Credit Card Repayment Calculator
A credit card repayment calculator. Demonstrate how long to pay off one or more credit cards, comparing debt-snowball method versus highest-interest method. This calculator is part of the personal finance tools suite brought to you by Bread from Scratch.
credit cards
payoff simulation (your balance: $)
Option A: Pay the Minimum
payment
(minimum)
difference
N/AOption B: MinLock?
payment
$
highest-interest
total cost: $
interest: $
duration:
debt-snowball
total cost: $
interest: $
duration:
difference
$
Option C: Overpay MinLock
payment
$
highest-interest
total cost: $
interest: $
duration:
debt-snowball
total cost: $
interest: $
duration:
difference
$
- Assumes no additional fees are charged during payoff time.
- Assumes accounts are not actively in use.
- If flat % balance is chosen, and the calculated payment exceeds interest charge, then the program will temporarily employ 1%+Interest in order to determine the miminum balance. For example, Chase favors the 2% balance program but will temporarily employ 1%+Interest if your 2% fails to cover the cost of interest.
- This is merely an estimate and I haven't yet calculated the margin of error. Please report issues here.
