How to use the payoff calculator
Enter each card's balance, annual percentage rate (APR) and minimum payment from your latest statement. Then enter one monthly budget for all the cards together. You can compare up to eight cards. Use a budget you can keep paying while covering your other expenses.
The plan shows payments for the first month, the order for paying down the cards, total interest and the number of months until the balances reach zero. Change the budget to see how paying more or less affects the estimate.
Debt avalanche or debt snowball?
Both plans pay the minimum on every card, then send the rest of your budget to one card. When that card is paid off, the extra payment moves to the next one.
- Debt avalanche: pay extra toward the card with the highest APR first. This targets the most expensive interest rate.
- Debt snowball: pay extra toward the smallest balance first. Clearing a card sooner can make progress easier to see.
- Minimums only: pay only the minimum amounts you entered. This comparison does not use your extra monthly budget.
The CFPB guide to reducing debt explains the two approaches. This calculator shows how they compare with your balances and rates.
A two-card payoff example
This example uses a total budget of $300 a month and these sample balances:
- Card A: $3,000 at 24% APR, with a $90 minimum payment.
- Card B: $1,000 at 18% APR, with a $30 minimum payment.
| Method | Months | Total interest |
|---|---|---|
| Avalanche | 16 | $622.16 |
| Snowball | 16 | $679.56 |
| Minimums only | 56 | $2,389.99 |
For these sample cards, avalanche costs $57.40 less in interest than snowball. The minimums-only row keeps each entered minimum fixed and does not roll a cleared card's payment into another card. Your results depend on your own entries.
How the interest estimate works
Each month, the calculator adds interest using the balance multiplied by APR divided by 12, rounded to the nearest cent, then subtracts payments. APRs and minimum payments stay fixed. There are no new purchases, fees or changes to promotional rates.
Many issuers calculate interest daily using account balances through the billing cycle. Payment timing and changing minimums can make your statement differ from this monthly estimate. See the CFPB explanation of credit card interest and your card agreement.
What if the budget is below my minimum payments?
The calculator warns you and runs the plans at the combined minimums instead. That result assumes you can pay those minimums. It does not show that your smaller budget covers them. A payment that does not cover interest can leave a balance growing.
Does this include a balance transfer or a changing APR?
No. Each card uses one rate throughout the plan. Transfer fees, promotional expiry dates and different rates for purchases or cash advances need a separate calculation. The planner stops after 600 months or sooner if balances grow too far; an unfinished plan has no payoff date.
Are my balances saved?
No. The free calculator runs in this browser tab, without an account or bank connection. Your entries are not sent or saved. You can read more about how the calculations and data flow work.