VIEWS: 8 PAGES: 2 POSTED ON: 4/4/2012
Credit Card Payoff Calculator $500 457 Credit Card Info $450 Monthly Payment Current Balance $ 5,000 $400 318 $350 Interest Rate 17.50% $300 248 Interest-Only Payment $ 72.92 $250 207 180 160 $200 134 126 $150 A. Calculate Months to Payoff $100 $50 Months Payment Interest Monthly Payment $ 120.00 $0 12 457.21 486.53 (Needs to be greater than the interest-only payment) 12 18 24 30 36 42 18 317.84 54 60 721.09 Months to Payoff 24 248.41 961.94 Months to Payoff 64.62 (5.39 years) 3000 30 206.97 1209.05 2,537 Total Interest $ 2,754.43 2500 36 179.51 1462.37 2,259 Total Interest 2000 42 160.04 1,722 1721.86 B. Calculate Monthly Payment 1500 54 1,462 134.43 1,209 2259.08 Payoff Goal (Months) 36 (3 years) 1000 60 721 962 125.61 2536.66 487 500 Monthly Payment $ 179.51 0 Total Interest $ 1,462.37 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 take into account late fees, cash advances, or additional charges to the account.   Instructions 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. Interest Rate APR's can fluctuate based on a variety of items, including fees and interest rate changes. Varying payments and principal reductions will result in changes to the APR. Interest-Only Payment This does not represent the minimum monthly payment that that is required by your credit card companies. This interest-only payment represent the interest due for that period, you must make payments beyond this amount to amoritize the debt. If you only pay interest that is due, the debt will never get paid off. Monthly Payment When calculating the months to payoff, enter the amount that you currently pay or plan to pay per month. Part of the monthly payment will go towards paying the interest due for that payment cycle, the remaining portion goes towards reducing the principal balance owed. 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) Based on the # of months that you enter into the calculator, the calculator will calculate the payment needed to reach that goal Total Interest Based on the current payment and interest rate, this will calculate approx amount of interest over the term
"Credit Card Payoff Calculator"