Can a credit card payoff calculator work for multiple credit cards?

Yes, a credit card payoff calculator can work for any type of credit card, even multiple ones. The calculator uses a simple yet effective principle: it takes three key inputs: the current credit card balance, the Annual Percentage Rate (APR), and the proposed monthly payment for each card.

Using these values, the calculator calculates the amount of time it would take to fully pay off each card's credit card debt and the total interest you will pay over that period.

To calculate the payoff manually, you need to know the current balance, APR, and monthly payment for each card. Divide APR by 12 to get the monthly interest rate. Calculate the monthly interest on the current balance by multiplying it with the monthly rate. Subtract this from the monthly payment to get the amount that goes toward the principal balance. Subtract this amount from the current balance to get the new balance.

Repeat this for each card every month until all balances reach zero. Using a payoff calculator simplifies this process for multiple cards. Overall, it provides an optimised plan to pay off credit card debt in the fastest and most cost-effective way.