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Credit Card Payoff Calculator
Compare debt avalanche vs snowball methods and create an optimal payoff strategy
Total Debt
$10,000
Across 3 cards
Payoff Time
2 years, 9 months
With avalanche method
Total Interest
$2,926
Interest paid over life
Monthly Payment
$460
Total monthly payment
💡 Recommended Strategy
Avalanche Method
Saves $637 in interest
Interest Savings vs Minimums
$5,706
Credit Cards
Monthly Interest: $104
Principal: $21
Monthly Interest: $50
Principal: $35
Monthly Interest: $32
Principal: $18
Extra Payments
Payoff Strategies
Current Strategy
| Strategy | Time | Interest |
|---|---|---|
| Minimum Only | 7 years, 3 months | $8,633 |
| Avalanche | 2 years, 9 months | $2,926 |
| Snowball | 3 years | $3,563 |
Interest Savings
Avalanche vs Minimum: $5,706
Snowball vs Minimum: $5,070
Avalanche vs Snowball: $637
Avalanche Order
1. Chase Freedom 24.99%
2. Citi Double Cash 21.49%
3. Capital One Venture 18.74%
Payoff Timeline (avalanche method)
| Year | Remaining Balance | Interest Paid | Monthly Payment | Progress |
|---|---|---|---|---|
| Year 1 | $6,330 | $1,850 | $460 | 36.7% paid off |
| Year 2 | $2,334 | $2,749 | $460 | 76.7% paid off |
| Year 3 | $0 | $2,926 | $460 | 100.0% paid off |
Debt Payoff Strategies
💰 Debt Avalanche Method
- • Pay minimums on all cards
- • Put extra money toward highest APR card
- • Mathematically optimal (saves most interest)
- • Best for disciplined borrowers
- • May take longer to see progress
âš¡ Debt Snowball Method
- • Pay minimums on all cards
- • Put extra money toward smallest balance
- • Provides quick psychological wins
- • Builds momentum and motivation
- • May cost slightly more in interest
💡 Additional Tips
- • Stop using credit cards for new purchases
- • Consider balance transfers to lower APR cards
- • Look for extra income sources
- • Cut unnecessary expenses temporarily
- • Use windfalls (bonuses, tax refunds) for payments
- • Call credit card companies to negotiate lower rates
- • Consider debt consolidation loans
- • Track progress to stay motivated