7/18/2019 Credit Card Payoff Calculator

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Credit Card Payoff CalculatorHELP

Credit Card Info

Current Balance $2,000

Interest Rate 17.50%

Interest-Only Payment $29.17

A. Calculate Months to Payoff 

Monthly Payment $120.00

(Needs to e !reater t"an t"e #nterest-only ayment

&ont"s to Payo'' 19.23 (1. years

)otal Interest $*0+.0

B. Calculate Monthly Payment

Payoff Goal (Months 12 (1 years

&ont"ly Payment !1"2.""

)otal Interest $19.1

Caution# Results are only estimates. Interest rates may $ary% $alues may &e

o'' de to rond#n!, and t"e allator does not ta/e #nto aont late 'ees,

as" adanes, or add#t#onal "ar!es to t"e aont.

red#t ard Payo'' allator 200+ y 3erte42.om

7/18/2019 Credit Card Payoff Calculator

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7/18/2019 Credit Card Payoff Calculator

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ructions

Hel

*o+ lon, +ill it ta-e to comletely ay off the &alance of a credit card at the current interest rate/

est Rate

est'nly Payment

hly Payment

f Goal (Months

 Interest)"e est#mate o' t"e total #nterest t"at #ll e a#d y t"e t#me t"e alane #s a#d o''.

Enter yor rrent alane and #nterest rate. )"en, enter a mont"ly ayment to allate "o many mont"s #t #ll ta/e toay o'' t"e red#t ard, or enter t"e ayo'' !oal to allate "at yor mont"ly ayment mst e to meet t"at !oal.

)"e allator assmes a onstant #nterest rate, and #t does not ta/e #nto aont any late 'ees, 'tre "ar!es, or as"adanes.

6nless yo /no ot"er#se, enter t"e P8 (nnal Perenta!e 8ate. &ost P8s #ll 'l4ate oer t#me, and an ea''eted y late ayments and ot"er 'ators, t t"#s allator :st assmes a '#4ed rate.

)"#s does not neessar#ly reresent t"e m#n#mm mont"ly ayment t"at yor red#t ard omany re;#res. )"#s #nterest-only ayment reresents t"at amont t"at yo mst e4eed #n order to ay o'' yor ard. I' yo only ay #nterest, yo #ll

neer ay o'' t"e alane.

<"en allat#n! t"e mont"s to ayo'', enter t"e amont t"at yo rrently ay or lan to ay er mont". )"e amontmst e !reater t"an t"e #nterest-only ayment, or yo ont e ale to ay o'' t"e red#t alane. Part o' t"e mont"lyayment #ll !o toards ay#n! t"e #nterest de, and t"e ot"er art !oes toards red#n! t"e alane.

<"en allat#n! t"e mont"ly ayment, t"#s #s t"e est#mated ayment t"at yo old need to ma/e ea" mont" #n orderto rea" yor !oal. It #s only an est#mate, ease #t does not #nlde 'ees, 'tre "ar!es, as" adanes, or "an!es #nt"e P8.

<"en allat#n! t"e mont"ly ayment, enter t"e nmer o' mont"s "en yo ant to "ae yor red#t ard alaneomletely a#d o''. )"e allator #ll determ#ne t"e mont"ly ayment re;#red to rea" t"#s !oal, assm#n! no late'ees, or ot"er "ar!es.