Minimum payments only
Time to payoff
-
Total interest
-
With extra payment
Time to payoff
-
Total interest
-
You save
$0 interest
and 0 months of payments
Assumes a fixed APR and no new charges. Real cards vary month to month.
Frequently asked questions
Why do minimum payments take so long?
Most of a minimum payment goes to interest, not the balance. On a high-APR card, a $150 minimum on $5,000 can mean years of payments and thousands in interest.
How does an extra payment help so much?
Every extra dollar goes straight to the principal, which shrinks the balance that interest is charged on. That compounding effect is why even $50 extra matters.
Is this financial advice?
No. It is a math illustration using a fixed APR and no new spending. Talk to a financial advisor for decisions about your debt.
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