How to calculate credit card payments in excel

How to calculate credit card payments in excel

Microsoft Excel can be a powerful tool for managing your finances, including figuring out how much to pay on your credit cards each month to pay them off by a certain date. You can find ready-made templates available online to help calculate the ideal payment schedule and figure out what you'll ultimately pay in interest, or you can build your own with a few simple formulas. If you don't use Excel but prefer another spreadsheet program, you can find or build comparable tools.

Using Excel Templates

There are a wide variety of Excel templates you can get to figure out how to pay off your credit cards to optimize your finances, including some available from the Microsoft Office site.

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Visit the Microsoft Office site or your favorite search engine to locate one that fits your needs. Then, download it to your computer, open it in Excel and enter your credit card balance and interest rate data and information on your planned payment schedule to plan your finances.

Excel Formulas for Credit Card Interest

There are useful formula functions in Excel that can help you figure out information about your finances.

One is the PMT function, which allows you to calculate the size of a monthly payment needed to pay off a credit card or other loan in a certain number of months. You will need to know your credit card's monthly interest rate, which is the annual rate divided by 12, the number of months in a year. For instance, if your credit card annual rate is 24 percent, your monthly rate is 24 / 12 = 2 percent.

Then, call PMT with the monthly rate, the number of payments you want to make and the current balance. For instance, write =PMT(2, 18, 10000) to figure out how many payments you need to make to pay off a $10,000 balance at 2 percent monthly interest in 18 months.

PMT exists in some other spreadsheet programs as well, including Google Sheets. If you're not using Excel, read your spreadsheet's documentation to verify how to use it.

Using the NPER Formula Function

Another useful formula function is NPER, which figures out how much time it will take to pay off a loan with a fixed monthly payment.

For example, if you have a 2 percent monthly interest rate, intend to pay $500 a month and owe $5,000, you can call NPER(2, -500, 5000) to determine how many months it will take to pay down the loan. Remember that since the payment is decreasing your balance, it should be preceded with a negative sign, and that you must use the monthly interest rate rather than the annual one.

Using Online Calculators

You can find various online calculator tools for credit card interest and payoff dates that don't rely on Microsoft Excel at all. Many of these will let you input your credit card interest rate and current balance and figure out how quickly you can pay off your balance.

Search around for a calculator that has the features you want from a site you trust. You can find them on financial news and information sites and sometimes on bank portals, possibly including your bank.

Remembering Your Privacy and Security

Excel spreadsheets you download from the internet can potentially contain malware that could steal your data, harm your computer and phone or erase the data on them. Other sites you input information to can potentially store it for their own use, including targeting you with advertisements or a more nefarious purpose.

Make sure you are comfortable putting information into an Excel sheet or website, including data like how much you owe on your credit cards. Pay attention to any warnings you get from Excel or your web browser.

While some financial sites may ask for login information to access data from your bank or credit card issuers, be very wary of sharing it with sites you don't thoroughly trust, since they could steal your information or even your money.

Changing Balances and Interest Rates

Remember that if your interest rate changes, as many credit card rates do over time, you should redo your calculation with the new interest rate to get the most accurate numbers. Naturally, if your rate goes up and you make the same payments, it will take longer to pay off your balance, while if it goes down, you may pay off your balance sooner.

You might also wish to shift payment dollars between cards or just pay more or less on a card per month depending on changes in interest rates. Reuse the credit card payment calculator or Excel spreadsheet to get the accurate numbers.

Similarly, if you spend more on the credit card and your balance goes up, or if you make a larger than usual payment, you will want to reapply the credit card amortization schedule Excel sheet or another tool to get accurate data to plan your finances.

Our new Credit Card Payment Calculator will help you calculate your minimum payment and estimate how long it will take you to pay off your credit card by making either minimum payments or fixed payments. See below for more information about how to calculate the minimum payment on your credit card.

This calculator will help you realize just how much it really costs to pay the minimum on your credit card. There IS one case in which it might actually be beneficial to only pay the minimum. Read on below to find out when.

