Snowball vs. Avalanche Calculator

Find Out How Quickly You Can Pay Off Your Credit Card Balance.

Card A

My current minimum monthly payment is . I can afford to pay each month

Minimum Payment Plan
Total Current Debt :

If you pay back using the Snowball method
You will pay back:
You will be out of debt in:

If you pay back using the Avalanche method
You will pay back:
You will be out of debt in:
By using the Avalanche Method,
you will save $86 and get out of debt 0 months faster.
Difference between the Snowball and Avalanche plans

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About MagnifyMoney Snowball vs Avalanche Calculator

Do you currently have a balance on your credit card? If so, you have two options:

Pay it off in full when your next statement arrives
Pay less than the total amount owed and carry a balance over to the next month

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With our minimum monthly repayment calculator this information is easy to calculate. Take for example a credit card account with the following details:

$1,000 balance owed
17% p.a. interest rate
Monthly repayment of $100
If this person makes a monthly payment of $100, it will take them 11 months to repay the balance in full. Along the way, interest is being added on to the balance, hence the longer time to pay off the debt.
Take another example:
$10,000 balance owed
20% p.a. interest rate
Monthly repayment of $200

Paying just $200 back each month on a $10,000 debt means that it will take 105 months to pay it all off, and that's assuming there is nothing added to the balance over that period of time. Repaying the minimum is clearly not a good plan.
To speed up the process, the credit card holder should make the minimum monthly payment along with as much of an overpayment as possible.

3 Reasons to Avoid Only Paying the Minimum

You may be tempted at the thought of only paying the minimum on your credit card balance. While this is your right, there are many reasons why you should avoid this at all costs:

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All the Lorem Ipsum generators on the Internet tend to repeat predefined chunks as necessary, making this the first true generator on the Internet. It uses a dictionary of over 200 Latin words, our credit card calculator combined with a handful of model sentence structures, to generate Lorem Ipsum which looks reasonable. The generated Lorem Ipsum is therefore always free from repetition, injected humour, or non-characteristic words etc.

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