VerCalc
Finance
Credit Card Payoff Calculator

Credit Card Payoff Calculator 2026

Plan how fast you can eliminate credit card debt. Add one or multiple cards, choose Snowball or Avalanche, and see an estimated debt-free date plus total interest — then adjust extra payments to speed things up.

Your Debts

$
%
$
$
%
$

Amount you can pay above the sum of all minimums.

$
Debt free in
1y 9m
Total paid: $8,289
Total interest
$1,289
Strategy
Avalanche
DISCLAIMER: This calculator provides educational estimates, not financial advice. Results assume a stable APR and consistent payments. Real credit cards may use daily compounding, promotional APRs, fees, changing minimum payment formulas, and new purchases — all of which can change your payoff date and interest.
Calculator inputs stay on your device (local processing).

Disclaimer: All calculators on this website are provided for informational and illustrative purposes only. The results do not constitute professional advice (including legal, tax, financial, medical, or other advice). Despite careful programming, we assume no liability for the accuracy, completeness, or timeliness of the results. For matters requiring professional advice, we recommend consulting an appropriate specialist (e.g., a tax advisor, lawyer, accountant, or physician).

1

Comparison of Strategies

We simulate your monthly payments month-by-month. We first pay the minimums on all cards to avoid penalties. Then, any extra money (your 'snowball') is directed entirely to the priority debt decided by your chosen strategy.
2

How it is calculated

Interest is calculated daily/monthly based on APR. The calculator assumes a constant APR and minimum payment behavior.

Debt Snowball

Pays off debts from smallest balance to largest. This provides quick psychological wins as you eliminate individual debts faster, keeping you motivated.

Debt Avalanche

Pays off debts from highest interest rate to lowest. This is mathematically optimal as it saves the most money on interest over the long term.

Credit Card Payoff Calculator

Plan how fast you can eliminate credit card debt. Add one or multiple cards, choose Snowball or Avalanche, and see an estimated debt-free date plus total interest — then adjust extra payments to speed things up.

What this credit card payoff calculator estimates

This page helps you answer three practical questions:

  • How long until I’m debt-free? (months + years)
  • How much interest will I pay? (estimated total)
  • Which strategy is better for me? (Snowball vs Avalanche)

Add multiple credit cards, enter balance, APR and minimum payment, then test how an extra monthly payment changes the payoff timeline.

Snowball vs Avalanche: quick comparison

If your goal is…Pick SnowballPick Avalanche
Staying motivated with quick wins✅ Often best➖ Can feel slower at first
Minimizing total interest paid➖ Not optimal✅ Usually best
Reducing the highest APR risk ASAP➖ Not targeted✅ Targeted (highest APR first)
Simplest mental model✅ Very simple✅ Also simple

How credit card interest works (APR explained)

Most credit cards advertise an APR (annual percentage rate). A simple monthly approximation is: monthly rate ≈ APR / 12. If you carry a balance, interest accrues on the remaining balance and compounds over time.

Example: a $5,000 balance at 24% APR has a rough first-month interest cost of: $5,000 × 0.24 / 12 = $100. Paying more than the minimum reduces the balance sooner, so you pay less interest overall.

Note: many issuers use average daily balance and daily compounding. This calculator simplifies the mechanics so you can compare strategies and estimate impact.

The minimum payment trap (and how to escape it)

Minimum payments are designed to keep accounts current, not to eliminate debt quickly. If your minimum is close to (or even below) your monthly interest, your balance can shrink very slowly.

  • Raise your payment: even +$25–$100/month can cut months or years.
  • Lower the APR: negotiation, refinance, or a balance transfer can reduce interest drag.
  • Stop new charges: new purchases can undo the progress you’re modeling.

A practical payoff checklist (10 minutes to a plan)

  1. List every card (balance, APR, minimum).
  2. Pick a strategy: Avalanche (math) or Snowball (momentum).
  3. Choose an extra payment you can sustain monthly.
  4. Run scenarios: try +$50, +$100, +$200 and compare interest saved.
  5. Automate payments around paycheck dates to avoid late fees.
  6. Review monthly: as balances drop, re-run the plan.

Common mistakes that slow down payoff

  • Only paying minimums while carrying high APR balances.
  • Ignoring fees (annual fees, late fees, balance transfer fees).
  • Switching strategies too often — pick one and stick to it for a few months.
  • Leaving high-APR debt unattended while focusing only on balance size.
  • Not tracking utilization if you also care about credit score improvements.

Related calculators (next best steps)

If you want to go deeper, these tools pair well with a payoff plan:

How to Use This Calculator

  1. 1

    List Your Debts

    Enter the current balance, interest rate (APR), and minimum monthly payment for each credit card or loan.

  2. 2

    Set Extra Payment

    Determine how much extra money you can afford to pay towards your debt each month above the minimums.

  3. 3

    Choose Strategy

    Toggle between 'Snowball' (lowest balance first) and 'Avalanche' (highest interest first) to see which saves you more time or money.

  4. 4

    Review Plan

    Check your estimated debt-free date and total interest paid.

Common Questions

Q:What is the Debt Snowball method?

The Debt Snowball method involves paying off your debts in order from smallest balance to largest. You pay minimums on everything else and throw all extra money at the smallest debt. Once it is gone, you roll that payment into the next smallest debt, creating a "snowball" effect.

Q:What is the Debt Avalanche method?

The Debt Avalanche method focuses on interest rates. You pay off high-interest debt first regardless of balance. This method minimizes the total interest you pay and typically gets you out of debt slightly faster than the Snowball method.

Q:Should I consolidate my credit card debt?

Debt consolidation can be a good option if you can get a loan with a significantly lower interest rate than your credit cards. However, it is important to address the spending habits that led to debt in the first place so you do not run up the cards again.

Q:Why is my payoff date different from my credit card statement?

Statements often assume daily compounding, specific billing cycles, and a minimum payment formula that can change as your balance falls. Fees, promotional APRs, and new purchases also shift the timeline. This calculator uses a simplified model so you can compare strategies and estimate impact.

Q:Do extra payments really save that much interest?

Usually, yes. Interest is charged on your remaining balance, so paying earlier reduces the balance sooner. Even small extra payments can noticeably cut the total interest and the months to payoff, especially at higher APRs.

Q:Should I stop using the card while paying it off?

If possible, yes. New purchases can keep the balance from falling and may accrue interest differently depending on grace periods and whether you carry a balance. A payoff plan works best when you avoid adding new revolving debt.

Q:What about 0% intro APR or balance transfers?

A 0% promotional APR can accelerate payoff if you avoid new debt and account for transfer fees and the promo end date. A good approach is to target the promo balance so it is paid off before the regular APR resumes.

Q:Will paying off credit cards improve my credit score?

It can, especially by lowering credit utilization and reducing the number of accounts with high balances. Scores also depend on payment history, age of accounts, and other factors, so results vary.
VerCalc Team
VerCalc Team
Personal finance research & calculator tooling

We build fast, transparent calculators and explain the assumptions behind the math. For debt tools, we focus on clear payoff timelines, interest cost intuition, and practical levers (APR, extra payment, and strategy choice).

Sources & References