Credit Card Payoff Calculator: Debt Avalanche Method for Multiple Cards
Enter each card’s balance, APR, minimum payment, and your total budget. The calculator funnels every extra dollar to the card with the highest APR (Debt Avalanche). Example: $5,000 @ 18.9 % (min $120) and $3,200 @ 22.5 % (min $90) paid with $550/month clear in roughly 16 months, saving about $900 in interest. Average U.S. APR is 22.77 % (Federal Reserve, 2023).
Credit Card Payoff Calculator
Calculating...
Error!
Results
Month
Interest Paid
Total Payment
★ Add to Home Screen
×
Follow these steps:
Tap the Share button at the bottom of the browser
Scroll down and tap “Add to Home Screen”
Tap “Add” to confirm
Follow these steps:
Tap the menu icon (⋮) in the top right
Tap “Add to Home screen”
Tap “Add” to confirm
Follow these steps:
Click the menu icon (⋮) in the top right
Click “Bookmarks”
Click “Bookmark this tab” or press Ctrl+D (Cmd+D on Mac)
Is this tool helpful?
Thanks for your feedback!
How to use the tool
Enter each card’s details.
Sample 1: Balance $5,000 | APR 18.9 % | Min $120
Sample 2: Balance $3,200 | APR 22.5 % | Min $90
Add more cards. Click “Add Another Card” until every balance appears.
Set your total monthly payment. Input a figure that at least covers the biggest minimum. Example values: $550 or $800.
Press “Calculate”. The script applies the Debt Avalanche, updates the table, and draws the chart.
Track progress. Review months-to-zero, interest paid, and see how bigger payments shorten the timeline.
Formulas the calculator uses
Monthly interest: $$I = P rac{r}{12 \times 100}$$
Required minimum payment per card: user-supplied field.
Debt Avalanche allocation:
1. Pay every minimum.
2. Send all remaining budget to the card with highest r.
3. Repeat monthly until every P = 0.
Debt Avalanche pays all minimums, then targets the highest-APR balance first. Interest charges drop quickly, cutting total repayment cost (CFPB, “Choosing a payoff strategy”).
Why must my monthly payment exceed the largest minimum?
If your budget falls below any card’s minimum, the issuer can apply late fees and penalty APRs, raising costs (CFPB Late Fees FAQ, 2023).
How fast can I clear $10,000 at 20 % APR with $600/month?
You would finish in about 20 months and pay roughly $1,650 in interest, assuming no new charges. Calculation follows the monthly interest formula above.
Does the tool account for daily compounding?
It uses a monthly approximation. Daily compounding adds a few dollars over long periods; results remain directionally accurate (NerdWallet, 2024).
Can I model a one-time lump-sum payment?
Yes—add the lump sum to your monthly payment for that month, click “Calculate,” then reset to your usual budget for later months.
Will closing a paid card hurt my credit?
Closing reduces available credit and can raise utilization, lowering scores short-term (FICO, Credit Education, 2023). Keep the zero-balance account open when possible.
Important Disclaimer
The calculations, results, and content provided by our tools are not guaranteed to be accurate, complete, or reliable. Users are responsible for verifying and interpreting the results. Our content and tools may contain errors, biases, or inconsistencies. We reserve the right to save inputs and outputs from our tools for the purposes of error debugging, bias identification, and performance improvement. External companies providing AI models used in our tools may also save and process data in accordance with their own policies. By using our tools, you consent to this data collection and processing. We reserve the right to limit the usage of our tools based on current usability factors. By using our tools, you acknowledge that you have read, understood, and agreed to this disclaimer. You accept the inherent risks and limitations associated with the use of our tools and services.
