Credit Card Payoff Calculator
What's Inside the
Credit Card Payoff Calculator Template?
Details | 2 Sheets
Supported Versions (All Features) | Excel 2019, Office 365 (Mac)
Supported Versions (Significant Features) | Excel 2016, 2019, Office 365 (Mac)
Category | Finance
Tags | Credit Card, Payment, Interest
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Inside Our Credit Card Payoff Calculator Excel Template
Credit cards are a great tool for individuals to participate in the free market, but there will always be that one guy who’s apprehensive to use credit cards because of the reputation made by individuals who use them so irresponsibly. If you know how to use credit wisely, there are in fact many benefits to going the credit route.
The benefits of using a credit card include better consumer protection against fraud than more liquid methods, credit cards have more rewards & bonuses, and nowadays, a lot of credit cards waive annual fees.
This template makes it easy to get a glimpse of your credit card payment outlook, giving you the oversight that will make you a responsible credit card holder.
Before going further into how we can customize the template, make sure to check out our other finance templates such as the Personal Budget Breakdown, Business Valuation, and Loan Amortization templates which also empowers you to manage your finances to help you attain your financial goals!
We start off at the credit card payoff calculator tab, specifically the credit card info area. All you have to do is input the balance owed for your credit card, the interest rate, the minimum monthly payment, and the proposed monthly payment. It’s that easy!
Once you plug everything in, it gives you stats like the number of months to payoff based on your minimum payment, months to payoff based on proposed payment, the total interest based on the minimum payment, and the total interest. You also have some charts to help you better visualize your credit payoffs and see your total interest over time, monthly payments over time, and your months of payment and total interest.