The first four rows are filled in as an example only, using the balances, minimum payments, and rates published on Calculator.net's debt payoff calculator page. Overwrite them with your own numbers, or press Reset to bring the example back.
Rather keep a file you can edit? Take the free debt snowball spreadsheet — Excel, Google Sheets or a printable PDF, 15 debt rows, no signup.
Minimum payments come out of this first. Whatever is left goes to the debt at the top of your payoff order.
Each debt also has its own advanced fields: type, annual fee, ongoing new monthly charges, and an exclude switch. Open a row with the ⋯ button.
Snowball vs avalanche, same numbers
| Method | Debt-free in | Months | Total interest | Total paid |
|---|
Payoff order
| # | Debt | Type | Starting balance | APR | Payoff month |
|---|
Month-by-month schedule
| Month | Payment | Interest | Principal | Remaining |
|---|
What you enter, and what you get back
- Add each debt. Enter a name, the balance, the minimum payment and the APR. Press + Add another debt until every card and loan is listed.
- Say how much extra you can pay. A fixed amount every month, an amount once a year, a one-time lump sum, or a single total monthly budget that the minimums come out of first. The extra is the number that moves your debt-free date the most.
- Choose a method. Snowball clears the smallest balance first; Avalanche clears the highest APR first. Both are run from the same numbers and stay on screen together.
- Read the result. You get the payoff order, the month each debt closes, your debt-free date, total interest, and a month-by-month schedule.
- Download it if you want a file. The CSV opens in Excel, Google Sheets or Numbers, so you can tick off each month as it passes.
Worked example: three cards, $5,000
Say you owe $5,000 across three cards and you can put $515 a month toward them — the $150 of minimums plus $365 extra. Here is the portfolio:
| Card | Balance | APR | Minimum |
|---|---|---|---|
| Card A | $2,000 | 26% | $60 |
| Card B | $1,750 | 21% | $50 |
| Card C | $1,250 | 18% | $40 |
| Total | $5,000 | 18–26% | $150 |
Run the same $515 a month both ways and the plan splits like this:
| Snowball | Avalanche | |
|---|---|---|
| Order | C → B → A | A → B → C |
| Cards cleared | C month 4 · B month 8 · A month 12 | A month 6 · B month 10 · C month 12 |
| Debt-free | 12 months | 12 months |
| Total interest | $634.84 | $538.91 |
Both orders finish in the same month, and the avalanche costs $95.93 less. Now take the extra payment away and pay the $150 of minimums only: the same $5,000 stretches to 59 months and costs $3,007.87 in interest. The full run, month by month, is in the $5,000 in 1 year case study.
How the debt snowball method works
The debt snowball method orders your debts from smallest balance to largest. You pay the minimum on every debt, then throw every extra dollar at the smallest one. When that one is gone, you take the minimum you were sending to it and roll it onto the next-smallest debt. Each paid-off debt frees up more cash flow for the next, which is where the name comes from.
How the debt avalanche method works
The debt avalanche method orders your debts from highest APR to lowest and everything else stays the same: minimums on everything, every extra dollar at the top of the list, and the freed-up minimum rolls down to the next debt. Because the extra payment always attacks your most expensive debt, the avalanche method costs you less interest whenever the two methods produce a different order.
Debt avalanche vs debt snowball
On paper the avalanche method wins on cost and the snowball method wins on momentum. Snowball clears a small balance quickly, which is a visible win early; avalanche can leave your first win months away if your highest-rate debt is also your biggest. How much that trade-off is worth depends entirely on your numbers, which is why this page runs both from the same inputs and puts the difference in front of you instead of making you guess. When both methods happen to produce the same order — common when your smallest balance is also your highest rate — the two totals come out identical, and the comparison table will say so. If you would rather see the size of that trade-off before you type anything in, we ran how the two orders compare across twelve portfolios: the snowball cost $30,074.90 more in interest across the twelve, and three of them finished in the same month.
Why an early win keeps a payoff plan alive
Whenever the two methods produce a different order, the avalanche is the cheaper one — that is arithmetic, and this page shows it in your own numbers instead of asking you to take it on faith. The case for the snowball is not arithmetic. It is momentum. Clearing the smallest balance first puts a finished debt in front of you in months rather than years, and a finished debt is the only proof most people ever get that the plan is working.
