Credit Cards Payoff Calculator
$
%
$
$
Added to the payment every month
Result
Enter your values, then select Calculate.
Advertisement
Small extras, large savings
Card interest compounds on yesterday's balance, so every extra dollar paid today removes all future interest on that dollar. Early in a payoff plan nearly all of a small increase goes to principal, which is why adding even $25–$50 a month can cut years off a balance and save many multiples of that amount in interest.
Frequently Asked Questions
Which card should the extra money go to?
Mathematically, the card with the highest APR (the avalanche). Paying the smallest balance first (the snowball) costs a little more but delivers quick wins that help many people stick with the plan.
What if I cannot afford any extra payment?
Consider a lower-rate consolidation loan or a balance-transfer card with a 0% introductory window — both redirect money from interest to principal. Run the debt consolidation calculator to test the numbers.