DebtZero

Credit Card Payoff Calculator

Add every balance, set an extra monthly payment, and compare snowball vs. avalanche side by side.

Your debts

Balance

APR

Min. payment

Balance

APR

Min. payment

Balance

APR

Min. payment

Extra monthly payment beyond minimums: $150

Total balance

$8,500

Minimums / mo

$190

Your budget / mo

$340

Snowball vs. avalanche

Total remaining balance across all debts, month by month.

Snowball

Smallest balance first

Debt-free in43 months (3.6 yrs)

Total interest$3,320

Avalanche

Highest APR first

FasterCheaper

Debt-free in40 months (3.3 yrs)

Total interest$2,959

Snowball builds momentum by clearing small debts fast. Avalanche targets the highest interest rate first — it usually costs less overall. Both pay every minimum every month; only where the extra payment goes differs.

What you entered

Total balance: $8,500Extra per month: $150Debts: 3

1
Pay every minimum on every debt, every month
3 debts × their own minimum payment= $190
2
Snowball: send the extra to the smallest balance first
$150/mo extra, sorted smallest → largest balance= 43 months, $3,320 interest
3
Avalanche: send the extra to the highest APR first
$150/mo extra, sorted highest → lowest APR= 40 months, $2,959 interest
4
Repeat monthly — interest accrues, then payments apply — until every balance hits zero
simulated month by month for each strategy= 3 months difference

Result

Avalanche finishes first: Avalanche saves the most interest

Both strategies use the exact same monthly budget — minimums plus your extra payment. The only difference is which debt the extra goes to first, which is why the total time and interest can differ even though you're paying the same amount each month.

Snowball versus avalanche on three cards totalling $8,500

The debts are a $1,200 store card at 26.99%, a $4,500 card at 21.99% and a $2,800 card at 17.99%, with minimums of $35, $90 and $65. Each row adds the extra monthly payment shown on top of those minimums.

Extra per month	Snowball months	Snowball interest	Avalanche months	Avalanche interest	Avalanche saves
$0	137	$10,645	137	$10,645	$0
$50	83	$6,422	67	$5,513	$909
$100	57	$4,402	51	$3,852	$550
$150	43	$3,320	40	$2,959	$361
$250	29	$2,236	28	$2,027	$209
$400	19	$1,516	19	$1,397	$119
$600	14	$1,069	13	$995	$74

Two things stand out. The first row is the cost of paying only minimums: over eleven years and $10,645 of interest on an $8,500 balance. Adding just $50 a month cuts that to under six years and saves more than $4,000, which is a far larger effect than choosing between the two strategies. Second, avalanche always wins on arithmetic because it kills the highest rate first, but the margin narrows as the extra payment grows - at $600 a month it is $74. Snowball clears the smallest balance first, which produces a visible win sooner and is the better choice if that is what keeps you going. The difference between the strategies is small; the difference between paying extra and not is enormous.

Minimum payments are a trap

Paying only the minimum on a $5,000 balance at 22% APR can take 25+ years and cost more in interest than the original balance. Doubling the payment usually cuts payoff time by more than half.

Snowball vs. avalanche

Avalanche (highest interest rate first) minimizes total interest paid. Snowball (smallest balance first) clears individual debts faster, which can build momentum even if it costs a little more overall.

How credit card interest actually works

Credit card interest is calculated on your average daily balance, not your statement balance. If you carry a $3,000 balance at 22% APR, your daily rate is 0.0603% (22% ÷ 365). Each day, about $1.81 in interest is added. That's $54/month in interest alone — and if you only pay the $60 minimum, only $6 reduces your actual balance.

The real cost of a $5,000 credit card balance

At 22% APR with $100/month payments: payoff takes 9 years and costs $5,840 in interest — more than the original balance. At $200/month: 2.7 years, $1,517 interest. At $500/month: 11 months, $506 interest. Every extra dollar per month has an outsized effect because it directly reduces the principal that's generating daily interest.

Frequently asked questions

How long will it take to pay off my credit card?

It depends on your balance, APR, and monthly payment. A $5,000 balance at 22% APR with $100/month payments takes about 9 years. Doubling to $200/month cuts it to under 3 years. Enter your specific numbers above to see your exact payoff date.

What is the snowball vs avalanche method?

Avalanche: pay minimums everywhere, put extra money on the highest-APR card first. Saves the most in total interest. Snowball: pay minimums everywhere, put extra money on the smallest balance first. Pays off individual cards faster for psychological motivation. Both are far better than just paying minimums.

How much interest am I paying on my credit card?

Multiply your balance by your APR and divide by 12 for a rough monthly estimate. A $3,000 balance at 24% APR costs about $60/month in interest (3,000 × 0.24 ÷ 12). If your minimum payment is $75, only $15 actually reduces your balance — that's why payoff takes so long.

Should I do a balance transfer to pay off credit cards?

If you can get a 0% APR balance transfer card, it can save significant interest — but watch out for the 3-5% transfer fee and make sure you can pay off the balance before the promotional period ends (typically 12-21 months). After the promo, rates often jump to 20%+.