In the example above the first card closes in month 4 on the snowball and month 6 on the avalanche — a two-month head start that costs $95.93 in extra interest. Whether that trade is worth it is a question about you, not about the maths, which is why this page shows both sides rather than picking for you. What is not a trade-off is the size of the extra payment. Going from the $150 minimum to $515 a month cuts the interest on the same three cards by about $2,468 — roughly 26 times the $95.93 that separates the two methods.
What this calculator does
You enter each debt with its balance, minimum monthly payment, and APR, then say how much extra you can pay: a fixed amount every month, an amount once a year, a one-time lump sum in a specific month, or a single total monthly budget that the minimums come out of first. The calculator runs month by month — it adds any new charges, charges interest, posts the minimums, then applies the extra plus any freed-up minimums to the top of your payoff order. It stops when every balance reaches zero.
The output gives you your payoff order, time to debt-free, total interest, total principal, total paid, your largest single-month outflow, and what you save versus paying only the minimums. It also runs the other method on the same numbers and shows both side by side. Everything is available as a downloadable CSV you can open in Excel, Google Sheets, or Numbers.
How the monthly rate is derived from APR
The APR you enter is a yearly rate, so the calculator divides it by twelve to get the monthly rate: monthly rate = APR ÷ 12. An APR of 24% becomes a monthly rate of 2%. That is the simple nominal split, not the compounding conversion (1 + APR)1/12 − 1, which would produce a slightly lower monthly rate. The nominal split is the more conservative reading and it is how most US consumer disclosures are built.
Is interest charged before or after the payment
Interest is charged first, then the payment is applied. At the start of each month the calculator adds one month of interest to every balance still outstanding, and only then applies that month's payments. Your payment is always working against a balance that already includes the month's interest. This matters most when your payment barely covers the interest, because that is when a plan stops making progress.
Assumptions and limits
- Fixed minimums. Minimum payments are treated as a fixed dollar amount each month. Real credit-card minimums are usually a percentage of the balance with a floor; this calculator does not model that.
- Fixed APRs. Each debt's APR is held constant. Promotional rates that expire will change the real outcome.
- Interest before principal. Standard amortization: interest accrues on the outstanding balance before the month's payment is applied.
- Monthly compounding. Interest is applied once per month on the current balance.
- New charges are optional. If you fill in new monthly charges on a debt, those are added to the balance each month before interest accrues. Leave at $0 to model "stop using the card."
- Annual fee. If you enter an annual fee per debt, it is charged once every 12 months on that debt's balance. Late fees, cash-advance fees, and over-limit fees are not modeled.
- No penalties or cash advances. The model assumes no cash advances, no over-limit, and no late-payment penalties.
- Safety cap. If the monthly payment can never cover the monthly interest, the loop runs out to 600 months (50 years) and stops with a warning.
- Field limits. The advanced fields cap the annual fee at $200 per debt and new monthly charges at $10,000 per debt; the target is capped at 600 months. Balances and APRs are not capped — enter something extreme and the plan simply will not finish inside the safety cap.
- Single currency. All amounts are in U.S. dollars. No FX conversion.
Debt terms, in plain words
- Balance
- What you owe on a debt today. This is the number the calculator starts from, before any interest is added.
- Principal
- The part of your payment that actually reduces the balance. Everything else you pay in a month goes to interest.
- APR
- Annual Percentage Rate — the yearly cost of borrowing, including interest. The calculator divides it by 12 for a monthly rate, because interest is applied monthly.
- Interest
- What the lender charges you for carrying the balance. It is computed on the balance you still owe, so the bigger the balance, the bigger the monthly interest charge.
- Minimum payment
- The smallest amount the lender will accept without a late fee. Paying only this keeps the account current but stretches the payoff for years.
- Extra payment
- Anything you pay above the total of all your minimums. This is the only number that meaningfully moves your debt-free date.
- Rollover
- When one debt is cleared, its minimum does not disappear from your budget — you roll it onto the next target debt. This is what makes the snowball accelerate.
- Debt-free date
- The month the last balance reaches zero under the plan you entered. Change the extra payment and this date moves, usually by more than you expect.
FAQ
What is the debt snowball method?
A debt repayment strategy where you list every debt from smallest balance to largest, pay the minimum on all, and direct every extra dollar toward the smallest. When it is paid off, you roll that payment into the next debt on the list.
Is a debt snowball method calculator the same thing as a snowball calculator?
