The Payoff Calculator is a visually clean and appealing Excel workbook that allows you to easily forecast what it will take to pay off your credit card at different interest rates and payment amounts per months.
Click here to go directly to the download.
Based on your input, this free MS Excel template will show you how many months it’ll take to fully pay off your debt and how much interest you’ll have to pay in total.
In addition to simple numbers, the template shows the results in the form of charts.
Have a Peek at the Charts of the Credit Card Payoff Calculator
How does this Calculator work?
To make the charts show meaningful data, you have to fill the following fields:
- Balance owed: This is the total amount of money you owe.
- Interest rate: This is the interest rate for the money you owe.
- Minimum monthly payment: This is the minimum amount of money you have to pay each month.
- Proposed monthly payment: This is the amount of money you could potentially pay and you are considering the benefits of paying it.
This Excel template enables you to compare the benefits of increasing the monthly payment amount. As you increase it, the total months to pay off all your loan and the total interest you pay decrease.
It is very tempting to pay the greatest possible amount and in consequence decrease the amount of total interest, but you should keep in mind that when an emergency happens, you need to have some cash at hand.
So, if you are not sure what to do, it will greatly help to consult a professional financial advisor.
Download your free “Credit Card Debt Payoff Calculator” here
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More Payoff Debts Calculator Excel Templates online:
I made a quick search for payoff debts calculators and found a helpful URL.
See also some more Financial Debt Repayment Models here. You are also invited to post your model with us as we think it could be quite interesting for our readers as well. Have a great day.