Credit Card Payment Calculator

https://www.vertex42.com/Calculators/credit-card-payment-calculator.html © 2010-2023 Vertex42 LLC

Credit Card Info Total Payment

$1,200.00
Current Balance 20,000.00 $1,000.00
Interest Rate 24.00% $800.00
Min Payment % of Balance 3.00% $600.00
… Plus Interest? Yes 1 $400.00
Min Payment for Low Balance 250.00 $200.00
$-
Fixed Monthly Payment (optional)
0 5 10 15 20 25 30 35
0% Introductory Period months Payment No.

$25,000 Balance
Results $20,000
First Payment 1,000.00 $15,000
Max Payment 1,000.00 $10,000
Months to Pay Off 72 (6 years) $5,000
Total Interest Paid 11,448.87 $- [42]
0 10 20 30 40 50 60 70 80
. Payment No.
Payment Schedule
Extra Interest Principal
No. Rate Payment Payment Total Payment Paid Paid Balance
0 20,000.00
1 24.00% 1,000.00 1,000.00 400.00 600.00 19,400.00
2 24.00% 970.00 970.00 388.00 582.00 18,818.00
3 24.00% 940.90 940.90 376.36 564.54 18,253.46
4 24.00% 912.67 912.67 365.07 547.60 17,705.86
5 24.00% 885.29 885.29 354.12 531.18 17,174.68
6 24.00% 858.73 858.73 343.49 515.24 16,659.44
7 24.00% 832.97 832.97 333.19 499.78 16,159.66
8 24.00% 807.98 807.98 323.19 484.79 15,674.87
9 24.00% 783.74 783.74 313.50 470.25 15,204.62
10 24.00% 760.23 760.23 304.09 456.14 14,748.48
11 24.00% 737.42 737.42 294.97 442.45 14,306.03
12 24.00% 715.30 715.30 286.12 429.18 13,876.85
13 24.00% 693.84 693.84 277.54 416.31 13,460.54
14 24.00% 673.03 673.03 269.21 403.82 13,056.73
15 24.00% 652.84 652.84 261.13 391.70 12,665.02
16 24.00% 633.25 633.25 253.30 379.95 12,285.07
17 24.00% 614.25 614.25 245.70 368.55 11,916.52
18 24.00% 595.83 595.83 238.33 357.50 11,559.03
19 24.00% 577.95 577.95 231.18 346.77 11,212.25
20 24.00% 560.61 560.61 224.25 336.37 10,875.89
21 24.00% 543.79 543.79 217.52 326.28 10,549.61
22 24.00% 527.48 527.48 210.99 316.49 10,233.12
23 24.00% 511.66 511.66 204.66 306.99 9,926.13
24 24.00% 496.31 496.31 198.52 297.78 9,628.34
25 24.00% 481.42 481.42 192.57 288.85 9,339.49
26 24.00% 466.97 466.97 186.79 280.18 9,059.31
27 24.00% 452.97 452.97 181.19 271.78 8,787.53
28 24.00% 439.38 439.38 175.75 263.63 8,523.90
29 24.00% 426.20 426.20 170.48 255.72 8,268.19
30 24.00% 413.41 413.41 165.36 248.05 8,020.14
31 24.00% 401.01 401.01 160.40 240.60 7,779.54
32 24.00% 388.98 388.98 155.59 233.39 7,546.15
33 24.00% 377.31 377.31 150.92 226.38 7,319.77
34 24.00% 365.99 365.99 146.40 219.59 7,100.17

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 Extra Interest Principal
No. Rate Payment Payment Total Payment Paid Paid Balance
35 24.00% 355.01 355.01 142.00 213.01 6,887.17
36 24.00% 344.36 344.36 137.74 206.62 6,680.55
37 24.00% 334.03 334.03 133.61 200.42 6,480.14
38 24.00% 324.01 324.01 129.60 194.40 6,285.73
39 24.00% 314.29 314.29 125.71 188.57 6,097.16
40 24.00% 304.86 304.86 121.94 182.91 5,914.25
41 24.00% 295.71 295.71 118.28 177.43 5,736.82
42 24.00% 286.84 286.84 114.74 172.10 5,564.71
43 24.00% 278.24 278.24 111.29 166.94 5,397.77
44 24.00% 269.89 269.89 107.96 161.93 5,235.84
45 24.00% 261.79 261.79 104.72 157.08 5,078.76
46 24.00% 253.94 253.94 101.58 152.36 4,926.40
47 24.00% 250.00 250.00 98.53 151.47 4,774.93
48 24.00% 250.00 250.00 95.50 154.50 4,620.43
49 24.00% 250.00 250.00 92.41 157.59 4,462.84
50 24.00% 250.00 250.00 89.26 160.74 4,302.09
51 24.00% 250.00 250.00 86.04 163.96 4,138.13
52 24.00% 250.00 250.00 82.76 167.24 3,970.90
53 24.00% 250.00 250.00 79.42 170.58 3,800.32
54 24.00% 250.00 250.00 76.01 173.99 3,626.32
55 24.00% 250.00 250.00 72.53 177.47 3,448.85
56 24.00% 250.00 250.00 68.98 181.02 3,267.83
57 24.00% 250.00 250.00 65.36 184.64 3,083.18
58 24.00% 250.00 250.00 61.66 188.34 2,894.85
59 24.00% 250.00 250.00 57.90 192.10 2,702.74
60 24.00% 250.00 250.00 54.05 195.95 2,506.80
61 24.00% 250.00 250.00 50.14 199.86 2,306.93
62 24.00% 250.00 250.00 46.14 203.86 2,103.07
63 24.00% 250.00 250.00 42.06 207.94 1,895.13
64 24.00% 250.00 250.00 37.90 212.10 1,683.04
65 24.00% 250.00 250.00 33.66 216.34 1,466.70
66 24.00% 250.00 250.00 29.33 220.67 1,246.03
67 24.00% 250.00 250.00 24.92 225.08 1,020.95
68 24.00% 250.00 250.00 20.42 229.58 791.37
69 24.00% 250.00 250.00 15.83 234.17 557.20
70 24.00% 250.00 250.00 11.14 238.86 318.34
71 24.00% 250.00 250.00 6.37 243.63 74.71
72 24.00% 76.20 76.20 1.49 74.71 -

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HELP
https://www.vertex42.com/Calculators/credit-card-payment-calculator.html © 2010-2023 Vertex42 LLC

About this Template

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.

Additional Details

The minimum payment on a credit card is usually either a percentage of the

current balance (2% - 5%) or a 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 the minimum
payment.

Fixed Monthly Payment: 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.

Extra Payments: If you want to make occasional extra payments, you can enter
the additional amounts into the Extra Payment column.

0% Introductory Period: Many cards offer a 0% interest period for a certain

number of months. You can simulate that scenario with this spreadsheet, but be
aware that missing a payment might cancel the introductory period.

Caution: This calculator does not take into account future charges to your account,
late fees, or changes in the interest rate. The monthly interest due is only an
estimate. The actual interest due is often based on the average daily balance and is
accrued daily rather than monthly. The Payment Schedule does not take rounding
into account.

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

SEE ALSO Vertex42.com: Debt Reduction Calculator

SEE ALSO Vertex42.com: Money Management Template

2010-2023 Vertex42 LLC
Credit Card Payment Calculator

By Vertex42.com
https://www.vertex42.com/Calculators/credit-card-payment-calculator.html

© 2010-2023 Vertex42 LLC

This spreadsheet, including all worksheets and associated content is a

copyrighted work under the United States and other copyright laws.

Do not submit copies or modifications of this template to any website or online

template gallery.

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

Do not delete this worksheet.