Credit Card Payoff Calculator Template (Excel, PDF), Open Office that will calculate the payment which is required to pay off your all credit card debt in the specified number of the years. And calculate how long it will take to pay off the card given a specific monthly payment. This is a great spreadsheet to have in the debt reduction tool belt.
This credit card payoff calculator excel template is just an ordinary tool you easily can find online. I also have created this tool last year to help me get a better view of my credit card debts. You may also like Business Credit Application Template.
How To Use Credit Card Payoff Calculator Excel Template?
Enter your credit card balance, interest rate, and the monthly payment. Then, choose whether you want or need to pay off with, fixed payments, and by a certain date. The list accommodates up to the 8 credit cards. If you select the minimum only payment option. The result tells you how long it will take to pay off the credit cards and how much interest and the principal you will have to ultimately pay.
The fixed payment option will detail you how much longer it will take to pay off the debt based on the fixed payment you enter. If you select the debt-free deadline and the credit card pay off calculator easily lets you know how much you have to pay each month to meet the timeline. The fixed payment and the debt-free deadline options are can very easily create a detailed repayment plan. You should also check the Debt Snowball Calculator Template.
The calculator displays the total credit card balance and the total minimum payments. It creates a repayment schedule based on the repayment strategy. The repayment schedule shows each credit card and also the monthly payment you make until the credit card is repaid. You can easily download a spreadsheet of the repayment plan for future reference.
Most people also know that how toughest part of paying off credit card debt is the commitment not to easily use it again for any transactions. Everybody can commit to their designated payoff plan. But, there is always a temptation to use it again and again with some consideration that they still have few budgets to pay. They also will earn some money to easily pay it later. But, it is much common also that they are running out of the credit card limits. And the money budgeted for the credit card payment is already spent on the other things.
If you want to know how much longer it will take you to pay off the credit card debt. And it will also tell you how much you have to pay to get rid of the debt faster. A credit card payoff calculator excel template is a thing that you need. Internet search results show thousands of pages of calculators. But not all of them are as really easy to use and give you the best results. You may also see Paypal Invoice Template.
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Additional Reading: What will it take to pay off my credit card? (link)
Credit cards are the type of revolving line of credit that does not have a specific amortization period defined. So, to ensure that each payment includes interest plus some portion of the principal. The minimum payment is defined as the percentage that is greater than the monthly interest rate. This percentage is usually being between 2% and 5%.