How Much Could an Extra Payment Save on Your Debt?
See how long a credit card or other loan could take to pay off at your current payment, and how much time and interest an extra monthly payment could save.
The numbers below are hypothetical examples. Replace them with the figures from your own statement. Nothing you enter is saved or sent anywhere.
| Current payment | With extra | |
|---|---|---|
| Monthly payment | ||
| Time to pay off | ||
| Total interest paid | ||
| Total paid |
The final payment may be smaller than the regular monthly payment.
This calculator is a hypothetical educational illustration, not personalized financial advice. It assumes a fixed interest rate, the same payment every month, no new charges, no fees, and interest calculated monthly. Credit cards usually calculate interest daily, and minimum payments usually shrink as the balance falls, which can make payoff take longer than shown. Your lender's statement is the authority on your balance and payoff.
Paying more than the minimum is one of the most direct ways to reduce interest. Before adding extra payments, make sure your essential bills are covered and you have some emergency savings, so a surprise expense does not go back on the card.
For a mortgage, use What Could an Extra Mortgage Payment Save?
To go deeper, see the chapter “The Cost of Debt” in The Wealth You Build: A Lifetime of Financial Wisdom.