Unlike our debt reduction calculator and credit card payoff calculator, this spreadsheet lets you see how long it will take to pay off your credit card if you make only the minimum payment month-after-month.

Credit Card Payment Calculator

How to calculate credit card payments in excel

Download

Other Versions

License: Personal Use (not for distribution or resale)

"No installation, no macros – just a simple spreadsheet" – by Jon Wittwer

Description

This credit card minimum payment calculator is a simple Excel spreadsheet that calculates your minimum payment, total interest, and time to pay off. It also creates a payment schedule and graphs your payment and balance over time.

You can now add extra payments into the Payment schedule to see how making occasional extra payments could help you pay off your credit card faster (see the screenshot). You can also choose to make Fixed Monthly Payments instead of paying the minimum payment.

Update 10/16/2016 (.xlsx version only): I have added an optional 0% Introductory Period so that you can simulate paying off a card or doing a balance transfer to a card offering 0% interest for a number of months.

How to Calculate the Minimum Credit Card Payment?

The minimum payment on your credit card is usually either a percentage of the current balance (2% – 5%) or a minimum fixed dollar amount (like $15.00), whichever is greater. The minimum payment might also be defined as the interest plus a percentage of the current balance. Check the fine print on your credit card agreement to determine how your credit card company defines your minimum payment.

Interest-Only

This is the minimum possible payment that you could make to avoid having your balance increase. But, if you only only pay the interest month-to-month, you’ll never pay off the credit card. The basic calculation for the monthly interest-only payment is:

(Annual Rate / 12) * Balance

If your interest rate was 18%, then the monthly interest rate would be approximately 18% / 12 = 1.5%.

Percent of Balance

Credit cards are a type of revolving line of credit that don’t have a specific amortization period defined. So, to ensure that each payment includes interest plus some portion of the principal, the minimum payment is defined as a percentage that is greater than the monthly interest rate. This percentage will usually be between 2% and 5%.

Interest plus Percent of Balance

Some credit cards may define the minimum payment as "X% of the balance plus interest" – especially cards where the interest rate is allowed to change. Defining the minimum payment like this ensures that the credit card payment will always cover interest plus X% of the principal balance.

In the credit card payment calculator, enter the X% in the "Min Payment % of Balance" field and then check the "Plus Interest" box.

Fixed Dollar Amount

When your balance gets low, the "Percent of Balance" calculations might result in a very small minimum payment, and in theory you’d never actually finish paying off the balance. So, there is almost always a minimum fixed dollar amount, usually about $15.00.

In the credit card calculator, you enter the $15.00 minimum value in "Min Payment for Low Balance" field.

0% Interest Period

Some companies offer 0% interest for a number of months to entice you to sign up for their new card. After the 0% introductory period, the interest rate rises to the normal high rate. You can use the latest version of this spreadsheet to simulate that scenario, but be aware that missing a payment can cancel the introductory period.

How is Credit Card Interest Calculated?

For credit cards, interest is usually accrued daily or based on the average daily balance, but most credit card calculators estimate the monthly interest by assuming that (1) the balance is constant and (2) the interest rate is the annual rate divided by 12. This is a pretty good estimate, but probably won’t be exactly what you see on your monthly statement.

Minimum Payments vs. Fixed Payments

The credit card payment calculator lets you enter a Fixed Monthly Payment amount. If you do, that amount will override what you have entered in the Min Payment fields. If the fixed payment is the same as or greater than the first minimum payment, you will generally pay off the credit card much sooner and pay much less interest overall.

Why? If you are only making minimum payments, the minimum payment decreases as the balance decreases, so you aren’t paying as much of the principal from month to month. Our credit card calculator can help you see just how much the difference might be.

When Should I Pay only the Minimum Payment?

There may be extenuating circumstances where you might want to only make a minimum payment (such as lack of money).

There is also a case where it may be mathematically beneficial to pay the minimum. And that is . if you are using the snowball method to pay off multiple credit cards.

Using the snowball method, you can pay less overall interest and pay off debts faster if you pay off the credit card with the highest interest first and make only minimum payments on the other credit cards. This assumes that you are allocating a fixed total amount to paying off your debts so that everything left over after making the minimum payments on the other credit cards goes to paying off the one with the higher interest rate.

