Silly question re: minimum payments and interest

[toothgrind3r]

Long story short, I'm attacking some heavy debt using the snowball effect.  Throwing everything I can at the smallest, paying minimums on all others.

My question is, let's say the minimum on one of my debts is $44.76.  I LOVE even numbers in my budget, so I'd like to throw $50 at that debt as the "minimum".  BUT, that debt will be incuring interest.  So, will that minimum of $44.76 be growing as the interest get's added on?

[Anonymous]

Correct me if I'm wrong, but I think you're asking if the min payment required is $44.76 and you pay $50.00, will the interest make the min payment increase? No, it wouldn't, unless somehow the interest added each month is more than you're paying, which is unlikely.

[rooeez]

No, because your minimum will include the incurred interest and a bit of the principal. There a bunch of online and excel worksheets that will help you work different scenarios on paying down debt to give you an idea of the expected cost of each strategy.

Edited to add a link: https://www.vertex42.com/Calculators/debt-reduction-calculator.html