# Credit Card Payoff Calculator Compare avalanche (highest APR first) vs snowball (lowest balance first) strategies for paying off multiple credit cards. Enter cards as 'name, balance, APR%, minPayment%' per line plus an extra monthly payment. Shows payoff time, total interest, savings vs minimum-only, and balance decline curves. > Canonical page: https://elysiatools.com/en/tools/credit-card-payoff - **Category:** Finance - **Keywords:** credit card, debt payoff, avalanche, snowball, minimum payment, debt free, interest savings, finance ## Overview The Credit Card Payoff Calculator helps you compare the debt avalanche and debt snowball strategies to eliminate credit card debt efficiently. By entering your card balances, APRs, and minimum payments alongside an extra monthly contribution, you can instantly visualize payoff timelines, total interest costs, and savings compared to making only minimum payments. ## Inputs - **Cards (one per line: name, balance, APR%, minPayment%)** (textarea): e.g. Visa, 5000, 19.99, 2 Mastercard, 3000, 24.99, 2 Amex, 2000, 15.99, 2 - **Extra Monthly Payment** (number): e.g. 500 - **Strategy** (select) - **Decimal Places** (number) ## When to use - When you have balances on multiple credit cards and want to determine the fastest, most cost-effective way to pay them off. - When deciding whether to prioritize paying off cards with the highest interest rates (avalanche) or the lowest balances (snowball). - When planning your monthly budget and wanting to see how adding extra payments accelerates your journey to becoming debt-free. ## How it works - Input your credit cards line-by-line, specifying the name, current balance, APR percentage, and minimum payment percentage for each. - Enter the extra monthly amount you can afford to pay toward your debt above the minimum payments. - Select your preferred payoff strategy—avalanche, snowball, or a side-by-side comparison of both. - Review the generated HTML report detailing payoff timelines, total interest paid, total savings, and balance decline curves. ## Use cases - Comparing interest savings between high-interest rate targeting and low-balance targeting. - Calculating the exact month and year you will become debt-free based on a specific extra monthly payment. - Visualizing the decline of your total debt balance over time using interactive curves. ## Frequently asked questions ### What is the difference between the avalanche and snowball methods? The avalanche method prioritizes paying off the card with the highest APR first to minimize interest, while the snowball method targets the smallest balance first for quick psychological wins. ### How should I format the credit card input list? Enter each card on a new line using the format: card name, balance, APR, and minimum payment percentage, separated by commas. ### Can I compare both payoff strategies at the same time? Yes, select the 'Both' option under Strategy to view a side-by-side comparison of payoff times and interest savings. ### What does the 'Extra Monthly Payment' field do? It specifies the additional money you contribute each month, which is applied to the target card after all minimum payments are met. ### Does this calculator support other types of debt like loans? 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