Yes. "Debt snowball method calculator," "snowball method calculator," and "snowball calculator" are three ways of describing the same tool: it sorts your debts smallest balance first, pays the minimum on everything, and rolls each freed-up minimum into the next debt. People also search for a "debt snowball spreadsheet," which is the same plan in a spreadsheet — the CSV this page downloads opens as one in Excel, Google Sheets, or Numbers.
Do you also have a debt avalanche calculator?
Yes, it is the same page. Use the Avalanche button at the top of the tool and the whole plan — payoff order, schedule, totals, and the CSV — switches to highest-APR-first. You do not need a second page or a second run to see it, because the snowball result stays in the comparison table either way.
If you would rather have the avalanche order on its own, there is a separate debt avalanche calculator — same inputs, highest APR first, and it gives you the month each debt clears.
Is an avalanche debt method calculator the same thing as an avalanche calculator?
Yes. "Avalanche debt method calculator," "avalanche method calculator," and "avalanche calculator" are three ways of saying the same thing: a calculator that orders your debts by interest rate instead of by balance. Whichever of those you came here looking for, the Avalanche button above is it.
Which method should I use?
If you want the lowest total cost, use avalanche. If you think an early visible win is what will keep you going, use snowball. The comparison table shows what the difference is worth in your own numbers, which is more useful than a rule of thumb.
How is a debt snowball calculator different from a regular debt calculator?
A generic debt calculator shows interest or a payoff date for one loan. A snowball or avalanche calculator runs across many debts at once, applies the rollover rule as each one closes, and shows the order they disappear.
What's in the downloadable spreadsheet?
A CSV file with a summary of the plan (debt-free date, total interest, total paid, savings versus minimum-only), both methods' totals for comparison, the payoff order with each debt's starting balance and payoff month, and the full month-by-month schedule showing each debt's balance every month. Open it in Excel, Google Sheets, Numbers, or any spreadsheet app.
Does it save or send my data?
No. The page runs entirely in your browser. Nothing is uploaded, stored, logged, or shared. The downloaded CSV is the only thing that leaves the page, and it only contains the numbers you typed in.
Do I need to sign up?
No. Open the page, type your numbers, get the result.
Can I use it on my phone?
Yes. The layout collapses at phone width and the numeric inputs pull up the number keypad.
Why doesn't the result match my bank's payoff date?
Most banks assume you pay only the minimum. This tool assumes you also pay the extra amount you entered. Bigger extra payment means a sooner payoff.
How long does it take to pay off $30,000?
On a five-card $30,000 portfolio at 14-22% APR, paying $3,150 a month clears the balance in 12 months under both the snowball and avalanche methods — avalanche costs about $479 less in interest. Below that payment the timeline stretches fast: $2,250/month = 17-18 months, $1,950/month = 21-22 months, $1,650/month = 26-27 months, $1,050/month = 47-53 months. The full number table and how to free up the extra cash each month is in the $30K in 1 year case study.
How long does it take to pay off $20,000?
On a four-card $20,000 portfolio at 15-24% APR, paying $2,100 a month clears the balance in 12 months under both methods — avalanche costs about $261 less in interest. Pay the $500 in minimums only and the same balance takes 82 months and costs $14,728 in interest. The month-by-month comparison and where to find the extra $1,600 are in the $20K in 1 year case study.
How long does it take to pay off $25,000?
On a four-card $25,000 portfolio at 16-24% APR, paying $2,700 a month clears the balance in 12 months on snowball and 11 on avalanche — avalanche costs $408.75 less in interest. Pay the $625 in minimums only and the same balance takes 81 months and costs $19,718.70 in interest. Full month-by-month tables and where to find the extra $2,075 are in the $25K in 1 year case study.
How long does it take to pay off $25,000 in 6 months?
On a four-card $25,000 portfolio at 16-24% APR the minimums come to $625 a month and the balance-weighted rate is 20.16%, so one month of interest on the opening balance is $420.00. The exact six-month payment is $4,625 a month on the snowball method, which is $4,000 above the minimums, and the six months cost $1,561.95 — 6.25% of the balance and 5.88% of everything sent. The layer is the principal share: of that first $4,625, $4,205.00 is principal — 90.92% — because the 20.16% rate only charges $420.00 in month 1. The share climbs every month to 98.04% by month 6 as the interest falls to $81.12. At the same $4,625 a month avalanche is charged $1,360.13, a gap of $201.82. Paying the $625 minimum only takes 81 months and costs $17,844.20. The whole six months is broken down in the $25K in 6 months case study.
