Credit Card Payoff Calculator in Excel (Create & Use)

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A credit card payoff calculator allows you to estimate the time and cost involved in paying off the debt of a credit card. Creating a credit card payoff calculator in Excel can help you keep track of your debts. It is also useful to make payment plans that save time and money.

In this article, we will explore credit card payoff calculator in Excel. We will start the article by explaining the process to create a credit card payoff calculator. Then we will move on to discuss the steps to create a minimum payment calculator and a balance transfer calculator. We will wrap up the article by describing the procedure to make a multiple credit card payoff calculator.

Overall View of Credit Card Payoff Calculator


Download Practice Workbook

Download this credit card payoff calculator template while reading this article.


How to Create a Credit Card Payoff Calculator in Excel

Step 1: Insert Credit Card Information

  • First, create a table named Credit Card Information.

Credit Information Table

  • Insert Current Balance and Interest Rate of the card.

Insert Balance and Interest Rate

  • Select cell C8 and write down the following formula to calculate Interest Only Payment.
=C5*C6/12

Calculate Interest Only Payment


Step 2: Calculate Months to Payoff

  • Insert a table to calculate Months to Payoff.

Months to Payoff Table

  • Enter the Monthly Payment amount which must be higher than Interest Only Payment Don’t forget to add a note for the users.

 Insert Monthly Payment

  • Use the formula given below and determine Months to Payoff.
=IF(C11=0," - ",NPER(C6/12,C11,-C5))

Calculate Months to Payoff

  • To calculate Total Interest, insert the following formula.
=IF(C11=0," - ",C13*C11-C5)

Calculate Total Interest


Step 3: Calculate Monthly Payment

  • Now create a table to determine Monthly Payment.

Monthly Payment Table

  • Write Payoff Goals value in months in cell C17.

Insert Payoff Goals

  • Then click on cell C19 and apply the formula given below to find Monthly Payment.
=IF(C17=0," - ",PMT(C6/12,C17,-C5))

Calculate Monthly Payment

  • Then type the following formula in cell C20 to calculate Total Interest.
=IF(C17=0," - ",C19*C17-C5)

Calculate Total Interest


Step 4: Create and Format Charts

  • Now you need to create an additional table to insert charts.
  • This table contains Months, Payment, and Interest columns.

Insert Table for Chart

  • Enter the following formula in the Payment column to determine payment after the corresponding months.
=PMT($C$6/12,E5,-$C$5)

Calculate Payment

  • Now to calculate Interest, use this formula.
=(E5*F5)-$C$5

Calculate Interest

  • Once the table is complete, go to the Insert tab and select 2-D Column to insert a column chart.

Insert Column Chart

  • Then, right-click on the chart and choose Select Data.

Select Data for Chart

  • After that, click on Add to add a new series.

Add Series for Chart

  • Write any Series name you want and insert Series values as F5:F12.

Edit Data Series

  • Now click on Edit under Horizontal (Category) Axis Labels.

Edit Horizontal Axis

  • Use E5:E12 as Axis label range.

Add Horizontal Data for Chart

  • Then you can format your chart as per your need.

Monthly Payment vs Months Chart

  • Similarly, add another series and insert a Series name.
  • Enter G5:G12 range as Series values and click the OK button.

Edit Interest Data Series

  • As a result, Total Interest vs Months chart will be created.

Total Interest vs Months Chart

  • Finally, the Excel credit card payoff calculator will look like the following image.

Overall View of Credit Card Payoff Calculator


How to Create a Credit Card Minimum Payment Calculator in Excel

Step 1: Insert Credit Card Information

  • Create a table to insert the necessary credit card information.

Credit Card Information

  • Enter Current Balance, Interest Rate, Min Payment % of Balance, etc. as inputs.

 Insert Credit Card Info

  • Insert another table to determine the results.

Results Table


Step 2: Create Amortization Schedule

  • Before calculating the results, you need to create an Amortization Schedule.
  • Name the first column Payment No. and insert payment numbers.

 Amortization Schedule Payment No

  • In the second column, write the following formula to calculate the Rate.
=$F$6

Amortization Schedule Rate

  • Apply this formula in the first row to calculate the initial Closing Balance.
=F5

Amortization Schedule Initial Balance

  • Then select cell H23 and type the formula given below to calculate Interest Paid.
=IF(B23="","",C23/12*J22)

Amortization Schedule Interest Paid

  • To calculate Payment, apply this formula in cell D23.
=IF(B23="","",IF(ISBLANK($F$10),MIN(MAX($F$7*J22+IF($F$8="Yes",H23,0),$F$9),H23+J22),MIN($F$10,J22+H23)))

Amortization Schedule Payment

  • After that, use the following formula and find Total Payment.
=IF(B23="","",D23+E23)

Amortization Schedule Total Payment

  • Select cell I23 and enter the following formula.
=IF(B23="","",D23+E23-H23)
  • As a result, you will get the value of Principal paid.

