Back to calculators
Credit Card Payoff Calculator
Plan your debt payoff strategy and become debt-free faster
Your Credit Cards
₹
Payoff Strategy
Payoff Summary
23 Months to Debt Free
Total Payment: ₹1,10,699
Total Balance
₹80,000
Total Interest
₹30,699
Understanding Debt Payoff Strategies
There are two popular strategies for paying off multiple credit cards: the Debt Avalanche and the Debt Snowball methods. Each has its advantages and can help you become debt-free.
Debt Avalanche Method:
- Pay minimum on all cards
- Put extra money toward highest interest card
- Mathematically saves the most money
- Reduces interest charges faster
- Best for those motivated by numbers
Debt Snowball Method:
- Pay minimum on all cards
- Put extra money toward lowest balance
- Creates quick wins and motivation
- Reduces number of payments faster
- Best for those motivated by progress
Example Calculation:
With two credit cards:
- Card 1: ₹50,000 at 36% APR
- Card 2: ₹30,000 at 42% APR
- Monthly Payment: ₹5,000
- Avalanche Method: 24 months, ₹38,000 interest
- Snowball Method: 24 months, ₹41,000 interest
Important Note:
The best strategy is one you can stick to consistently. Consider factors like motivation and financial goals when choosing between Avalanche and Snowball methods.