Minimum payments are typically the greater of a small flat floor (around $25) or 2–3% of the balance. Early on, most of that payment covers interest, so the principal barely shrinks — this is why minimum-only payoff on a large balance can take a decade or more, and why the Compare mode exists: to show how much time and interest a higher fixed payment actually saves.
Switch to Multi-debt mode to enter every card and loan you carry, pick snowball (smallest balance first, for a quick win) or avalanche (highest APR first, for the lowest interest), and the calculator runs the whole plan month by month. Every minimum is paid every month; the extra payment goes at one target debt, and when that debt clears its payment rolls onto the next — which is what makes the plan accelerate. Both strategies are simulated either way, so you see exactly what choosing one over the other costs or saves on your numbers.
Debt snowball: pay minimums on all cards, then put extra toward the smallest balance — it builds momentum. Debt avalanche: pay minimums on all cards, then put extra toward the highest APR — it saves the most interest. Balance transfer: move high-interest debt to a 0% APR card — watch for transfer fees, typically 3-5% of the moved balance.
Fixed mode shows the payoff timeline for a payment amount you choose. Minimum mode shows what happens if you only ever pay the calculated minimum. Compare puts both side by side so you can see the real cost, in both time and interest, of paying only the minimum. Multi-debt mode drops the single-card assumption entirely and plans across every balance you carry.
You can model a flat 0% APR for the full loan term to see a best-case payoff if a balance transfer keeps you at 0% the whole time. This calculator does not model a promotional rate that expires partway through — if your offer reverts to a standard APR after an introductory period, re-run the calculation with that higher rate for the remaining balance once the promo ends.
This models one card's payoff at a fixed APR — it does not track multiple cards at once, balance-transfer fees, or variable APRs that change with the prime rate. Check your card agreement for the exact minimum-payment formula your issuer uses, since it can vary.
Payment Comparison: Compare Fixed vs Minimum strategies.
Balance Reduction Chart: Visual payoff timeline.
Multi-Debt Mode: List every card and loan, then simulate snowball or avalanche across all of them with payment rollover.
Strategy Comparison: See the interest each strategy costs and how soon each clears your first debt, on your own balances.
Calculation Modes: Fixed, Minimum, Compare, or Multi-debt.
Export Data: Download the payoff plan as JSON, CSV or a branded PDF, including the payoff order in multi-debt mode.
Payoff Planning: enter balance, APR, and monthly payment to see payoff date and total interest for a single card.
Multi-Debt Payoff: list every card and loan, choose debt snowball or debt avalanche, and see the order they fall, the date you are debt-free, and the interest each strategy costs.
Interest Analysis: see total interest paid over the life of the debt and test extra payments to see how they cut interest and shorten payoff.
Budget Goals: try different monthly payment amounts to see how each changes your payoff date, and export or copy results for budget reviews.
Calculate any loan
Calculate mortgage
Debt-to-Income Ratio
Calculate car loan payments, total interest, and amortization schedule.
Calculate break-even point and target profit for business planning.
Calculate markup and margin percentages for pricing strategy.
Project your savings growth over time.
Project investment growth over time.
Estimate your retirement savings.
Calculate Annual Percentage Yield and compare APR vs APY.
Last updated