Enter a debt's balance and interest rate to see exactly how much it costs per day — and what happens when you pay more than the minimum.
1
Your debt
Start with your highest-interest debt — the one costing you the most each day. You can run this tool again for each debt.
Label it so the results are easy to read.
$
↑ Pre-filled from your Debt Inventory
%
↑ Pre-filled from your Debt Inventory
Find this on your statement or in your account — it's usually labelled APR or interest rate p.a.
2
Your minimum payment
Enter your actual minimum payment, or choose a percentage of balance — the typical way lenders set minimums.
$
↑ Pre-filled from your Debt Inventory
Check your latest statement for the exact minimum due.
3
Extra monthly payment — optional
If you can pay more than the minimum, enter how much extra here. Even $25–$50 extra per month can dramatically cut the time and interest you pay.
$
Leave blank to compare minimum-only vs any extra amount.
This debt costs you
$
every single day in interest
Monthly interest
Annual interest
At current balance, before any principal reduction.
Minimum payments only
If you only ever pay the minimum
Monthly payment
Time to pay off
Total interest paid
Total paid
With extra payment
If you pay more each month
Monthly payment
Time to pay off
Total interest paid
Total paid
The difference
Payoff timeline comparison
Minimum only
With extra payment
From the lesson
"Interest is not abstract — it has a daily price. Seeing that number, your number, changes how you think about the debt."
Write down your daily interest cost and your monthly interest cost. These are the numbers to bring to tomorrow's lesson when you look at payoff strategies.