How long does it take to pay off $15,000?
On a four-card $15,000 portfolio at 17-24% APR, paying $1,600 a month clears the balance in 12 months under both methods — avalanche costs $242.73 less in interest. Pay the $400 in minimums only and the same balance takes 81 months and costs $11,271.94 in interest. Full month-by-month tables and where to find the extra $1,200 are in the $15K in 1 year case study.
How long does it take to pay off $10,000?
On a three-card $10,000 portfolio at 18-26% APR, paying $1,050 a month clears the balance in 12 months under both methods — avalanche costs $172.92 less in interest. Pay the $300 in minimums only and the same balance takes 59 months and costs $6,015.74 in interest. Full month-by-month tables and where to find the extra $750 are in the $10K in 1 year case study.
How long does it take to pay off $5,000?
On a three-card $5,000 portfolio at 18-26% APR, paying $515 a month clears the balance in 12 months under both methods — avalanche costs $95.93 less in interest. Pay the $150 in minimums only and the same balance takes 59 months and costs $3,007.87 in interest. One detail worth knowing at this size: on minimums the two methods are identical, same payoff order and same month, $1.39 apart. Full tables and where to find the extra $365 are in the $5K in 1 year case study.
How long does it take to pay off $40,000?
On a five-card $40,000 portfolio at 15-24% APR, paying $4,100 a month clears the balance in 12 months under both methods — avalanche costs $731.91 less in interest. Pay the $1,000 in minimums only and the same balance takes 82 months and costs $28,678.10 in interest, which is 71.7% of the balance paid a second time. The gap between the two methods is widest in the middle: at $1,200 a month they are 14 months and $4,880.60 apart. Full tables and where to find the extra $3,100 are in the $40K in 12 months case study.
How long does it take to pay off $50,000?
On a five-card $50,000 portfolio at 15-25% APR, paying $3,013 a month clears the balance in 24 months on the snowball method and 23 on the avalanche — avalanche costs $2,249.17 less in interest. Pay the $1,250 in minimums only and the same balance takes 87 months and costs $39,456.55 in interest, which is 78.9% of the balance paid a second time. Taking two years instead of one takes $2,110 off the monthly payment and adds $5,548.32 in interest. Full tables and where to find the extra $1,763 are in the $50K in 2 years case study.
How long does it take to pay off $100,000 in credit card debt?
On a five-card $100,000 portfolio at 16-26% APR the minimums come to $2,500 a month, and sending exactly that clears the balance in 94 months — 7.8 years — with $88,986.65 in interest and a total bill of $188,986.65. The first year is the part worth seeing: those minimums move $30,000 out of your account and only $8,946.23 of it reaches principal, while $21,053.77 goes to interest, leaving $91,053.77 still owed. Paying $6,085 a month clears it in 24 months with $24,317.09 in interest, and $10,297 a month clears it in 12 months with $12,702.79. Where every dollar of the first year lands is in the $100K credit card debt case study.
How long does it take to pay off $10,000 in 6 months?
On a three-card $10,000 portfolio at 18-26% APR the minimums come to $300 a month, and $1,868 a month clears the balance in six months on the snowball method with $686.83 in interest; avalanche needs $1,845 and pays $598.15. The halfway point is the part worth seeing: by the end of month 3, 69.50% of the plan's interest is already paid ($477.32 of $686.83) while only 50.47% of the $10,000 balance is gone. Paying the $300 minimum only takes 59 months and costs $6,015.74. Where every dollar of the six months lands is in the $10K in 6 months case study.
How long does it take to pay off $15,000 in 6 months?
On a four-card $15,000 portfolio at 17-24% APR the minimums come to $400 a month, and $2,795 a month clears the balance in six months on the snowball method with $977.62 in interest; avalanche needs $2,739 and pays $865.25. What makes this portfolio interesting is that the interest is not spread the way the balances are: Card A, the $6,000 balance at 24%, is 40.00% of the debt but carries 63.93% of the plan's interest ($624.99 of $977.62), while Card D, the $2,000 balance at 17%, is 13.33% of the debt and 2.90% of the interest. Per $1,000 of balance that is $104.17 against $14.17. The six months cost $15,977.62 in total, not $16,770, because each cleared card's minimum drops out of the budget. Paying the $400 minimum only takes 81 months and costs $11,271.94. Where every dollar of the six months lands is in the $15K in 6 months case study.
