Baxter will face Liverpool this weekend in the FA Cup.
He told the Daily Express: "The easy thing was to stay at Everton. You get players who are happy to sit on benches on big money.
"My aim is to get to the top and play games every week and succeed that way. If it means taking a step down to go back up then I'll do that.
"It was a bit of a gamble to leave, but that's what life is about. You walk over the road and that's a gamble, but I want to play football.
"If it's a choice between playing Sunday League with mates or sitting on a bench, then I'd rather play with my mates.
"When I made my debut for Everton, I never thought, 'This is it, I'm going to be a big star'. I thought I was overachieving.
"It was a dream come true to play in the Premier League, but I never got big-headed. I knew it wasn't the breakthrough.
"My aim is to play regularly in the Premier League. If I don't succeed then the Championship is the target and so on. I'll just get my head down and work, but definitely the Premier League is the aim."