Compare paying only minimums vs adding extra each month. See time and interest saved.
With extra payment
47 months
Minimum only
94 months
Time saved
47 months
Interest saved
$4,655.55
Total paid (with extra)
$13,966.66
Compare paying only minimums vs adding extra each month. See time and interest saved.
A debt payoff calculator compares paying only the minimum vs adding extra each month, showing how many months you save and the total interest avoided. Even $50 or $100 extra can save you years and thousands of dollars.
Adding $100/month cuts payoff time in half and saves nearly $4,800 in interest — one of the highest-return 'investments' available if you're carrying high-interest debt.
The debt snowball method pays off smallest debts first for psychological wins. The avalanche method targets highest-interest debts first to minimize total interest. Snowball feels better; avalanche saves more.
Generally, pay off any debt with an interest rate above 7–8% before investing. High-APR credit cards (18%+) are a guaranteed negative return — crush them first.
Hugely. Early extra payments compound by reducing interest on the entire remaining balance for every month that follows. A dollar paid early is worth much more than a dollar paid later.