Extra Payment Impact Calculator

The Power of Extra Payments

The difference between minimum payments and even slightly more is dramatic. On a $6,000 credit card balance at 20% APR with a $120 minimum payment, paying just the minimum takes 30+ years and costs over $15,000 in interest. Add $100 extra per month and you’re done in 3 years with around $2,000 in interest.

That’s the power this calculator makes visible. Slide the extra payment amount and watch the numbers change in real time.

How to Use This Calculator

1. Enter your debt balance, interest rate, and current minimum payment
2. Click “Show Impact” to see your baseline payoff timeline
3. Use the slider to adjust your extra monthly payment from $0 to $1,000
4. Watch the payoff time, total interest, and savings update instantly

The comparison table shows you the impact at different payment levels so you can find the sweet spot that fits your budget.

What the Numbers Mean

• Payoff Time — How many months until your balance hits zero at the current payment level
• Total Interest — The total amount you’ll pay in interest charges over the life of the debt
• You Save — The difference in interest between minimum-only payments and your chosen extra amount

Why Even Small Extra Payments Matter

Here’s what many people don’t realize: the first $50 or $100 extra has a bigger impact than the next $50 or $100. That’s because early extra payments reduce your balance when it’s highest, which means less interest accrues on every future payment. It’s a compounding effect that works in your favor.

This is why the debt snowflake method — sending every small bit of found money to your debt — can be so effective. Even irregular $20 or $30 payments add up meaningfully over time.

FAQ

Where should I find extra money for payments?

Start with your snowflake opportunities — cash back, refunds, skipped expenses. Then look at recurring costs you can reduce: subscriptions, dining out, or switching to cheaper alternatives.

Should extra payments go to my smallest debt or highest rate?

That depends on your payoff strategy. The snowball method targets smallest balances for motivation, while the avalanche method targets highest rates for maximum savings. This calculator shows you the impact on a single debt — use our snowball or avalanche calculators for multi-debt planning.

What if I can only afford an extra $25/month?

That’s still worth doing. On a $5,000 balance at 18% APR, an extra $25/month saves you roughly $1,800 in interest and pays off the debt 4 years sooner. Use the slider to see the exact impact for your situation.

Does it matter when in the month I make the extra payment?

Slightly. Making it earlier in the billing cycle means less daily interest accrues. But the difference is small — consistency matters far more than timing.