Debt Inputs
Your Debts
Payoff Strategy
%
Preset Scenarios
Balance Payoff Over Time
Minimum Only vs Chosen Strategy
Total Interest Paid
$0
chosen strategy
Months to Payoff
0
chosen strategy
Total Paid
$0
principal + interest
Interest Saved vs Minimum
$0
vs minimum-only strategy
Strategy Comparison — All Four Methods Side by Side
| Strategy | Total Interest | Months | Total Paid | Opportunity Cost |
|---|
Payoff Schedule — Chosen Strategy
| Month | Payment | Interest | Principal | Remaining |
|---|
Why This Matters:
- The minimum payment trap: Credit card companies set minimum payments low for a reason — at 2% of balance on a $8,000 card at 24.99% APR, you'll pay $14,000+ in interest and take 30+ years to pay off.
- Fix your payment: Simply keeping your payment at today's minimum (instead of letting it shrink as the balance drops) saves thousands and cuts years off the payoff timeline.
- Avalanche vs Snowball: Avalanche (highest APR first) is mathematically optimal. Snowball (lowest balance first) provides psychological wins. Both crush minimum-only.
- Opportunity cost is real: Every dollar paid in interest is a dollar that could have been invested. At 7% returns, $14K in interest could have grown to $25K+ over the same period.