If you have multiple credit cards, this calculator will help you to find out how you can roll down those credit cards to pay off the credit card debts. To roll down the credit card debts you will have to begin from the credit card with highest interest rate. When you have completely paid off the debt of this credit card, you can then utilize its monthly payment to pay off the debt of another card. This ‘another card’ should be the credit card that charges you with second highest interest rate. This process can be continued to pay off debts for all your credit cards. Using this calculator, you can calculate for up to 10 credit cards.
Payoff highest rate first
This option follows the basic principal or roll down by paying off the highest interest bearing credit card first. If you uncheck this box, the calculator will roll down the lowest interest bearing credit card first.
Details of all your credit cards. ACalculator allow you to select up to 10 credit cards.
Available balance on the credit card.
Rate of interest charged on the credit card. This rate is used to find out current and future amount of payable money on this credit card. If you input a lower rate here, this calculation will be of no good use for long-term.
The initial amount of monthly payment on this credit card. The ‘Use credit card minimum payments’ option will assume your initial monthly payment to be 4 percent of the currently outstanding balance or $15 which one is larger. this option will gradually decrease your monthly payables.If you uncheck this box you will have to manually enter the monthly payment amount.
The additional amount of money you want to use as prepayments to pay off the credit card debts before the scheduled payment schedule.