# 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.

## 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.

• 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.

• 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.

• 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.

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.

## 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 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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