Interest Savings Calculator
See exactly how much you save by making extra payments. Enter your debt details and an extra monthly amount to see the impact on total interest and payoff date.
47
Months to payoff
$1,984
Total interest
$6,984
Total paid
Frequently Asked Questions
How much can extra payments save me?+
On a $10,000 debt at 20% APR paying $250/month, adding $100 extra saves $2,400 in interest and pays it off 17 months sooner. The higher the rate and balance, the bigger the savings.
Should I make extra payments or save for emergencies?+
Financial experts generally recommend building a small emergency fund ($1,000-$2,000) first, then directing extra money toward high-interest debt. Without an emergency fund, unexpected expenses can force you back into debt.
Where should I direct extra payments?+
Toward your highest-interest debt first (avalanche method). Every dollar you put toward high-rate debt saves you the most in interest charges over time.
Do extra payments reduce my interest rate?+
No — your interest rate stays the same. But extra payments reduce your balance faster, which means less interest accrues each month. The effect compounds over time.
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