Credit Card Snowball Calculator
Use this calculator to determine how quickly you can pay off your credit card debt using the debt snowball method. Enter details for each of your credit cards, along with any extra amount you can contribute each month.
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Understanding the Credit Card Snowball Method
The debt snowball method is a popular debt reduction strategy where you pay off debts in order of smallest balance to largest balance, regardless of the interest rate. The idea is to gain psychological momentum as you pay off smaller debts quickly, "snowballing" the payments into larger debts.
How the Snowball Method Works:
- List All Debts: Gather all your credit card debts and list them from the smallest balance to the largest.
- Minimum Payments: Make the minimum required payment on all debts except for the one with the smallest balance.
- Attack the Smallest: Throw all extra money you can find (your "snowball amount") at the debt with the smallest balance.
- Roll Over Payments: Once the smallest debt is paid off, take the money you were paying on that debt (its minimum payment plus the extra snowball amount) and add it to the minimum payment of the next smallest debt.
- Repeat: Continue this process, paying off one debt at a time, until all your debts are gone.
Benefits of the Snowball Method:
- Psychological Boost: Paying off smaller debts quickly provides a sense of accomplishment and motivates you to keep going.
- Simplicity: It's easy to understand and implement, making it less intimidating for those new to debt repayment strategies.
- Momentum: As you pay off more debts, the amount you're "snowballing" into the next debt grows, accelerating your repayment.
Is the Snowball Method Right for You?
While the debt snowball method might result in paying slightly more interest overall compared to the debt avalanche method (which prioritizes highest interest rates first), its psychological benefits are often invaluable for people who need motivation to stick with a debt repayment plan. If you're someone who gets easily discouraged or needs quick wins to stay motivated, the snowball method can be incredibly effective.
Tips for Success:
- Find Extra Money: Look for ways to cut expenses or earn extra income to increase your "snowball amount."
- Stay Consistent: Stick to your plan every month, even when it feels challenging.
- Avoid New Debt: While paying off old debt, try your best to avoid accumulating new debt.
- Celebrate Milestones: Acknowledge your progress as you pay off each card to maintain motivation.
This calculator helps you visualize the impact of the snowball method on your credit card debts, showing you a projected payoff date and total interest paid.
Credit Card #${cardCount}
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`;
container.appendChild(cardDiv);
}
function removeCardInput(cardId) {
var cardToRemove = document.getElementById(cardId);
if (cardToRemove) {
cardToRemove.remove();
}
}
// Add initial cards
addCardInput();
addCardInput();
function calculateSnowball() {
var cards = [];
var cardInputGroups = document.querySelectorAll('.card-input-group');
if (cardInputGroups.length === 0) {
document.getElementById('result').innerHTML = 'Please add at least one credit card to calculate.';
return;
}
for (var i = 0; i < cardInputGroups.length; i++) {
var cardId = cardInputGroups[i].id.split('_')[1];
var name = document.getElementById('cardName_' + cardId).value;
var balance = parseFloat(document.getElementById('cardBalance_' + cardId).value);
var apr = parseFloat(document.getElementById('cardAPR_' + cardId).value);
var minPayment = parseFloat(document.getElementById('cardMinPayment_' + cardId).value);
if (isNaN(balance) || balance < 0 || isNaN(apr) || apr < 0 || isNaN(minPayment) || minPayment 0 && minPayment === 0) {
document.getElementById('result').innerHTML = 'Minimum payment cannot be zero for cards with a balance.';
return;
}
cards.push({
id: 'card_' + cardId,
name: name,
originalBalance: balance, // Store original for display
balance: balance,
apr: apr,
minPayment: minPayment,
originalMinPayment: minPayment, // Store original for snowballing
paidOffMonth: null
});
}
var additionalPayment = parseFloat(document.getElementById('additionalPayment').value);
if (isNaN(additionalPayment) || additionalPayment 0; });
if (activeCards.length === 0) {
document.getElementById('result').innerHTML = 'All your cards are already paid off! No snowball needed.';
return;
}
var totalMonths = 0;
var totalInterestPaid = 0;
var repaymentSchedule = [];
var currentSnowballPayment = additionalPayment; // This is the extra amount that gets added to the smallest debt's minimum
// Safety break for extremely long repayment plans (e.g., if min payments don't cover interest)
var maxMonths = 1200; // 100 years
while (activeCards.some(function(card) { return card.balance > 0; }) && totalMonths < maxMonths) {
totalMonths++;
var monthDetails = { month: totalMonths, payments: {}, balances: {}, paidOffThisMonth: [] };
// Sort active cards by balance (smallest to largest) for snowball targeting
activeCards.sort(function(a, b) {
return a.balance – b.balance;
});
var currentMonthAvailableSnowball = currentSnowballPayment; // The extra amount to apply to the target card
// First, apply minimum payments and calculate interest for all active cards
// This also identifies the target card for the snowball
var targetCardIndex = -1;
for (var j = 0; j 0) { // The first card with a balance is the target
targetCardIndex = j;
}
}
// Now, apply the snowball amount to the target card
if (targetCardIndex !== -1 && currentMonthAvailableSnowball > 0) {
var targetCard = activeCards[targetCardIndex];
var paymentToApply = Math.min(currentMonthAvailableSnowball, targetCard.balance);
targetCard.balance -= paymentToApply;
monthDetails.payments[targetCard.id] += paymentToApply;
monthDetails.balances[targetCard.id] = targetCard.balance;
}
// Check for paid off cards and roll over their minimum payments
var newActiveCards = [];
for (var k = 0; k < activeCards.length; k++) {
var card = activeCards[k];
if (card.balance 0) {
newActiveCards.push(card);
}
}
activeCards = newActiveCards; // Update active cards list
repaymentSchedule.push(monthDetails);
}
var resultDiv = document.getElementById('result');
var totalYears = Math.floor(totalMonths / 12);
var remainingMonths = totalMonths % 12;
var resultHTML = 'Snowball Repayment Plan
'; if (totalMonths >= maxMonths) { resultHTML += 'Warning: Repayment plan exceeds ' + (maxMonths / 12) + ' years. This might indicate that minimum payments are not covering interest, or the additional payment is too low.'; } resultHTML += 'Total Repayment Time: ' + totalYears + ' years and ' + remainingMonths + ' months'; resultHTML += 'Total Interest Paid: $' + totalInterestPaid.toFixed(2) + ''; resultHTML += 'Initial Snowball Amount: $' + additionalPayment.toFixed(2) + ''; resultHTML += 'Final Snowball Amount (after all cards paid off): $' + currentSnowballPayment.toFixed(2) + ''; resultHTML += 'Detailed Repayment Schedule:
'; resultHTML += '| Month | '; for (var c = 0; c < cards.length; c++) { resultHTML += '' + cards[c].name + ' Payment | '; resultHTML += '' + cards[c].name + ' Balance | '; } resultHTML += 'Cards Paid Off This Month |
|---|---|---|---|
| Month ' + monthData.month + ' | '; for (var c = 0; c card.paidOffMonth) { payment = 0; balance = 0; } else if (balance -0.01) { // Handle floating point inaccuracies for zero balance = 0; } resultHTML += '$' + payment.toFixed(2) + ' | '; resultHTML += '$' + balance.toFixed(2) + ' | '; } resultHTML += '' + (monthData.paidOffThisMonth.length > 0 ? monthData.paidOffThisMonth.join(', ') : '-') + ' | '; resultHTML += '