How long does it take to pay off $5,000 in 6 months?
On a three-card $5,000 portfolio at 18-26% APR the minimums come to $150 a month, and $934 a month clears the balance in six months on the snowball method with $343.42 in interest — 6.87% of the balance; avalanche needs $923 and pays $299.08. The payment is the harder half: of the $5,343.42 that leaves your account over the six months, $4,703.42 is money above the minimums (88.02%), so $13.70 of new money stands behind every $1 of interest. The minimums line falls from $150 to $60 as cards clear, which is why the six months cost $5,343.42, not $5,604. Paying the $150 minimum only takes 59 months and costs $3,007.87. Where every dollar of the six months lands is in the $5K in 6 months case study.
How long does it take to pay off $20,000 in 6 months?
On a four-card $20,000 portfolio at 15-24% APR the minimums come to $500 a month, and $3,688 a month clears the balance in six months on the snowball method with $1,216.88 in interest — 6.08% of the balance; avalanche needs $3,673 and pays $1,086.85. The month itself is the story: month 1 is charged $337.92 of interest whether you send the $500 minimums or the $3,688 plan payment, so the same interest is 67.58% of the minimum payment and 9.16% of the plan payment, a factor of 7.38. Across the six months interest is 5.74% of the $21,216.88 that leaves your account, and the minimums floor thins, which is why the six months cost $21,216.88, not $22,128. Paying the $500 minimum only takes 82 months and costs $14,727.64. Where every dollar of the six months lands is in the $20K in 6 months case study.
How long does it take to pay off $30,000 in 6 months?
On a five-card $30,000 portfolio at 14-22% APR the minimums come to $750 a month, and $5,536 a month clears the balance in six months on the snowball method with $1,736.74 in interest — 5.79% of the balance; avalanche needs $5,470 and pays $1,503.17. The yardstick is what six months of interest would be if nothing moved: a balance-weighted 18.67% APR on $30,000 for half a year is $2,800.00, and the plan pays 62.03% of it. Six months of minimum payments roll up $2,734.93 — 97.68% of that flat half-year, because minimums barely dent the interest. Paying the $750 minimum only takes 73 months and costs $18,014.10. Where every dollar of the six months lands is in the $30K in 6 months case study.
How long does it take to pay off $40,000 in 6 months?
On a five-card $40,000 portfolio at 15-24% APR the minimums come to $1,000 a month, and $7,425 a month clears the balance in six months on the snowball method with $2,510.83 in interest — 6.28% of the balance; avalanche needs $7,339 and pays $2,161.82. The deadline is a step rather than a slope: at $7,424 — one dollar less — the same portfolio takes seven months, and the extra month adds only $0.35 to the interest bill ($2,510.83 to $2,511.18). The seventh payment is $4.18. Six months of the plan is 5.91% of the $42,510.83 that leaves your account. Paying the $1,000 minimum only takes 82 months and costs $28,678.10. The whole step is worked out in the $40K in 6 months case study.
How long does it take to pay off $50,000 in 6 months?
On a five-card $50,000 portfolio at 15-25% APR the minimums come to $1,250 a month, and $9,305 a month clears the balance in six months on the snowball method with $3,267.29 in interest — 6.53% of the balance; avalanche at the same $9,305 pays $2,779.40. One month of that plan is larger than the whole of Card D ($8,500) and the whole of Card E ($5,500), so the first two months each retire a card outright. The six payments run $9,305, $9,168, $8,955, $8,705, $8,705 and $8,429.29 — $53,267.29 in total. Paying the $1,250 minimum only takes 87 months and costs $39,456.55. The whole picture is in the $50K in 6 months case study.
How long does it take to pay off $50,000 in 12 months?
On a five-card $50,000 portfolio at 15-25% APR the minimums come to $1,250 a month, and $5,123 a month clears the balance in twelve months on the snowball method with $6,072.03 in interest — 12.14% of the balance; avalanche at the same $5,123 pays $5,041.39. The whole year's interest is 1.19 times one month's payment, and the twelve payments add to $56,072.03. Paying the $1,250 minimum only takes 87 months and costs $39,456.55. The whole year is broken down in the $50K in 12 months case study.
How long does it take to pay off $60,000 in 6 months?
