Debt Payoff with a Small Rs 2,000 Extra Payment
See how a modest Rs 2,000 extra monthly payment affects payoff time for two smaller debts.
This scenario's debts
- Credit card
- ₹50,000 @ 38%
- Consumer loan
- ₹60,000 @ 16%
- Extra monthly payment
- ₹2,000
Snowball
Months to debt-free
21
Total interest paid
₹25,
Avalanche
Months to debt-free
21
Total interest paid
₹25,
Related questions
Yes. Even a modest extra amount speeds up payoff and reduces total interest compared to paying only minimums, since it starts the rollover effect sooner once the first debt clears.
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Avalanche minimizes total interest paid; snowball can build momentum by clearing small debts fast. Assumes constant rates and on-time payments every month.