Credit Card Payoff Calculator Escape high-interest debt — with payoff timelines, interest savings, and avalanche vs. snow...

Credit Card Payoff Calculator

Escape high-interest debt — with payoff timelines, interest savings, and avalanche vs. snowball strategies.

Single Card

Multi-Card

Consolidation

Balance ($)

APR (%)

Monthly Payment ($)

Strategy Fixed Payment Minimum Only Bi-Weekly Extra $50/mo

Card 1: Balance ($)

APR (%)

Card 2: Balance ($)

APR (%)

Total Monthly ($)

Method Debt Avalanche Debt Snowball

Total Debt ($)

Avg. APR (%)

Monthly Pay ($)

Option 0% BT (18 mos, 3% fee) Personal Loan (14% APR)

$0

Monthly Payment

—

Payoff Time

$0

Total Interest

$0

Interest Saved

Payoff Timeline

How Credit Card Payoff Works

Formula for Fixed Payments**:

$$n = -\frac{\log\left(1 - \frac{r \cdot B}{P}\right)}{\log(1 + r)}$$

Where: • $B$ = balance • $P$ = monthly payment • $r$ = monthly interest rate (APR ÷ 12)

Example: $5,000 @ 20.4% APR, $250/mo: • Months = **24** • Total paid = $6,000 • Interest = **$1,000**

Minimum Payment Trap**:

• $5,000 @ 20% APR, $150/mo min (3%) → **132 months (11 years)**, **$4,800 interest**
• You pay **96% more** in interest vs. $250/mo fixed

Credit Card Red Flags

⚠️ Avoid these debt traps:

• Deferred Interest Promos** — “0% for 12 mos” → all interest back-charged if not paid in full
• Universal Default** — APR jumps to 29.99% if late on *any* credit account
• Teaser APR Cliffs** — 0% → 25% after 6 months with no warning
• Dynamic Currency Conversion** — “Pay in USD?” → 3–8% hidden fee

✅ Pro Tips**:

• Call and ask for a **rate reduction** (success rate: 73% — NerdWallet)
• Use bi-weekly payments** (26 half-payments) → 1 extra payment/year
• Automate $5–$20/week via apps like Qapital or Chime

2025 Payoff Benchmarks

Strategy	$5K @ 20%	Time	Interest
Minimum ($150)	$150/mo	11 yrs	$4,800
Fixed ($250)	$250/mo	24 mo	$802
Bi-Weekly ($125)	$250/mo equiv.	22 mo	$725
Avalanche vs. Snowball ($12K)	$400/mo	Avalanche: 34 mo	$2,100
		Snowball: 38 mo	$3,300

📉 Consolidation Breakeven**:

• 0% BT for 18 mos + 3% fee → best if current APR > 22%
• Personal loan @ 14% → best if current APR > 18% and credit score > 680

How to Use This Calculator

➡️ Single Card

See how long to pay $5K at $250/mo — with interest total and timeline.

➡️ Multi-Card

Compare avalanche (save max interest) vs. snowball (quick wins) for 2+ cards.

➡️ Consolidation

Model 0% balance transfer vs. personal loan — with fees and break-even.

Note: Assumes fixed APR, no new charges, on-time payments. Minimum payment = max(1%+fee, $25).