On a five-card $60,000 portfolio at 15-25% APR the minimums come to $1,500 a month, and $11,166 a month clears the balance in six months on the snowball method with $3,920.79 in interest — 6.53% of the balance; avalanche at the same $11,166 pays $3,335.29, and needs only $11,023 at its own threshold. Every one of the six payments stays above $10,000 — the smallest is the last one at $10,115.79. On minimums only the same portfolio takes 87 months, which is exactly the 87 months a $50,000 version of the same five cards takes, because a minimum is 2.5% of the balance, so 20% more debt buys no extra month; the $60,000 minimums path costs $47,341.20. The whole clock is worked out in the $60K in 6 months case study.
How long does it take to pay off $60,000 in 12 months?
On a five-card $60,000 portfolio at 15-25% APR the minimums come to $1,500 a month, and $6,148 a month clears the balance in twelve months on the snowball method with $7,286.11 in interest — 12.14% of the balance; avalanche at the same $6,148 pays $6,049.28, and needs only $6,048 at its own threshold. The payment is smaller than every one of the five balances — the smallest card is $6,600, so the first payment falls $452 short of even that one — and the twelve payments step down to $5,088.11 as cards clear, adding to $67,286.11. The year's interest, $7,286.11, is bigger than the smallest card is. Paying the $1,500 minimum only takes 87 months and costs $47,341.20. The whole year is broken down in the $60K in 12 months case study.
How long does it take to pay off $60,000 in 2 years?
On a five-card $60,000 portfolio at 15-25% APR the minimums come to $1,500 a month, and $3,616 a month clears the balance in twenty-four months on the snowball method with $13,943.21 in interest — 23.24% of the balance; avalanche at the same $3,616 pays $11,243.80 and finishes in 23 months. The number worth knowing is what the same twenty-four months do on the minimums: $36,000 sent and $46,725.18 still owed, because only $13,274.82 of it reaches principal. The plan sends $73,943.21 and ends at zero. Paying the $1,500 minimum only takes 87 months and costs $47,341.20. The whole two years is broken down in the $60K in 2 years case study.
How long does it take to pay off $70,000 in 6 months?
On a five-card $70,000 portfolio at 15-25% APR the minimums come to $1,750 a month, and $12,992 a month clears the balance in six months on the snowball method with $4,545.74 in interest — 6.49% of the balance; avalanche at the same $12,992 pays $3,851.45. The number worth knowing is the size of the ask in hours: $11,242 a month of new money is 104 hours a week at $25 an hour, about 62% of every hour a week has. The same $70,000 on a twelve-month deadline is 50 hours a week, on twenty-four months 23, on thirty-six months 14. Paying the $1,750 minimum only takes 87 months and costs $54,288.30. The whole six months is broken down in the $70K in 6 months case study.
How long does it take to pay off $70,000 in 12 months?
On a five-card $70,000 portfolio at 15-25% APR the minimums come to $1,750 a month, and $7,164 a month clears the balance in twelve months on the snowball method with $8,442.15 in interest — 12.06% of the balance; avalanche at the same $7,164 pays $6,967.53, and needs only $7,029 at its own threshold. The number worth knowing is the shape of the interest: month 1 is charged $1,207.50 and month 12 only $120.67 — ten times less, and the first six months carry 71.17% of the bill while retiring 50.68% of the balance. Not one of the first six monthly charges falls below the flat average of $703.51, nor one of the last six above it. Paying the $1,750 minimum only takes 87 months and costs $54,288.30. The whole year is broken down in the $70K in 12 months case study.
How long does it take to pay off $80,000 in 6 months?
On a five-card $80,000 portfolio at 15-25% APR the minimums come to $2,000 a month, and $14,868 a month clears the balance in six months on the snowball method with $5,257.39 in interest — 6.57% of the balance; avalanche at the same $14,868 pays $4,495.83, and needs only $14,723 at its own threshold. The number worth knowing is the shape of the six payments: they fall from $14,868 to $13,492.39, but the balance retired does not — it is $13,152.31 to $13,466.33 every month, a $314.02 band, because the only thing that moves is the minimums you have stopped owing. Paying the $2,000 minimum only takes 87 months and costs $64,021.79. The whole six months is broken down in the $80K in 6 months case study.
How long does it take to pay off $80,000 in 12 months?
