Extra payment calculator, by paycheck
A little more from each paycheck pays off a loan or a credit card sooner and costs less interest. Paying $150 a month on $5,000 at 22% takes 4 years and 4 months. Add $25 from each paycheck, every two weeks, and it takes 2 years and 9 months, with $1,100.06 less interest. Enter yours below.
Your debt, a little faster
- Paying $150.00 a month
- 4 years and 4 months, $2,798.05 interest
- With $25.00 more from each check ($54.17 a month)
- 2 years and 9 months, $1,697.99 interest
Paid off by August 2029 instead of March 2031: 1 year and 7 months sooner, and $1,100.06 less interest.
Why per paycheck
Most people decide what they can spare when a paycheck lands, not once a month. $25 from a check every two weeks is 26 extras a year, about $54 a month, and it adds up faster than it sounds because every extra dollar stops collecting interest the day it is paid.
A note on credit card minimums
A card's minimum payment usually shrinks as the balance does, which makes paying only the minimum take far longer than any fixed payment. This calculator holds the payment steady, which is the fair comparison when you are deciding what to pay.
Bills first, then the extra
An extra payment only helps if the bills are covered first. Atom Budget splits every bill across the paychecks before it, so you know what each check can spare before you pledge it. It is free to start, with no card.
Create your free account, or try it with your own numbers first.