See how extra payments cut interest and time to be debt-free.
Next money step: stress-test a new loan payment on the Loan Calculator, compare payoff vs markets on Payoff vs Invest, and free cash flow with the Paycheck Calculator. As an Amazon Associate, DynDisc earns from qualifying purchases on Picks.
Enter your current balance, APR, minimum monthly payment, and any extra you can add each month. The tool amortizes the balance month by month: interest accrues on the remaining principal, your payment covers interest first, and the rest reduces principal. You get months to payoff, a plain-language debt-free timeline, total interest paid, interest saved versus minimum-only, and an estimated payoff month.
The comparison is deliberate. The calculator runs the same balance twice — once at minimum only, once at minimum plus extra — so “interest saved” is not a slogan. It is the dollar difference between those two schedules. If the payment cannot cover monthly interest, the tool stops and tells you to raise the payment; a balance that never falls is not a payoff plan.
Credit cards and many personal loans charge interest on the remaining balance every month. When you pay only the minimum, most of the early payment is interest, so principal shrinks slowly and the balance keeps earning. Every extra dollar goes straight to principal (after interest for that month), which cuts next month’s interest base. On a mid-teens or 20%+ APR, that compounding-in-reverse is why a modest extra payment can remove years and thousands in interest.
Minimum-only versus minimum-plus-extra is the core decision this page models. Minimum-only keeps the account open longer and maximizes interest paid to the lender. Adding even $50–$100 when the APR is high often moves the payoff date dramatically — run the defaults, then nudge “Extra monthly payment” and watch months and interest saved update.
With multiple debts, two common orders show up in personal finance: avalanche (highest APR first) and snowball (smallest balance first). Avalanche usually minimizes total interest because expensive balances die sooner. Snowball can be easier to stick with because small balances disappear faster. This calculator models one balance at a time. Educationally: pick an order, throw every extra dollar at the target debt while paying minimums elsewhere, then roll the freed payment into the next balance.
If you are consolidating into a single fixed-rate loan, price the new payment and APR on the loan calculator, then bring those numbers back here to see how extras change the schedule. Consolidation is not free — origination fees and a longer term can erase the rate win if you only look at the monthly payment.
This is a fixed-APR, fixed-payment estimate. It does not model late fees, annual fees, penalty APRs, promotional 0% periods that expire, variable rates, or deferred interest. It also does not model missed payments, new charges on a revolving card, or balance transfers with fees. Treat the results as an educational amortization view of the numbers you enter — then verify against your statement and lender terms.
For cash-flow context after taxes and withholdings, use the paycheck calculator. To weigh aggressive payoff against investing the same dollars, use payoff vs invest. Neither page sells lender leads; they are tools to make the tradeoffs visible.