On a five-card $80,000 portfolio at 15-25% APR the minimums come to $2,000 a month, and $8,178 a month clears the balance in twelve months on the snowball method with $9,774.99 in interest — 12.22% of the balance; avalanche at the same $8,178 pays $8,177.65, and needs only $8,057 at its own threshold. The number worth knowing is the order the cards leave in: snowball clears the $25,000 25% card last of all, in month 12, while avalanche clears it in month 4 — 8 months apart — and the smallest card runs the other way, month 2 against month 12, 10 months apart. Card A is 31.25% of the balance but 55.51% of the interest bill. Paying the $2,000 minimum only takes 87 months and costs $64,021.79. The whole year is broken down in the $80K in 12 months case study.
How long does it take to pay off $70,000 in 2 years?
On a five-card $70,000 portfolio at 15-25% APR the minimums come to $1,750 a month, and $4,230 a month clears the balance in twenty-four months on the snowball method with $16,107.08 in interest — 23.01% of the balance; avalanche at the same $4,230 pays $12,914.46, and needs only $4,084 at its own threshold. The number worth knowing is what paying the minimums actually is: not one 87-month race but five separate races, because each minimum is 2.5% of its own card. The cards clear in months 56, 60, 66, 73 and 87 — the four fastest are done at month 73, and Card A alone runs the last 14 and owns $23,389.98 of the $54,288.30 bill. Paying the $1,750 minimum only takes 87 months and costs $54,288.30. The whole two years is broken down in the $70K in 2 years case study.
How long does it take to pay off $80,000 in 2 years?
On a five-card $80,000 portfolio at 15-25% APR the minimums come to $2,000 a month, and $4,850 a month clears the balance in twenty-four months on the snowball method with $18,698.13 in interest — 23.37% of the balance; avalanche at the same $4,850 pays $15,071.42, and needs only $4,649 at its own threshold. The number worth knowing is what the deadline makes comparable: the plan's first twelve months send $54,775.00, which is $6,775 more than the minimums send in all twenty-four, and retire $41,235.66 of principal against the minimums' $17,445.17 — 2.364 times as much. At month 12 the plan owes $38,764.34; at month 24 the minimums still owe $62,554.83, which is $23,790.49 more, and the minimums paid $30,554.83 of interest to get there — $11,856.70 more than the whole plan costs. Paying the $2,000 minimum only takes 87 months and costs $64,021.79. The whole two years is broken down in the $80K in 2 years case study.
What does $40,000 in 2 years cost in total?
On a five-card $40,000 portfolio at 15-24% APR the minimums come to $1,000 a month and the balance-weighted rate is 20.175%, so one month of interest on the opening balance is $672.50. The exact twenty-four-month payment is $2,388 a month on the snowball method, which is $1,388 above the minimums, and the twenty-four months are charged $8,884.86 — 22.21% of the balance. The layer is what the same balance costs end to end: the plan sends $48,884.86 in total, which is 1.222 times the balance, while paying only the $1,000 minimums takes 82 months and sends $68,678.10, of which $28,678.10 is interest — so the slow path takes 3.417 times as long and costs $19,793.24 more, 1.405 times the plan. At the twenty-four-month mark the minimums have sent $24,000, of which $14,502.17 is interest, and still owe $30,502.17, which is 76.26% of the balance. The whole two years is broken down in the $40K in 2 years case study.
What if I pay the minimums for two years first and then start?
On a five-card $30,000 portfolio at 14-22% APR the minimums come to $750 a month and the balance-weighted rate is 18.6667%, so one month of interest on the opening balance is $466.67. The exact twenty-four-month payment is $1,777 a month on the snowball method, which is $1,027 above the minimums, and the twenty-four months are charged $6,117.17 — 20.39% of the balance. The layer is what happens if the minimums go first: two years of the $750 send $18,000, of which $9,883.30 is interest and only $8,116.70 retires principal, and you still owe $21,883.30 — 72.94% of the balance. Starting the same $1,777 then takes another 17 months and $3,112.66 of interest, so the detour ends at 41 months and $12,995.96 of interest — 17 months and $6,878.79 more than starting today, which is 1.125 times the plan's whole bill. The whole detour is broken down in the $30K in 2 years case study.
Why is every payment the same $870 plus the minimums?
