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M o n th ly P a y m e n t
Credit Card Info Months Payment Interest
Current Balance $ 7,500 12 673.40 580.84
Interest Rate 14.00% 18
$800 464.36 858.55
673
Interest-Only Payment $ 87.50 $700
24
$600
360.10 1142.32
30
$500 297.74
464 1432.13
$400 360
36
$300 256.33 298 1727.96
256
227
188 175
A. Calculate Months to Payoff $200
42 226.90 2029.77
$100
Monthly Payment $ 120.00 54
$0 187.99 2651.19
12 18 24 30 36 42 54 60
(Needs to be greater than the interest-only payment) 60 174.51 2970.71
Months to Payoff
Total Interest
Months to Payoff 112.62
(9.38 years) 3500
2,971
Total Interest $ 6,013.95 3000 2,651
2500
2,030
2000 1,728
1,432
1500 1,142
B. Calculate Monthly Payment 1000
581
859
500
Payoff Goal (Months) 36 0
(3 years) 12 18 24 30 36 42 54 60
Months to Payoff
Caution: Results are only estimates. Interest rates may vary, values may be
off due to rounding, and the calculator does not[42]
Enter your current balance and interest rate. Then, enter a monthly payment to
calculate how many months it will take to pay off the credit card, or enter the payoff
goal to calculate what your monthly payment must be to meet that goal.
The calculator assumes a constant interest rate, and it does not take into account any
late fees, future charges, or cash advances.
Additional Details
Interst Rate: Unless you know otherwise, enter the APR (Annual Percentage Rate).
Most APR's will fluxuate over time, and can be affected by late payments and other
factors, but this calculator just assumes a fixed rate.
Interest-Only Payment: This does not necessarily represent the minimum monthly
payment that your credit card company requires. This interest-only payment
represents that amount that you must exceed in order to pay off your card. If you only
pay interest, you will never pay off the balance.
Monthly Payment: When calculating the months to payoff, enter the amount that you
currently pay or plan to pay per month. The amount must be greater than the
interest-only payment, or you won't be able to pay off the credit balance. Part of the
monthly payment will go towards paying the interest due, and the other part goes
towards reducing the balance.
When calculating the monthly payment, this is the estimated payment that you would
need to make each month in order to reach your goal. It is only an estimate, because
it does not include fees, future charges, cash advances, or changes in the APR.
Payoff Goal (Months): When calculating the monthly payment, enter the number of
months when you want to have your credit card balance completely paid off. The
calculator will determine the monthly payment required to reach this goal, assuming
no late fees, or other charges.
Total Interest: The estimate of the total interest that will be paid by the time the
balance is paid off.
Additional Help
The link at the top of this worksheet will take you to the web page on vertex42.com that
talks about this template.
REFERENCES
By Vertex42.com
https://www.vertex42.com/Calculators/credit-card-payoff-calculator.html
Please review the following license agreement to learn how you may or may not
use this template. Thank you.
https://www.vertex42.com/licensing/EULA_personaluse.html