Credit Card Payoff Calculator
Enter your credit card details and an extra monthly payment to see how quickly you can become debt-free and how much interest you can save.
Payoff Results
Enter your details and click "Calculate Payoff" to see your results.
function calculatePayoff() {
var cards = [];
var cardCount = 3; // Assuming 3 cards for this example
for (var i = 1; i <= cardCount; i++) {
var balance = parseFloat(document.getElementById('card' + i + 'Balance').value);
var apr = parseFloat(document.getElementById('card' + i + 'APR').value);
var minPayment = parseFloat(document.getElementById('card' + i + 'MinPayment').value);
if (isNaN(balance) || balance < 0 || isNaN(apr) || apr < 0 || isNaN(minPayment) || minPayment < 0) {
document.getElementById('result').innerHTML = 'Please enter valid positive numbers for all credit card fields.';
return;
}
cards.push({
id: 'Card ' + i,
initialBalance: balance,
balance: balance,
apr: apr,
minPayment: minPayment
});
}
var additionalPayment = parseFloat(document.getElementById('additionalPayment').value);
if (isNaN(additionalPayment) || additionalPayment 0; }) && minOnlyTotalMonths < minOnlyMaxIterations) {
minOnlyTotalMonths++;
for (var j = 0; j 0) {
var monthlyInterestRate = card.apr / 12 / 100;
var monthlyInterest = card.balance * monthlyInterestRate;
card.balance += monthlyInterest;
minOnlyTotalInterestPaid += monthlyInterest;
var paymentAmount = Math.min(card.balance, card.minPayment);
card.balance -= paymentAmount;
if (card.balance 0; }) && totalMonths < maxIterations) {
totalMonths++;
// Sort cards based on strategy for this iteration
if (paymentStrategy === 'avalanche') {
strategyCards.sort(function(a, b) { return b.apr – a.apr; }); // Highest APR first
} else { // snowball
strategyCards.sort(function(a, b) { return a.balance – b.balance; }); // Lowest balance first
}
var currentExtraPaymentPool = additionalPayment; // This is the initial extra money for this month
// First, apply minimum payments and calculate interest for all cards
for (var l = 0; l 0) {
var monthlyInterestRate = card.apr / 12 / 100;
var monthlyInterest = card.balance * monthlyInterestRate;
card.balance += monthlyInterest;
totalInterestPaid += monthlyInterest;
var paymentAmount = Math.min(card.balance, card.minPayment);
card.balance -= paymentAmount;
if (card.balance < 0) card.balance = 0;
}
}
// Now, apply the accumulated extra payment to the highest priority card that still has a balance
for (var m = 0; m 0) {
// This card is the current "focus" for extra payments
var paymentToApply = Math.min(card.balance, currentExtraPaymentPool);
card.balance -= paymentToApply;
currentExtraPaymentPool -= paymentToApply; // Reduce the pool by what was applied
if (card.balance < 0) card.balance = 0;
// If the card is paid off, its minimum payment is now "freed up" and adds to the pool
// for the *next* card in the priority list (or next month if no more cards this month).
// This is the rollover effect.
if (card.balance === 0) {
currentExtraPaymentPool += card.minPayment; // Add its minimum payment to the pool
}
// If the extra payment pool is exhausted, stop applying extra payments this month
if (currentExtraPaymentPool <= 0) {
break;
}
}
}
}
var interestSaved = minOnlyTotalInterestPaid – totalInterestPaid;
var strategyName = paymentStrategy === 'avalanche' ? 'Debt Avalanche' : 'Debt Snowball';
var resultHTML = '
Your Payoff Plan (' + strategyName + ')
';
if (totalMonths >= maxIterations) {
resultHTML += 'Calculation exceeded ' + (maxIterations / 12) + ' years. You might need to increase your extra payment or consider other options.';
} else {
resultHTML += 'With an extra
$' + additionalPayment.toFixed(2) + ' per month, you can pay off all your credit cards in approximately
' + totalMonths + ' months (' + (totalMonths / 12).toFixed(1) + ' years).';
resultHTML += 'Total interest paid:
$' + totalInterestPaid.toFixed(2) + '';
resultHTML += 'Compared to paying only minimums (which would take ' + minOnlyTotalMonths + ' months and cost $' + minOnlyTotalInterestPaid.toFixed(2) + ' in interest), you could save approximately
$' + interestSaved.toFixed(2) + '!';
}
document.getElementById('result').innerHTML = resultHTML;
}
How to Pay Off Multiple Credit Cards: Debt Avalanche vs. Debt Snowball
Managing multiple credit card debts can feel overwhelming, but with a clear strategy, you can accelerate your path to financial freedom. This calculator helps you compare two popular debt payoff methods: the Debt Avalanche and the Debt Snowball.
Understanding Your Credit Card Debt
Before diving into strategies, it's crucial to understand the key components of your credit card debt:
- Current Balance: The total amount you currently owe on each card.
- Annual Percentage Rate (APR): The yearly interest rate charged on your balance. A higher APR means your debt grows faster.
- Minimum Payment: The smallest amount you must pay each month to keep your account in good standing. Paying only the minimum often means you're primarily covering interest, making debt payoff very slow.
The Power of an Extra Monthly Payment
The most significant factor in accelerating your debt payoff is making an "extra monthly payment." This is any amount you can consistently pay above your combined minimum payments. Even a small extra amount can dramatically reduce the time it takes to become debt-free and save you hundreds or thousands in interest.
Debt Avalanche Strategy
The Debt Avalanche method focuses on saving the most money on interest. Here's how it works:
- List all your credit cards from the highest Annual Percentage Rate (APR) to the lowest.
- Make the minimum payment on all cards except the one with the highest APR.
- Direct all your "extra monthly payment" towards the card with the highest APR.
- Once the highest APR card is paid off, take the money you were paying on that card (its minimum payment + the extra payment) and apply it to the card with the next highest APR.
- Repeat until all cards are paid off.
Pros: Saves the most money on interest, as you tackle the most expensive debt first.
Cons: Can take longer to see a card completely paid off, which might be demotivating for some.
Debt Snowball Strategy
The Debt Snowball method focuses on building momentum and motivation. Here's how it works:
- List all your credit cards from the lowest balance to the highest balance.
- Make the minimum payment on all cards except the one with the lowest balance.
- Direct all your "extra monthly payment" towards the card with the lowest balance.
- Once the lowest balance card is paid off, take the money you were paying on that card (its minimum payment + the extra payment) and apply it to the card with the next lowest balance.
- Repeat until all cards are paid off.
Pros: Provides quick wins and psychological boosts as you pay off cards one by one, helping you stay motivated.
Cons: You might pay more in total interest compared to the Debt Avalanche, as you're not prioritizing the most expensive debt.
How to Use the Calculator
- Enter Card Details: For each credit card, input its current balance, annual percentage rate (APR), and minimum monthly payment.
- Specify Extra Payment: Enter the total additional amount you can comfortably afford to pay across all your cards each month.
- Choose Strategy: Select either "Debt Avalanche" or "Debt Snowball" from the dropdown.
- Calculate: Click the "Calculate Payoff" button to see your estimated payoff time, total interest paid, and potential interest savings compared to only making minimum payments.
Use this tool to visualize the impact of your choices and create a personalized plan to conquer your credit card debt!
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margin: 20px auto;
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