Credit Card Loan Payoff Calculator Excel Templates Tutorial
- Balance Owed: The amount of your credit card debt
- Interest Rate: The amount charged by the credit card bank for the debt
- Minimum monthly payment: The minimal amount of payment that proposed for each month.
- Proposed monthly payment: The normal or maximal amount of payment that proposes for each month.
2. Next, check the Chart Data tables for the calculation result.
- Month to Payoff Based on Minimum Payment: the monthly length to pay the debt based on value entered in Minimum Monthly Payment field.
- Month to Payoff Based on Proposed Payment: the monthly length to pay the debt based on value entered in Minimum Monthly Payment field.
- Total Interest Based on Minimum Payment: How much interest should be paid based on Minimum Payment
- Total Interest Based on Proposed Payment: How much interest should be paid based on Normal / Proposed Payment
3. Check the credit card loan payoff calculator result chart. You can change the result chart design like color or chart types.
Additionally, you can edit the payoff calculator credit card. You can add another type of proposed payment. To do this:
1. Go to Loan Details. Input the Payment name and amount in the new field.
2. In the Chart Data, insert 2 new rows. Type the row A into Month, while the other row for Interest.
3. Type or Copy the formula for the rows:
4. Make Sure to change the field code in the formula.
5. To change the chart, click Design > Select Data. Then, select all of the related fields.
Summary of Credit Card Loan Payoff Calculator Excel
Even through the name of this template is credit card loan payoff calculator excel, actually you can use it for another type of debt as long as there is no other rate or calculation for the debt interest, like vehicle installment. If you really need to add new type of rate, you need to add your own formula in credit card loan payoff calculator excel. You can use the template for multiple credit card loan payoff calculator. But it is recommended to copy the calculator sheet to separate each credit card, since most credit card bank have different interest rates. You can print the template with its calculation result as the report. You probably need to add the header to identify the credit card bank name or differentiate whether it is personal or company debt. Lastly, you can download the credit card loan payoff calculator excel for free at excelhawk.com.