Extra payments are the cheapest way out of credit card debt: every additional dollar goes straight at the balance, which stops it from generating interest next month.
This version is preset with an extra $100 a month on top of the regular payment. Compare the payoff date and total interest against the same balance with no extra payment, and the saving is usually dramatic on a high APR.
For informational purposes only — not financial advice.
How to use
- Enter the current card balance.
- Enter the APR from your statement — many cards sit in the 20% to 30% range.
- Enter your monthly payment, or leave it empty to use a 2% minimum.
- Add an extra monthly amount if you want to see the payoff accelerate.
- Press Compute for the months to payoff, total interest and payoff date.
Frequently asked questions
How much does an extra payment actually save?
Far more than most people expect, because card interest compounds monthly on the remaining balance. On a $5,000 balance at 22.9%, adding $100 a month typically cuts both the payoff time and the total interest by a large margin.
Should I pay extra on the highest APR card first?
Yes, if your goal is the smallest total interest bill — that is the avalanche method: minimums on everything, then every spare dollar to the highest rate. If motivation matters more, clear the smallest balance first with the snowball method.
Will extra payments be applied to the balance?
In the US, anything above the minimum must generally be applied to the highest-rate balance first. Check your statement to confirm how your issuer applies overpayments.
Is it better to pay extra or to save it?
Compare the card's APR with the interest your savings earn. At a typical card APR, clearing the balance wins comfortably; once the balance is gone, redirect the same amount into savings so the habit survives.
What is the minimum payment on a credit card?
Issuers commonly ask for 1% to 3% of the balance, or a small flat amount such as $25, whichever is greater. This calculator uses 2% of the balance when you leave the payment field empty.