Calculate how long it will take to pay off credit card debt or personal loans with extra monthly payments. See total interest saved, payoff date, and month-by-month amortization schedule.
Extra payments go directly toward the principal balance, reducing the amount of interest charged each month. This creates a compounding effect that accelerates payoff.
The 'avalanche method' (highest interest first) saves the most money. The 'snowball method' (smallest balance first) provides psychological wins. Both work.