Credit Card Payoff Calculator Template (Excel, PDF), Open Office that will calculate the payment which is required to pay off your all credit card debt in the specified number of the years. And calculate how long it will take to pay off the card given a specific monthly payment. This is a great spreadsheet to have in the debt reduction tool belt.

This credit card payoff calculator excel template is just an ordinary tool you easily can find online. I also have created this tool last year to help me get a better view of my credit card debts. You may also like Business Credit Application Template .

Table of Contents

How To Use Credit Card Payoff Calculator Excel Template?

Enter your credit card balance, interest rate, and the monthly payment. Then, choose whether you want or need to pay off with, fixed payments, and by a certain date. The list accommodates up to the 8 credit cards. If you select the minimum only payment option. The result tells you how long it will take to pay off the credit cards and how much interest and the principal you will have to ultimately pay.

How to calculate credit card payments in excel

The fixed payment option will detail you how much longer it will take to pay off the debt based on the fixed payment you enter. If you select the debt-free deadline and the credit card pay off calculator easily lets you know how much you have to pay each month to meet the timeline. The fixed payment and the debt-free deadline options are can very easily create a detailed repayment plan. You should also check the Debt Snowball Calculator Template .

The calculator displays the total credit card balance and the total minimum payments. It creates a repayment schedule based on the repayment strategy. The repayment schedule shows each credit card and also the monthly payment you make until the credit card is repaid. You can easily download a spreadsheet of the repayment plan for future reference.

How to calculate credit card payments in excel

Most people also know that how toughest part of paying off credit card debt is the commitment not to easily use it again for any transactions. Everybody can commit to their designated payoff plan. But, there is always a temptation to use it again and again with some consideration that they still have few budgets to pay. They also will earn some money to easily pay it later. But, it is much common also that they are running out of the credit card limits. And the money budgeted for the credit card payment is already spent on the other things.

If you want to know how much longer it will take you to pay off the credit card debt. And it will also tell you how much you have to pay to get rid of the debt faster. A credit card payoff calculator excel template is a thing that you need. Internet search results show thousands of pages of calculators. But not all of them are as really easy to use and give you the best results. You may also see Paypal Invoice Template .

How to calculate credit card payments in excel

This article provides details of Excel template credit card payment calculator that you can download now.

Microsoft Excel software under a Windows environment is required to use this template

These Excel template credit card payment calculator work on all versions of Excel since 2007.

Examples of a ready-to-use spreadsheet: Download this table in Excel (.xls) format, and complete it with your specific information.

To be able to use these models correctly, you must first activate the macros at startup.

The file to download presents three templates Excel template credit card payment calculator

  • Excel template credit card payment calculator

This Credit Card Payment Calculator estimates the time to pay off your card and the total interest based on making minimum payments. You can also choose to make fixed payments or extra payments to see how doing so may help you pay off the card faster.

  • Excel template credit card payoff calculator

How long will it take to completely pay off the balance of a credit card at the current interest rate?

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.

  • Advanced Excel template credit card payment calculator

The Temptation Of Credit Cards

Credit cards come bundled with various attractive features that are difficult to resist. Credit card companies understand that offering perks often leads to a paying customer – something you don’t want to become.

That why you must practice the following 3 responsible credit card habits:

  • Paying off the credit cards every month – Pay in full every month, and avoid the temptation to make minimum payments.
  • Spending only what you can afford – If you can’t pay for it with your checking account, you have no business paying for it with credit cards.
  • Paying down existing debt – If you already have debt, use this debt snowball strategy to systematically improve your financial situation.

Choose A Payment Method

The Credit Card Payment Calculator allows you to choose one of two payment methods:

  1. Pay off your credit cards by using a fixed monthly payment you can afford. (Recommended)
  2. Pay off your credit cards by using the minimum payment percentage. (Bad idea)

Making minimum payments should be avoided if possible, as they typically keep you in debt longer than you want. By creating a budget, you can see exactly how much you can afford to pay toward your credit cards – often resulting in larger payments and less interest.

