How Extra Payments Save You Thousands in Interest

Every extra dollar you add above your required payment goes directly to principal. That reduces the next month’s interest charge, creating a compounding effect that accelerates payoff. Even a small extra payment—like $25–$50—can shave months off your timeline.

Enter your balance, APR, and monthly payment in the Credit Card Payoff Calculator, then add an extra payment to see the interest saved and months saved.

Ideas for finding extra payment

• Temporary spending freeze (30–60 days)
• Cancel unused subscriptions
• Sell items you no longer need
• Apply tax refunds or bonuses to debt