Amortization Schedule Principal Paid

  • Apply the formula given below and determine the Closing Balance after the 1st payment.
=IF(B23="","",J22-I23)
  • After that, AutoFill each column of the Amortization Schedule.

Amortization Schedule Closing Balance


Step 3: Calculate Results

  • Now it’s time to calculate the results. Insert the following formula in cell F15 and estimate the value of First Payment.
=F23

First Payment

  • Then calculate Max Payment by using the formula given below.
=MAX(F23:F528)

Calculate Max Payment

  • After that, write this formula in cell F17 to find the value of Months to Payoff.
=MAX(B22:B583,1)

Months to Payoff

  • Finally, enter the following formula and determine Total Interest Paid.
=SUM(H23:H528)

Total Interest Paid


Step 4: Insert and Format Charts

  • Go to Insert >> Insert Scatter or Bubble Chart >> Scatter with Smooth Lines.

Insert Scatter Chart

  • Then right-click on the chart and choose Select Data.

Select Data for Chart

  • Click on Add to add new series.

Add Data Series

  • Write or choose a Series name.
  • Then use B23:B138 as Series X values and F23:F139 as Series Y values and click on the OK button.

Add Data Series for Chart

  • As a result, Total Payment vs Payment No. chart will be created.

Total Payments vs Payment No Chart

  • Similarly, create a Closing Balance vs Payment No.

Closing Balance vs Payment No Chart

  • Consequently, you will get the Credit Card Minimum Payment Calculator.

Credit Card Minimum Payment Calculator


How to Make a Credit Card Balance Transfer Calculator in Excel

Step 1: Enter Credit Card Information

  • First of all, create a table to insert all the necessary inputs.

Credit Card Balance Transfer Fees

  • Enter the values in cells E5 to E8 which are required for calculations.

 Insert Credit Card Balance Transfer Fees

  • Then enter your Old Credit Card information in a new table.

 Insert Old Credit Card Info

  • Create another table for the New Credit Card.
  • Apply the following formula in cell K12 to calculate New Balance of the new card.
=E12+MIN(IF(ISBLANK(E7),9E+100,E7),E5+ROUND(E12*E6,2))

Calculate New Balance

  • Then insert all the necessary information of the new card in cells K13 to K16.

New Credit Card Info


Step 2: Create Amortization Schedule

  • After that, create two Amortization Schedules. One for the old card and the other for the new card.
  • Apply the formula given below to calculate the initial Closing Balance.
=E12

Calculate Closing Balance

  • Enter 0 in the first row of Payment No. column.
  • Then select cell B27 and write this formula to determine Payment No.
=IF(B27="","",IF(G27>0,B27+1,""))

 Calculate Payment no

  • After that, calculate Interest Paid using the following formula.
=IF(B28="","",ROUND(IF(B28<=$E$14,$E$15/12*G27,$E$13/12*G27),2))

Calculate Interest Paid

  • Use the formula given below and determine Principal Paid.
=IF(B28="","",MIN($E$8,G27+D28)+C28-D28)

Calculate Principal Paid

  • Click on cell G27 and type this formula to find the Closing Balance after 1st payment.
=IF(B28="","",G27-E28)

Calculate Closing Balance

  • Determine the initial Closing Balance of the new card. For this purpose, use the following formula.
=M12

Calculate New Card Closing Balance

  • Calculate Payment No. as you have done for the old card. Use the following formula.
=IF(J27="","",IF(O27>0,J27+1,""))

Calculate New Card Payment No

  • Then determine Interest Paid by applying this formula.
=IF(J28="","",ROUND(IF(J28<=$M$14,$M$15/12*O27,$M$13/12*O27),2))

Calculate New Card Interest Paid

  • Insert the formula given below to find Principal Paid.
=IF(J28="","",MIN($E$8,O27+L28)+K28-L28)

Calculate New Card Principal Paid

  • After that, determine the Closing Balance after 1st payment. Insert this formula to do so.
=IF(J28="","",O27-M28)

Calculate New Card Closing Balance


Step 3: Find Results

  • Now it’s time to find the results. Select cell E19 and type the formula given below.
=MAX(B27:B579,1)

Old Card Months to Payoff

  • Sum up all the interest paid amount to calculate the Total Interest Paid.
=SUM(D28:D578)

Calculate Old Card Total Interest Paid

  • Then insert the following formula and find Total Annual Fees.
=E16*ROUND(E19/12,0)

Calculate Old Card Total Annual Fees

  • Finally, determine Total Paid amount by applying the given formula.
=SUM(D28:D580)+SUM(E28:E580)+E21

Calculate Old Card Total Amount Paid

  • Calculate Months to Payoff of the new card with the formula given below.
=MAX(J27:J579,1)

Calculate New Card Months to Payoff

  • Add up all the interest paid from the amortization schedule using this formula.
=SUM(L28:L578)

Calculate New Card Total Interest Paid

  • Then determine the Total Annual Fees by applying the following formula.
=M16*ROUND(M19/12,0)

Calculate New Card Total Annual Fees

  • You can calculate the Total Paid amount using the formula given below.
=SUM(L28:L580)+SUM(M28:M580)+M21

Calculate New Card Total Amount Paid

  • Finally, select cell M23 and write the formula given below.
=E22-M22
  • Press Enter to find the Amount Saved.