Credit cards offer unparalleled convenience, but that doesn’t mean you have to pay interest to use them. Use the Credit Card Payment Calculator as a motivational tool, compelling you to avoid interest and years of indebtedness.

Download a free Credit Card Payoff calculator for Microsoft Excel or Google Sheets that will calculate the payment required to pay off your credit card in a specified number of years, or calculate how long it will take to pay off your card given a specific monthly payment. You can also use our new online calculator, but if you want to see exactly how the formulas work, download the spreadsheet.

For an even more powerful debt payoff spreadsheet, see our debt reduction calculator.

Credit Card Payoff Calculator

Note: This calculator assumes a constant interest rate, and it does not take into account any late fees, future charges, or cash advances.

Credit Card Payoff Calculator

How to calculate credit card payments in excel

Download

Other Versions

License: Personal Use (not for distribution or resale)

"No installation, no macros – just a simple spreadsheet" – by Jon Wittwer

Description

What will it take to completely pay off the balance of a credit card at the current interest rate? 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.

Using the Credit Card Payoff Calculator

The following details explain how the calculator on this page works.

Current Balance: The calculator assumes you are paying off the unpaid principal. If you are actively using a card, then purchases made in the past month usually have a grace period of a month before interest is charged. This calculator does not take into account the grace period for recent charges.

Interest Rate: Unless you know to do otherwise, enter the Annual Percentage Rate (APR). 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.

Interest-Only Payment: This is an estimate of the monthly interest due, calculated by multiplying the current balance by the monthly interest rate. The monthly interest rate is the annual rate divided by 12. Your monthly payment needs to be larger than the interest-only payment, or you will never pay off card.

The actual credit card interest calculation is usually based on daily compounding, but the monthly calculation is a pretty good estimate. The difference has more to do with the numbers of days in different months rather than the compounding period (although the compound period does have a small effect).

Monthly Payment: If you want to calculate the Months to Payoff, then enter the monthly payment amount. It is a fixed payment, meaning it does not change. It is not a minimum credit card payment, which can decrease over time as your balance decreases.

Part of your monthly payment will be used to first pay the interest due (the Interest-Only Payment amount), and the rest is applied to the principal. This assumes no fees, additional charges or cash advances. The interest portion of the payment will decrease as your balance decreases, but the monthly payment stays the same.

Months to Payoff: If you want to set a goal for when to have your card paid off, enter the number of months instead of the monthly payment. The Monthly Payment will then be calculated.

Total Interest: This is an estimate of the total interest paid by the time the balance is completely paid off and is calculated as Monthly Payment * Months to PayoffInitial Balance. The total interest is useful for evaluating the cost of debt and comparing different payoff goals. The longer you take to pay off the card, the more interest you will pay. The graphs help show how the total interest decreases as you increase your Monthly Payment.

If you have any questions about how to use the spreadsheet or the online calculator, please contact us.

Steps to Pay off Your Credit Card Debt

Are you trying to escape from the oppression of credit card debt? The following steps may not apply to your specific financial situation, but you may want to consider them .

  1. Lower It! Call your credit card company(ies) and ask them to lower your interest rates. If you are considering debt consolidation as a way to lower your interest rates and zero-out your credit card balances, here is my take on debt consolidation.
  2. Shred It! Stop using your credit card(s). Shred them if you need to. But if you plan to use them again some day, don’t cancel them, because that can hurt your credit rating. You can always request a replacement card later.
  3. Budget It! Evaluate your home budget and cash flow to figure out what monthly payment you can afford. You may need to consider cutting back on spending or working some overtime. Just remember that the faster you can pay off the cards, the less interest you pay in the long run.
  4. Calculate It! Use the credit card payoff calculator to estimate how long it will take to pay off a card at its present interest rate.
  5. Pay It! Make your payments religiously, until the balance is zero.
  6. Sustain It! Just like the tendency to gain weight right after a diet, you may be tempted to rack up a balance on your credit card again. Don’t Do It. Learn from the past.

