Credit Card Payoff Calculator
Find out how long it takes to clear your cards, compare the snowball and avalanche strategies, and see what a balance transfer could save you.
Snowball vs Avalanche: Which One Wins?
Both strategies keep making the same total monthly payment — they just steer your extra payment toward a different card.
| Method | Order | Strength | Best For |
|---|---|---|---|
| Avalanche | Pay off highest APR first | Lowest total interest & fastest payoff | People focused purely on saving money |
| Snowball | Pay off smallest balance first | Quick wins and motivation | People who need momentum to stay consistent |
Avalanche usually clears your debt faster and with less interest. Snowball can be more effective in practice if early wins keep you going. If you stay the course, either one beats minimum-payment-only forever.
Why Minimum Payments Are a Trap
Issuers typically set the minimum at 1–3% of the balance plus interest — with a floor near $25. Because interest keeps accruing on what's left, paying the minimum on a large balance can stretch repayment out for a decade or more, and you can end up paying more in interest than you originally borrowed.
How a Balance Transfer Saves Money
A 0% APR balance transfer stops interest from compounding during the promotional period. You pay a one-time transfer fee (often 3–5%), so the real saving is: (interest you'd have paid at your current APR) − transfer fee − any interest during a 0% window you didn't fully float. The longer the 0% period and the lower the fee, the bigger the win — but only use it if you can clear or shift the balance before the promo expires.
When the math gets personal
If you are juggling several cards with different balances and APRs, guessing which approach actually saves money is frustrating. This calculator lets you plug in real numbers and see side-by-side results for snowball versus avalanche strategies. Toggle between a fixed monthly payment or a target payoff window, add extra payments, and compare balance transfer scenarios to see if moving a balance is worth the transfer fee. It is built for anyone who wants a clear payoff date instead of a vague estimate.
From balance to payoff date in five moves
- Choose Single Card or Multiple Cards depending on your situation.
- Enter your Current Balance, Annual Interest Rate (APR), and Monthly Payment for each card.
- Switch between Fixed payment and By target time to match your repayment goal.
- Add an Extra Monthly Payment to see how it accelerates each strategy differently.
- Click Calculate for payoff comparisons or Compare Transfer to evaluate a balance move.
Frequently Asked Questions
How long will it take to pay off my credit card?
It depends on your balance, APR and how much you pay each month. At the standard minimum, a balance can take years or even decades. Increasing your payment by even a modest amount — or lowering your APR — cuts the payoff time dramatically.
What is the difference between snowball and avalanche?
Avalanche tackles the highest-APR card first to minimize interest; snowball tackles the smallest balance first to build motivation. Both work — avalanche is usually cheaper, snowball is often easier to stick to.
How much does a balance transfer save?
The saving equals the interest avoided during the 0% period minus the transfer fee. For example, moving $3,000 from a 24% APR to an 18-month 0% offer with a 3% fee saves roughly $1,000 of interest. Our tool computes your exact figure.
What is my credit card minimum payment?
Most issuers charge a percentage of the balance (around 1–3%) plus interest and fees, with a floor of about $25–35. Paying only this means most of your early payments go to interest rather than the principal.
Is this calculator free and private?
Yes — free and fully private. All calculations run locally in your browser; your balances, APRs and payments are never uploaded, stored, or shared.
Work out any payoff plan before you commit
Each page runs the same month-by-month amortisation the calculator uses, with the interest total, the month you become debt-free and a table of alternative payments.