If you want to pay down your debt as quickly as possible, then it’s important to look at the ways different monthly payments and interest rates affect your payment schedule. The Roll-Down Credit Card Debt Calculator uses your current debt information to project various scenarios for your repayment strategy. Even with paying the same amount each month, these payments can be rolled to eliminate the highest interest rate loans first, meaning you’ll pay less money overall. When each balance is paid in full, that minimum payment is applied to the balance with the next highest interest rate. This process continues until all the loans and credit cards have been paid in full.
Roll-Down Your Credit Card Debt Calculator
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Roll-Down Your Credit Card Debt Calculator!
The credit card roll-down applies two simple principles to paying off your credit card debt.
- Pay off your highest interest rate first.
- When a credit card balance is paid in full, apply its monthly payment to the balance with the next highest interest rate.
By changing any value in the following form fields, calculated values are immediately provided for displayed output values. Click the view report button to see all of your results.
Financial Calculators from
Dinkytown.net
**FIG_GRAPHTITLE** Line Graph: Please use the calculator's report to see detailed calculation results in tabular form.
**FIG_GRAPHTITLE** Column Graph: Please use the calculator's report to see detailed calculation results in tabular form.
Financial Calculators from
Dinkytown.net
Roll Down Your Credit Card Debt Calculator
Use credit card minimum for payments
Pay off highest rate cards first
Credit card debt: | $0.00 |
Total Credit Card Debt KJE1 |
Total Interest Payments |
Definitions
Roll-down amount
This dollar amount is in addition to your monthly minimum payments that you will use to pay down your credit card debt. The higher this amount, the faster your debt will be paid off. It is important that your additional payment is one that you can afford. For the snowball method to be effective you must be consistent in your payments. Should you choose an amount that is too high, you may become discouraged if you are unable to meet your payment goal.
Pay off highest rate first
Leave this box checked to have the calculator pay off your balance with the highest rate first. You can uncheck this box to see the results of an alternate payment method. The alternate method pays off your balances starting with the lowest balance.
Use minimum payment
If you checked the "use credit card minimum payments" box, your monthly payment is calculated as 4% of your current outstanding balance. With the "use credit card minimum payments" box checked, your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards. Uncheck this box to enter your own monthly payment that will remain the same until your balance is paid in full.
(The tool calculates your minimum monthly payment as 4% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.)
Credit card balance
Your total current balance for this credit card.
Credit card interest rate
The annual percentage rate you pay for this credit card. The rate you enter is used to calculate the interest on all future credit card payments. The length of time to pay off this credit card may be much greater than calculated if you enter a low promotional interest rate that is only good for a short period of time.
Credit card payment
This is your initial monthly payment. If you checked the "use credit card minimum payments" box, your monthly payment is calculated as 4% of your current outstanding balance. With the "use credit card minimum payments" box checked, your monthly payment will decrease as your balance is paid down. This can greatly increase the length of time it takes to pay off your credit cards. Uncheck this box to enter your own monthly payment that will remain the same until your balance is paid in full.
(The tool calculates your minimum monthly payment as 4% of your current outstanding balance. While your actual minimum monthly payment may be slightly different, this is one of the most common methods used by credit card companies to calculate minimum payments.)
National Debt Relief LLC
180 Maiden Lane, 30th Floor
New York, NY 10038
The Roll-Down Credit Card Debt Calculator applies two important principles for paying off credit card debt: 1) Eliminate high-interest balances first. 2) Then, when the balance is paid in full, the monthly payment is applied to the next highest interest rate. This snowball effect helps to minimize the interest burden over time, resulting in a fast-track approach to becoming debt-free. Start by entering the details of each of your credit card balances, including the current interest rates. Include all outstanding balances to see a clear picture of your current payoff timeline. The graph shows how minimum payments are a slow method for paying off the debt.
Next, use the calculator to see how the roll-down strategy can be used for your debt payment. When the highest interest balance is paid in full, the calculator applies the monthly payment to the next credit card with the highest rate. This roll-down amount increases with time as balances are paid in full. Eventually, you’ll have rolled through all the debt to reach the point of being debt-free. The calculator displays an easy-to-understand graph that gives you a side-by-side comparison of your current payoff schedule to a potential roll-down payoff method. Adjust the numbers to see the potential solutions to help you achieve financial freedom as quickly as possible. The right financial strategy can reduce the payment timeline by years and save a lot of money in interest costs.
