,396.84 |
| 27 | $300.00 | $109.88 | $190.12 | $4,206.72 |
| 28 | $300.00 | $105.13 | $194.87 | $4,011.85 |
| 29 | $300.00 | $100.26 | $199.74 | $3,812.12 |
| 30 | $300.00 | $95.27 | $204.73 | $3,607.39 |
| 31 | $300.00 | $90.15 | $209.85 | $3,397.54 |
| 32 | $300.00 | $84.91 | $215.09 | $3,182.45 |
| 33 | $300.00 | $79.53 | $220.47 | $2,961.99 |
| 34 | $300.00 | $74.02 | $225.98 | $2,736.01 |
| 35 | $300.00 | $68.38 | $231.62 | $2,504.39 |
| 36 | $300.00 | $62.59 | $237.41 | $2,266.98 |
| 37 | $300.00 | $56.66 | $243.34 | $2,023.63 |
| 38 | $300.00 | $50.57 | $249.43 | $1,774.21 |
| 39 | $300.00 | $44.34 | $255.66 | $1,518.55 |
| 40 | $300.00 | $37.95 | $262.05 | $1,256.50 |
| 41 | $300.00 | $31.40 | $268.60 | $987.90 |
| 42 | $300.00 | $24.69 | $275.31 | $712.59 |
| 43 | $300.00 | $17.81 | $282.19 | $430.40 |
| 44 | $300.00 | $10.76 | $289.24 | $141.15 |
| 45 | $144.68 | $3.53 | $141.15 | $0.00 |