Easily see what it will take to pay off your credit card at different interest rates and payment amounts with this credit card payoff calculator. In the end, it also displays the graphical chart of your payments and your payable credit card balances.

The actual credit card interest calculation is usually based on daily compounding, but the monthly calculation is a pretty good estimate. Furthermore, it calculates the difference of interest that you will pay in each mode. Click here to download Credit Card Payoff Calculator Excel Template. The Debt Repayment Calculator will show you how long it will take to pay off your credit card debt. Current Usage: Usage of the current month of the credit card. Ideally, there are 3 ways to make payments: Paying the minimum amount will give elongate the tenure and interest payments will be higher.

The interest portion of the payment will decrease as your balance decreases, but the monthly payment stays the same. Comment document.getElementById("comment").setAttribute( "id", "a9ff160750209344c075ae913262e5cd" );document.getElementById("fa2e6025b3").setAttribute( "id", "comment" ); Save my name, email, and website in this browser for the next time I comment. Minimum Due: This field is auto-populated according to the percentage we insert in the top row. The advanced sorting is helpful if you're using a particular debt payoff plan, such as the debt snowball. First, choose which debt to pay off first. Depending on the calculator, you can find out the monthly payment amount that is required to pay your credit card balance in full, or it can provide you with your estimated purchases and the amount of time you would need to pay off your balances. All you need to do is download the template and plugin a few numbers—the spreadsheet will do all the math. If you have any queries please share in the comment section below. If you have any questions about how to use the spreadsheet or the online calculator, please contact us.

After you enter your information, select the different methods to see how each would work for paying off your debt. The graphs help show how the total interest decreases as you increase your Monthly Payment. We will be more than happy to assist you. Technically, these are spreadsheet templates that can be used with Microsoft Excel, OpenOffice Calc, or Google Sheets. Download Savings Goal Tracker Excel Template, Download Monthly Household Budget Excel Template, Download Credit Card Payoff Calculator Excel Template. Interest on Cash Advances: Interest on cash advances is auto calculated according to the percentage provided. These cookies will be stored in your browser only with your consent. It is a fixed payment, meaning it does not change. Monthly Payment: If you want to calculate the Months to Payoff, then enter the monthly payment amount. We have created a simple and easy Credit Card Payoff Calculator Excel Template that helps you calculate the duration of payoff and also the interest amount to be paid against each payment mode. Interest on the remaining Amount: The template auto-populates this field. But spreadsheets simplify the task, making it easy for anyone who can use a spreadsheet to make a plan to pay off debt. In addition to the above, it also calculates payments based on two types of payment modes. Download the Debt Reduction spreadsheet, Credit Repair Edition to first pay down each credit card to specific levels determined by your FICO score. Total Interest – Minimum Payment For example, it can't figure out the dollar amount of interest that is allocated in each loan payment. How fast could you pay off your credit card? The Monthly Payment will then be calculated. You will need to know the principal and interest you pay for each loan over the course of several months. Your email address will not be published. Late Fees/Fines: Enter fines and late fees if any. Monthly Minimum Percentage Interest Rate: Unless you know to do otherwise, enter the Annual Percentage Rate (APR). Cash Advance: Insert amount if withdrawn any cash advances. Note: This calculator assumes a constant interest rate, and it does not take into account any late fees, future charges, or cash advances. Most APRs will fluctuate over time, and can be affected by late payments and other factors, but this calculator just assumes a fixed interest rate. For an even more powerful debt payoff spreadsheet, see our debt reduction calculator. This calculator does not take into account the grace period for recent charges. Portfolio Analysis With BSE Bhav Copy Data Excel Template, Income Tax Calculator FY 2018-19 Excel Template, Personal Income-Expense Tracker Excel Template, Credit Card Payoff Calculator Excel Template, Investment Tracker With ROI Excel Template, Rental Property Management Excel Template, Loan Comparison Calculator Excel Template, Rental Property Maintenance Register Excel Template. Marguerita is a Certified Financial Planner® who helps people meet their life goals through the proper management of financial resources. This template can be helpful to individuals, companies, credit managers and other relevant professionals. 5 Tips for Getting the Most from your Credit Card. Shred them if you need to. Months To Payoff – Proposed Payment You can apply different strategies such as making extra payments to see the effect in the Totals sheet or on the graph.Fill in details for each of your debts in the Datasheet for each month to see the total principal and interest paid, and refer to the graph for your expected date to become debt-free.

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