Today we’ll introduce another very useful free Excel template for personal purposes. 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.
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 nice chart of the Payoff Calculator Excel template:
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 Excel template “Payoff Calculator” here
- Payoff Calculator in Office 2013 Excel Document format (xlsx)
- Payoff Calculator Excel Document in zip file format (zip)
More payoff calculator Excel templates online:
I made a quick search for payoff calculators and found some helpful URLs. Hope you find them useful too: