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.

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

**Table of Contents**Expand

## How to Create a Credit Card Payoff Calculator in Excel

### Step 1: Insert Credit Card Information

- First, create a table named
**Credit Card Information**.

- Insert
**Current Balance**and**Interest Rate**of the card.

- Select cell
**C8**and write down the following formula to calculate**Interest Only Payment**.

`=C5*C6/12`

### Step 2: Calculate Months to Payoff

- Insert a table to calculate
**Months to Payoff**.

- Enter the
**Monthly Payment**amount which must be higher than**Interest Only Payment**Donâ€™t forget to add a note for the users.

- Use the formula given below and determine
**Months to Payoff**.

`=IF(C11=0," - ",NPER(C6/12,C11,-C5))`

- To calculate Total Interest, insert the following formula.

`=IF(C11=0," - ",C13*C11-C5)`

### Step 3: Calculate Monthly Payment

- Now create a table to determine
**Monthly Payment**.

- Write
**Payoff Goals**value in months in cell**C17**.

- Then click on cell
**C19**and apply the formula given below to find**Monthly Payment**.

`=IF(C17=0," - ",PMT(C6/12,C17,-C5))`

- Then type the following formula in cell
**C20**to calculate**Total Interest**.

`=IF(C17=0," - ",C19*C17-C5)`

### Step 4: Create and Format Charts

- Now you need to create an additional table to insert charts.
- This table contains
**Months**,**Payment**, and**InterestÂ**columns.

- Enter the following formula in the
**Payment**column to determine payment after the corresponding months.

`=PMT($C$6/12,E5,-$C$5)`

- Now to calculate
**Interest**, use this formula.

`=(E5*F5)-$C$5`

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

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

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

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

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

- Use
**E5:E12**as**Axis label range**.

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

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

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

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

## 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.

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

- Insert another table to determine the results.

### 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.

- In the second column, write the following formula to calculate the
**Rate**.

`=$F$6`

- Apply this formula in the first row to calculate the initial
**Closing Balance**.

`=F5`

- Then select cell
**H23**and type the formula given below to calculate**Interest Paid**.

`=IF(B23="","",C23/12*J22)`

- 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)))`

- After that, use the following formula and find
**Total Payment**.

`=IF(B23="","",D23+E23)`

- Select cell
**I23**and enter the following formula.

`=IF(B23="","",D23+E23-H23)`

- As a result, you will get the value of
**Principal paid**.

- Apply the formula given below and determine the
**Closing Balance**after the**1stÂ**payment.

`=IF(B23="","",J22-I23)`

- After that,
**AutoFill**each column of the**Amortization Schedule**.

### Step 3: Calculate Results

- Now itâ€™s time to calculate the results. Insert the following formula in cell
**F15**and estimate the value of**First Payment**.

`=F23`

- Then calculate
**Max Payment**by using the formula given below.

`=MAX(F23:F528)`

- After that, write this formula in cell
**F17**to find the value of**Months to Payoff**.

`=MAX(B22:B583,1)`

- Finally, enter the following formula and determine
**Total Interest Paid**.

`=SUM(H23:H528)`

### Step 4: Insert and Format Charts

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

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

- Click on
**Add**to add new 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.

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

- Similarly, create a
**Closing Balance**vs**Payment No.**

- Consequently, you will get the
**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.

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

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

- 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))`

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

### 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`

- 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,""))`

- 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))`

- Use the formula given below and determine
**Principal Paid**.

`=IF(B28="","",MIN($E$8,G27+D28)+C28-D28)`

- Click on cell
**G27**and type this formula to find the**Closing Balance**after**1stÂ**payment.

`=IF(B28="","",G27-E28)`

- Determine the initial
**Closing Balance**of the new card. For this purpose, use the following formula.

`=M12`

- Calculate
**Payment No.**as you have done for the old card. Use the following formula.

`=IF(J27="","",IF(O27>0,J27+1,""))`

- Then determine
**Interest Paid**by applying this formula.

`=IF(J28="","",ROUND(IF(J28<=$M$14,$M$15/12*O27,$M$13/12*O27),2))`

- Insert the formula given below to find
**Principal Paid**.

`=IF(J28="","",MIN($E$8,O27+L28)+K28-L28)`

- After that, determine the
**Closing Balance**after 1st payment. Insert this formula to do so.

`=IF(J28="","",O27-M28)`

### Step 3: Find Results

- Now itâ€™s time to find the results. Select cell
**E19**and type the formula given below.

`=MAX(B27:B579,1)`

- Sum up all the interest paid amount to calculate the
**Total Interest Paid**.

`=SUM(D28:D578)`

- Then insert the following formula and find
**Total Annual Fees**.

`=E16*ROUND(E19/12,0)`

- Finally, determine
**Total Paid**amount by applying the given formula.

`=SUM(D28:D580)+SUM(E28:E580)+E21`

- Calculate
**Months to Payoff**of the new card with the formula given below.

`=MAX(J27:J579,1)`

- Add up all the interest paid from the amortization schedule using this formula.

`=SUM(L28:L578)`

- Then determine the
**Total Annual Fees**by applying the following formula.

`=M16*ROUND(M19/12,0)`

- You can calculate the
**Total Paid**amount using the formula given below.

`=SUM(L28:L580)+SUM(M28:M580)+M21`

- Finally, select cell
**M23**and write the formula given below.

`=E22-M22`

- Press
**Enter**to find the**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.

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

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

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

## 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.

- 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, ""))`

- 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)`

- 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)))`

- 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)))`

- 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)))`

- 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)))`

- 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)))`

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

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

## 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

**Create a Credit Card Payoff Spreadsheet****Credit Card Payoff Calculator with Amortization****Create Multiple Credit Card Payoff Calculator****Create Credit Card Payoff Calculator with Snowball**

## 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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