Other Online Credit Card Payoff Calculators

Below is a list of online calculators used to check the spreadsheet, and a couple calculators that let you do a bit more fancy calculations.

    : at Bankrate.com. A simple credit card payoff calculator similar to the spreadsheet above. : at dinkytown.net. This calculator lets you also include one or two future purchases, average monthly charges, and an annual fee.

More Debt and Loan Calculators

Resources and References

    at FederalReserve.org – Pay on time, stay below your limit, avoid fees, pay more than the minimum and watch for changes in terms. at www.ftc.gov at Bankrate.com – How to lower your rate with a simple phone call.

Disclaimer: This spreadsheet and the information on this page is for hypothetical and illustrative purposes only, and is not meant to be taken as investment or financial advice. Your individual situation is unique, and we do not guarantee the results or the applicability to your situation. You should seek the advice of qualified professionals regarding financial decisions.

How to calculate credit card payments in excel

With Microsoft Excel you can solve complex calculations and formulas rapidly. You can even use this software to calculate the amount of credit card interest you owe to your card provider. When you use Excel to perform these calculations, you do not have to spend much time writing things down because the software does most of the work for you. If you have your credit card statements available and understand how to create cells and formulas, you can calculate interest payments on Excel using built-in features of the program.

Set Up Your Spreadsheet

First, set up some headers so that you or anyone else can quickly tell what the different columns in your spreadsheet refer to.

Title your A1 cell “Interest.” Title your B1 cell the word “Period.” Title the third cell or C1 “Total.” Title D1 “Card Value.” Title E1 “Payment.”

Enter Your Monthly Rate

Enter your monthly interest rate in A2. You can get this figure by dividing your rate of interest by the number 12. Your annual interest rate should be available on your credit card statement or online at your credit card company’s website. If you can’t find it, contact your credit card company for help.

Enter Number of Months

Enter the precise amount of periods, usually months, for which you desire to count the interest payment in B2. For example, from your card origination date to the conclusion of your first month, enter the number “0.” For month number one, enter “1.”

Enter Your Total Payments

Enter the total sum of your payments for your card in C2. For example, if you plan to pay your card off in four years, multiply 4–the number of years–and 12–the number of months in each of those years–to figure out the number of times you must make a payment.

Enter the Amount Owed

Type the amount of money you’ve spent on your credit card or plan to spend in D2. For instance, if you have a $35,000 credit line and plan to max out your card or have already hit that credit limit, type $35,000. If you’re not sure of your card balance, check your most recent statement, visit your credit card company’s website or give the company a call.

Use the Interest Formula

Enter the command “ISPMT (A2,B2,C2,-D2)” in E2. This built-in Excel formula allows you to measure the amount of interest you paid or will during a certain time.

Calculate the minimum payment on a credit card using the OCC’s formula. First, multiply your outstanding balance by your APR. If, for example, you owe $1,500 on a card with 15 percent APR, the equation would be 1,500 x 0.15 = 225. Set this number aside to plug into the formula. Multiply your outstanding balance by 1 percent.

How is credit card minimum payment calculated?

Your minimum payment may be calculated by taking a percent of the balance at the end of the billing cycle and adding the monthly finance charge. For example, your minimum payment is 1% of your balance. Your credit card balance is $1,000.

How do you calculate monthly interest on a credit card?

Credit card companies usually calculate interest charges on a monthly basis. Because months vary in length — e.g., January is 31 days and February is 28 days — most companies use DPRs to calculate interest. To calculate your DPR, divide your annual APR by 365 (the number of days in one year).

How to calculate credit card interest and charges?

Method 1 of 5: Calculating Interest For Fixed and Variable Rates Understand how these rates are similar to and different from each other. . Calculate Daily Periodic Rates (DPR). Credit card companies usually calculate interest charges on a monthly basis. Multiply that number by the number of days in the current month. . Multiply your interest rate by your outstanding balance. .

Calculate the credit card interest you’ll owe for a given balance and interest rate. Choose your monthly payment and learn the payoff time, or enter the payoff time to calculate the monthly payment amount.

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