Credit Card Payoff Calculator | Debt Snowball vs Avalanche

The debt snowball method pays off the smallest balance first while making minimum payments on others. Once the smallest debt is gone, you roll that payment to the next smallest. It builds momentum and motivation, though it may cost more in interest than the avalanche method.

The debt avalanche method targets the highest interest rate debt first while making minimum payments on others. This approach minimizes total interest paid and gets you debt-free sooner, though some debts may take longer to pay off individually.

Paying only the minimum payment mostly covers interest, barely reducing the principal balance. A $5,000 balance at 20% APR with a $100 minimum payment takes over 9 years to pay off and costs more than $4,000 in interest. Adding even $50 extra per month cuts years off the payoff timeline.

Use the avalanche method if you want to minimize total interest paid. Use the snowball method if you need quick wins to stay motivated. This calculator shows the exact payoff timeline and total interest for both strategies so you can choose what fits your situation.

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