On a four-card $25,000 portfolio at 16-24% APR the minimums come to $625 a month and the balance-weighted rate is 21.16%, so one month of interest on the opening balance is $440.83. The exact twenty-four-month payment is $1,495 a month on the snowball method, which is $870 above the minimums, and the twenty-four months cost $5,809.59 — 23.24% of the balance. The layer is what that $870 is: every payment in the plan is the same $870 plus the minimums still owed, so the total steps $1,495, then $1,395 once Card D's $100 minimum stops, then $1,270 once Card C's $125 goes, then $1,095 once Card B's $175 goes. Card A's $225 never drops, because the plan ends the same month Card A does. The snowball therefore never grows: the target card is paid $870 plus its own minimum — $970, then $995, then $1,045, then $1,095 — and the four cards close in months 5, 10, 16 and 24. The whole two years is broken down in the $25K in 2 years case study.
How long does it take to pay off $20,000 in 2 years?
On a four-card $20,000 portfolio at 15-24% APR the minimums come to $500 a month and the balance-weighted rate is 20.275%, so one month of interest on the opening balance is $337.92. The exact twenty-four-month payment is $1,178 a month on the snowball method, which is $678 above the minimums, and the twenty-four months cost $4,267.71 — 21.34% of the balance. Two of the four cards start level at $4,500: Card C is the 22% one and Card D the 15% one. Left to the minimums Card C is charged $3,840.12 against Card D's $1,717.68, but on the plan it flips — the plan reaches Card C first, kills it in month 7 for $297.43, and leaves Card D until month 12 and $492.59, so the 15% card is the expensive one at 1.656 times the 22% card. Paying the minimums alone takes 82 months and costs $14,727.64. The whole two years is broken down in the $20K in 2 years case study.
How long does it take to pay off $15,000 in 2 years?
On a four-card $15,000 portfolio at 17-24% APR the minimums come to $400 a month and the balance-weighted rate is 21.267%, so one month of interest on the opening balance is $265.83. The exact twenty-four-month payment is $916 a month on the snowball method, which is $516 above the minimums, and the twenty-four months cost $3,477.64 — 23.18% of the balance. The layer is what the plan charges each card, counted in that card's own minimum payment: Card D is the first target and dies in month 4, so across the whole two years it is charged $65.48, which is 0.94 of its own $70 minimum, and Card A is the last card in the order and is charged $2,288.11, which is 15.25 of its $150 minimum. The four minimums span 2.14 times; what the plan charges them spans 16.3 times. Paying the minimums alone takes 81 months and costs $11,271.94. The whole two years is broken down in the $15K in 2 years case study.
How long does it take to pay off $10,000 in 2 years?
On a three-card $10,000 portfolio at 18-26% APR the minimums come to $300 a month and the balance-weighted rate is 22.25%, so one month of interest on the opening balance is $185.42. The exact twenty-four-month payment is $608 a month on the snowball method, which is $308 above the minimums, and the twenty-four months cost $2,428.57 — 24.29% of the balance. The layer is what that bill is per month of the run: $101.19 a month across the plan's twenty-four months against $101.96 across the fifty-nine months the $300 minimums take — 0.76% apart, and the thirty-five months the minimums run longer are worth $3,587.17, which is $102.49 a month. Across five deadlines the bill spans 8.76 times while the price per month spans 1.168 times, because the interest is charged at a rate rather than sold at a price. The one thing that does move the price is the order of the cards: at the same $608, avalanche runs at $87.50 a month and finishes a month early for $416.10 less. Paying the minimums alone takes 59 months and costs $6,015.74. The whole two years is broken down in the $10K in 2 years case study.
How long does it take to pay off $5,000 in 2 years?
On a three-card $5,000 portfolio at 18-26% APR the minimums come to $150 a month and the balance-weighted rate is 22.25%, so one month of interest on the opening balance is $92.71. The exact twenty-four-month payment is $304 a month on the snowball method, which is $154 above the minimums, and the twenty-four months cost $1,214.28 — 24.29% of the balance. The layer is the line: $5,000 divided by twenty-four is $208.33 a month of principal with no interest in it, and the $150 in minimums is 72.00% of that line while the plan's $304 is 145.92% of it. The plan's payments step 145.92%, 126.72%, 102.72% and 101.89% of the line as each card closes, so it opens 45.92% above the line and its final payment ends 1.89% above it. The further out the deadline, the further above its own line the payment sits — 112.08% at six months, 123.36% at twelve, 145.92% at twenty-four, 166.32% at thirty-six, and 177.00% for the minimums-only run. Paying the minimums alone takes 59 months and costs $3,007.87. At the same $304 a month avalanche finishes in twenty-three months and is charged $1,006.23, which is $208.05 less. The whole two years is broken down in the $5K in 2 years case study.