Credit Card Payoff Calculator
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- January 4, 2022 Updated
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Perhaps, this credit card payoff calculator is just an ordinary tool you can find easily online. I have created this tool last year to help me getting a better view about my credit card debts.
As most of people know, the toughest part of paying off credit card debt is a commitment not to use it again for any transactions, so everybody can commit on their designated payoff plan. But, there is always a temptation to use it again and again with some consideration that they still have some budget to pay or they will earn some money to pay it later. But, it is more common also that they are running out of credit card limits and the money budgeted for those credit card payment is already spent for other things.
Back to the template, basically this is a simple credit card payoff calculator that is created using microsoft excel built-in financial function, PMT and NPER function, which you can create yours just by following the formula I used in this template.
But, if you are just planning to use it, you can just simply put numbers in your credit card statement in related input boxes. The needed numbers are: current balance or usage, yearly interest rate, and minimum payment. There are two cells available for minimum payment. You can fill both or just fill one of them based on your bank policy. Then, you can go to the Pay Off Goal part and type your desired months to pay off or desired monthly payment or you can fill both white boxes to compare to find the best payment option.
All blue boxes are filled with numbers automatically revealed based on your input.
That's all guys. You can download the file below. The main worksheet is not password protected, so you can learn the excel formula inside. Just remember that the results in this tool is an illustrative result since the real result could be different based on credit card issuer policy, as I stated in the beginning paragraph, that I used this tool only for getting a better view about my credit card debts.
