How it works
Calculate the fastest way to pay off multiple credit cards using the Avalanche or Snowball method.
Input query strings and outputs
Use an input name in this page’s URL as ?name=value, and join additional inputs with &. Portable shared links may instead use the compact ?ac= state parameter.
Input query strings
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?monthlyBudget=Total Monthly BudgetNumber · Optional · Default: 500
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?name=NameText · Optional
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?balance=BalanceNumber · Optional
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?rate=RateNumber · Optional
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?minPayment=Min PaymentNumber · Optional
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?strategy=StrategyChoice · Optional · Default: avalanche
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?startDate=Plan Start DateDate · Optional · Default: current date
Outputs
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resultResultText · Primary output
result contains the calculator’s complete rendered result area, including its visible result cards, tables, charts, and messages.
Strategies to eliminate multiple card balances
Description
The Credit Cards Payoff Calculator is a strategic tool for users managing multiple balances. It simulates two popular debt-reduction strategies—the Avalanche and Snowball methods—to show you exactly when you will be debt-free and how much interest you will save across all accounts.
Inputs
- List of Credit Cards: Add each card with its Name, Current Balance ($), APR (%), and Minimum Payment ($).
- Total Monthly Budget: The total amount of money you can afford to pay toward all your credit cards combined ($).
- Strategy Selection:
- Avalanche: Targets the card with the highest APR first (saves the most money).
- Snowball: Targets the card with the lowest balance first (provides quick psychological wins).
Outputs
- Debt Free Date: The month and year you will have paid off all cards.
- Total Interest Paid: The total interest accumulated across all accounts during the payoff period.
- Time to Debt Free: The duration of your payoff plan in years and months.
Chart
- N/A: This tool focuses on the comparison and tabular output of the payoff strategy.
“Good to Know”
- The Avalanche method is mathematically superior because it reduces the total amount of interest paid over time.
- The Snowball method is highly effective for maintaining motivation by providing rapid “wins” as small balances vanish.
- This calculator assumes you will not add any new charges to the cards while paying them off.
Examples
Example 1: Avalanche Strategy
- Input:
- Card 1: $5,000 @ 18.9% (Min $150)
- Card 2: $3,000 @ 22.5% (Min $100)
- Budget: $500
- Strategy: Avalanche
- Output:
- Debt Free: ~19 Months
- Total Interest: ~$1,470
Example 2: Snowball Strategy
- Input:
- Card 1: $5,000 @ 18.9% (Min $150)
- Card 2: $3,000 @ 22.5% (Min $100)
- Budget: $500
- Strategy: Snowball
- Output:
- Card 2 (smallest) paid off first.
- Total Interest: Slightly higher than Avalanche but similar duration.
Example 3: Low Budget (Minimums)
- Input:
- Total Cards: $8,000
- Budget: $250 (Exact Minimums)
- Output:
- Debt Free: Will take decades and cost thousands in interest.