Credit Card Payoff Calculator by liwenting

VIEWS: 8 PAGES: 2

• pg 1
```									       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,
[42]                                            [42]
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

```
To top