Calculate Amount Saved


Step 4: Create and Format Charts

  • Insert a Scatter with Smooth Lines Chart and add a new data series as shown in the above two calculator-creating methods.
  • In the Edit Series box, insert range B27:B327 as Series X values and range G27:G327 as Series Y values for old credit card.

Old Card Balance Data Series

  • Similarly, insert range J27:J327 as Series X values and range O27:O327 as Series Y values for new credit card.

New Card Balance Data Series

  • As a result, you will get a chart with old and new credit card balances.

Closing Balance vs Payment No Chart

  • Finally, the overview of the calculator will look like the following image.

Credit Card Balance Transfer Calculator


How to Create a Multiple Credit Card Payoff Calculator (Snowball) in Excel

  • Create a table and arrange your debts from smallest to largest.
  • Enter other necessary information as shown in the image.

Multiple Credit Card Payoff Info

  • Then create an Amortization table and insert the initial Closing Balances of all three debts in the first row.
  • After that, select cell B15 and type the below formula to determine Payment No.
=IF(AND(D14=0, F14=0, I14=0), "", IF(OR(D14>0, F14>0, I14>0), B14+1, ""))

Calculate Payment No

  • Apply this formula in cell C15 and find Payment value of Debt 1.
=IF(D14-$E$8-$E$6<=0,$E$8+D14-$E$8,$E$8+$E$6)

Calculate Debt 1 Balance

  • Insert the following formula to determine the Closing Balance of Debt1 after 1st payment.
=IF(D14-C15<=0,0,(D14-C15)*(1+($E$7/12)))

Calculate Debt 1 Balance

  • To calculate Payment of Debt 2, use this formula.
=IF(AND(((F14-$F$8+C15-F$6-E$6)<=0),D15=0),F14,IF((F14-$F$6-$F$8)<=0,F14,IF(D15=0,$F$8-C15+F$6+E$6,F$6)))

Debt 2 Payment

  • Click on cell F15 and insert the below formula. It will determine the Closing Balance of Debt 2.
=IF(F14-E15<=0,0,(F14-E15)*(1+($F$7/12)))

Debt 2 Balance

  • Similarly, apply this formula and find the Payment of Debt 3.
=IF(AND(((I14-$G$8+E15-G$6-F$6-E$6)<=0),F15=0),I14, IF((I14-$G$6-$G$8)<=0,I14,IF(F15=0,$G$8-E15+G$6+F$6+E$6,G$6)))

Debt 3 Payment

  • Finally, calculate the Closing Balance of Debt 3. Use the following formula for this purpose.
=IF(I14-G15<=0,0,(I14-G15)*(1+($G$7/12)))

Debt 3 Balance

  • You can insert a chart to show the Closing Balance against Payment No. following the steps discussed above in this article.

Multiple Credit Card Chart

  • Finally, the calculator will look like the following image.

Multiple Credit Card Payoff Calculator


Things to Remember

  • Monthly Payment must be larger than Interest Only Payment.
  • Make sure to arrange the debts from smallest to largest while using the snowball method.

Frequently Asked Questions

1. What is the total payoff?

The total payoff is the amount you have to pay to completely payoff your debt or loan. The payoff amount is not the same as the current amount. The payoff amount might include interest as well as other fees. Therefore, the payoff amount is more than what you owe.

2. How do you calculate percentage of debt paid?

Add up all your debts and rent. Then divide the total by your monthly income. Multiply it by 100% to convert the ratio into percentage.

3. How do I payoff my multiple debts using Excel?

You can use the snowball method to payoff your multiple debts. In this method, you will have payoff your smallest debt first. Once this debt is paid, you use this money to payoff your next smallest debt. You can use the Multiple Credit Card Payoff Calculator given above in this article for this purpose.


Credit Card Payoff Calculator Excel: Knowledge Hub


Conclusion

Thanks for reading this article. I hope you found this article useful. In this article, we have discussed the steps to create a credit card payoff calculator. We have also covered credit card minimum payment, balance transfer, and multiple credit card payoff calculators. If you have any queries or recommendations regarding this article, feel free to let us know in the comment section below.


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Alif Bin Hussain
Alif Bin Hussain

Alif Bin Hussain earned a BSc in Civil Engineering from Bangladesh University of Engineering and Technology. As an engineering graduate, he has a deep passion for research and innovation. He loves to play with Excel. In his role as an Excel & VBA Content Developer at ExcelDemy, he not only solves tricky problems but also shows enthusiasm and expertise in handling tough situations with finesse, emphasizing his dedication to delivering top-notch content. He is interested in C, C++,... Read Full Bio

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