Calculator To Pay Off Credit Card

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Calculator To Pay Off Credit Card Powered By Docstoc
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                 Credit Card Payoff Calculator
                                                                                                                          $500     457
Credit Card Info

                                                                                                        Monthly Payment
Current Balance                                  $                              5,000                                     $400
Interest Rate                                                                   17.50%                                    $300                 248
Interest-Only Payment                            $                              72.92                                                                      180 160
                                                                                                                          $200                                       134 126

A. Calculate Months to Payoff                                                                                             $100
                                                                                                                                     Months Payment                  Interest
Monthly Payment               $                                                 120.00                                       $0        12      457.21   486.53
(Needs to be greater than the interest-only payment)                                                                                           317.84   721.09
                                                                                                                                       18 24 30 36 42 54 60
                                                                                                                                   12 18
                                                                                                                                       Months to Payoff
                                                                                                                                       24      248.41   961.94
Months to Payoff                                                 64.62                   (5.39 years)
                                                                                                                            3000          30          206.97 1209.05
Total Interest                                   $                            2,754.43                                      2500          36      179.51     1462.37

                                                                                                           Total Interest
                                                                                                                            2000          42      160.041,7221721.86
B. Calculate Monthly Payment                                                                                                              54        1,462
                                                                                                                                                  134.43     2259.08
                                                                                                                            1500                1,209
Payoff Goal (Months)                                                36                   (3 years)                                        60 962 125.61      2536.66
                                                                                                                            1000         721
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.
[42]                                            [42]
    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

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