Put extra cash on the card or on the loan?
Compare APRs. The higher rate usually gets the extra dollar.
If the card is 22% and the car loan is 7%, $100 extra on the card saves more interest this year than $100 on the car.
The number you need before you pay
The extra payment credit card or loan is for this decision, not a definition. If the card is 22% and the car loan is 7%, $100 extra on the card saves more interest this year than $100 on the car.
Enter Loan Amount, Annual Interest Rate, Loan Term. The page returns Monthly Payment, Total Payment, Total Interest. Nothing is stored unless you copy it.
What to enter
Use the real quote, bill, or salary — not a round number you wish were true. If a field is a rate, use the one on the offer, not last month’s headline average.
The next check
After this number, run best credit card payoff calculator, debt to income before mortgage. The cluster page is best credit card payoff calculator.
Frequently asked questions
Should extra money go to the credit card or the installment loan?
Usually the higher APR first. Confirm there is no prepayment penalty on the loan.
What about the snowball method?
Snowball pays the smallest balance first for motivation. Avalanche (highest APR) is cheaper on interest.
Put extra cash on the card or on the loan? is part of the Finance cluster on Qalculators. Use the related tools below to run the numbers instead of estimating by hand.
Results depend on the values you enter. Treat them as planning estimates and confirm important decisions with a professional when needed.