Credit Card Payoff Calculator with Extra Payments
See how extra monthly payments dramatically reduce your credit card debt. Calculate payoff time, interest savings, and payoff date.
Current credit card balance
Annual percentage rate on the card
Minimum payment due each month
Additional amount to pay each month beyond minimum
What do you want to calculate?
How many months to pay off in
How much extra should I pay on my credit cards?
The more the better, but even small extra payments make a big difference. A $50 extra monthly payment on a $5,000 balance at 18% APR saves $1,800 in interest and pays off the debt 2 years early. Start with any amount you can afford—even $25 extra per month helps. The key is consistency: set up automatic payments so you never miss the extra amount.
Should I pay off highest interest cards first or smallest balance first?
Avalanche method (highest interest first) saves the most money mathematically. Snowball method (smallest balance first) provides psychological wins that keep you motivated. If all cards have similar interest rates (within 2-3%), snowball may work better. If one card has significantly higher APR, avalanche is clearly superior. Never just make minimum payments while carrying balances on high-APR cards.
What is the difference between payoff time with and without extra payments?
The difference is dramatic. On a $5,000 balance at 18% APR with $150 minimum payment: Minimum only = 47 months, $2,100 interest. With $50 extra = 28 months, $890 interest (saves $1,210 and 19 months). With $100 extra = 21 months, $560 interest. Extra payments dramatically reduce both time and total interest paid.
Should I use balance transfer cards to pay off debt faster?
Balance transfers can be powerful if used correctly. 0% APR promotional offers (12-21 months no interest) let you pay down principal faster without interest accumulating. However, transfer fees (typically 3-5%) eat into savings, and failing to pay off before the promo ends means high back-interest. Calculate the math: A 3% fee on $10,000 is $300. If you can pay it off in 12 months on the new card with 0% APR, you save ~$1,800 in interest vs. 18% APR.