# How to Create a Credit Card Payoff Spreadsheet in Excel (2 Ways)

A credit card can be a blessing or a curse. It all depends on a person’s financial knowledge.  This article will show you two quick ways to create a credit card payoff spreadsheet in Excel. For the first method, we will create the payoff spreadsheet manually, and for the last method, we will use a template from Microsoft Excel to do so.

## 2 Handy Approaches to Create a Credit Card Payoff Spreadsheet in Excel

Here is a quick view of the credit card payoff spreadsheet from the first method. ### 1. Creating a Credit Card Payoff Spreadsheet Manually

We will use the NPER function to calculate the number of payments to pay off the debt. Then, we will apply the SEQUENCE function to auto-populate the number of months column in the dataset. Finally, we will implement some generic formulas to create a credit card payoff spreadsheet in Excel.

Steps:

• Firstly, type the column headings:
• Month.
• Payment.
• Interest.
• Balance.
• Secondly, type the headings for debt information:
• Product Price  → Our assumption is that we are using the total debt to buy a product. So, this amount equals the total debt.
• Interest Rate (Yearly)  → The annual interest rate set by industry standards.
• Monthly Payment  → The amount of payment we will make per month.
• No of Payments → We will find this value using the NPER function. • Thirdly, type the following information.
• Next, type this formula in cell H7 and press ENTER.

`=NPER(H5/12,-H6,H4)` Formula Breakdown

• Firstly, we are dividing the interest rate by 12 to find the monthly interest rate from the yearly interest rate.
• Secondly, we have put a negative sign with the monthly payment amount to indicate it as a negative cash flow.
• Lastly, we are using the product price as the present value.
• Afterward, type this formula in cell B5. This formula will AutoFill the number of months by incrementing by 1. Here, we are using the ROUND function to round the number of payments value. You can also use the ROUNDUP function here to always round up.

`=SEQUENCE(ROUND(H7,0))` • Then, press ENTER and type another formula in cell C5. We are referring to the previously specified monthly payment value. After that, using the Fill Handle, drag that formula to the rest of the cells.

`=\$H\$6` • Next, we will find the initial balance by typing this formula in cell E5.

`=H4-C5` • Then, type another formula in cell D5 and drag it down. This formula will find the interest amount accrued for each month. Additionally, we are dividing by 12 to use the monthly interest rate value. Moreover, if you need to calculate the daily interest rate, then you will need to divide by 365.

`=E5*\$H\$5/12` • After that, we will add the interest amount to find the balance for the rest of the cells.
• So, type this formula in cell E5 and fill in the remaining cells.

`=E5+D5-C6` • By doing so, we will finish creating the credit card payoff spreadsheet in Excel. • Now, if we change any of the values the spreadsheet will change accordingly.
• However, we can see that there are extra rows from our previous steps. • Now, we can use a simple VBA code to hide the rows that have empty values in the B column.
• To do so, right-click on the sheet and select View Code. • Then, type the following code.
``````Option Explicit
Private Sub Worksheet_Change(ByVal Cell_Target As Range)

Dim Cell_Range As Range
Application.ScreenUpdating = False
For Each Cell_Range In Range("B7:B100")
If Cell_Range.Value = "" Then
Cell_Range.EntireRow.Hidden = True

Else
Cell_Range.EntireRow.Hidden = False
End If
Next Cell_Range
Application.ScreenUpdating = True
End Sub`````` VBA Code Breakdown

• To begin with, we are using a Private Sub procedure as we will not call this outside of this Module.
• Then, we declare the variable type.
• After that, we go through the cell range B7:B100 using a For Each Next loop. Here, the first range value is set to B7, as we want to keep the rows up to this intact.
• Next, if any cell value within that range is blank, then the code will set the “EntireRow.Hidden property to true. Consequently, this will hide the rows. Else, the rows will be visible.
• This code will work automatically upon changing the parameters of the credit card.
• Finally, Save the code and if we change any values the code will be executed and it will hide the rows. ### 2. Using Microsoft Template to Create a Credit Card Payoff Spreadsheet in Excel

In this last method, we will incorporate a downloadable template from Microsoft to create a credit card payoff spreadsheet in Excel.

Steps:

• To begin with, press ALT, F, N, then S to activate the search feature for creating a new workbook based on a template. Alternatively, you can go to FileNew → then type in the Search Box to do so.
• Then. type “Credit Card” and press ENTER. • Next, select “Credit card payoff calculator” from the search result. • Afterward, click on Create. • Then, it will create a credit card payoff spreadsheet.
• Lastly, we can input different values and it will tell us the number of months required to pay off the debt and the total amount of interest. Moreover, there is an option to pay more than the minimum amount and it will show us the comparison of that. ## Conclusion

We have shown you 2 quick ways to create a credit card payoff spreadsheet in Excel. If you face any problems regarding these methods or have any feedback for me, feel free to comment below. Moreover, you can visit our site ExcelDemy for more Excel-related articles. Thanks for reading, keep excelling! #### Rafiul Haq

Hello! This is Rafiul. I am passionate about all things related to data and MS Excel is my favorite application. I want to make people's life easier by writing easy-to-follow and in-depth guides here at Exceldemy.

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