CCPO Calculator

Credit Card Payoff Calculator Eliminate high-interest debt faster — compare Snowball, Avalanche, and Consolidation strate...

Credit Card Payoff Calculator

Eliminate high-interest debt faster — compare Snowball, Avalanche, and Consolidation strategies.

Your Cards

Strategy

Add each credit card (max 6). Include current balance, APR, and minimum payment.

Your Monthly Budget

Total Monthly Payment ($)

Extra Payment ($)

Payoff Strategy

Snowball (Smallest Balance First)
Avalanche (Highest APR First)
Compare to Consolidation (Personal Loan)

Consolidation Loan (Optional)

APR (%)

Term (Months) 24 months 36 months 48 months 60 months

Origination Fee (%)

—

Months to Payoff

$0

Total Interest

—

Months Saved

$0

Interest Saved

Payoff Timeline Comparison

Snowball vs. Avalanche: Which Is Better?

Debt Snowball (Dave Ramsey Method) → Pay smallest balance first, regardless of interest ✅ **Pros**: Quick wins boost motivation, behavioral success ❌ **Cons**: Costs more long-term due to higher APR cards lingering

Debt Avalanche (Math-Optimal) → Pay highest APR first ✅ **Pros**: Saves maximum interest — e.g., $25K at 24% vs. 15% = $2,100+ saved ❌ **Cons**: May feel slower psychologically

CFPB Study (2023): People using Snowball are 17% more likely to stay on plan — but Avalanche saves 12–18% more in interest on average.

Red Flags in Payoff Plans

⚠️ Avoid these common traps:

• Minimum-only payments — $5K at 22% APR takes **33 years**, $9,800 interest
• Continuing charges — Adding $100/mo while paying off extends payoff by 1.8x
• Balance transfer fees ignored — 3% fee on $10K = $300; if not paid in 18mo, higher APR kicks in
• Consolidating without behavior change — 37% re-accumulate debt within 2 years (NY Fed)

✅ Rule of thumb: Pay at least 5% of balance monthly — e.g., $250/mo on $5K → payoff in 2.2 years.

U.S. Credit Card Debt Snapshot (2025)

• Average balance: $6,501 (Experian Q1 2025)
• Average APR: 24.7% (Federal Reserve)
• Min payment trap: $200 on $5K at 24% takes 31 years, $13K interest
• Bi-weekly hack: $250 every 2 weeks = 13 payments/year → cuts payoff time by 20%

Good news: Paying $400/mo on $6.5K at 24% APR → debt-free in **19 months**, $1,500 interest.

How to Use This Calculator

1. Add each card: balance, APR, minimum payment.
2. Switch to “Strategy” tab.
3. Enter your total monthly payment budget (e.g., $500).
4. Select a strategy: Snowball, Avalanche, or Consolidation.
5. Click “Calculate”.

You’ll see:

• Payoff time & total interest
• Months and interest saved vs. minimum payments
• Interactive payoff timeline chart

Note: Assumes no new charges, daily compounding, and on-time payments.