Creditcard Payoff Calculator

2014 Spreadsheet123 LTD Credit Card Pay-off Calculator by Spreadsheet123

Credit Card Pay Off Calculator

Credit Card EntriesLast Payment Day November 19, 2010

5,000.003,200.00

0.003,200.0018.00%26.00%

0%2.25%

Minimum + Interest0.00

15.000.00

From balance

ResultsMonth to Pay Off 126

Total Interest Paid on Purchases 1,981.31Total Interest paid on Cash Borrowing 0.00

First Payment 120.00Last Payment 10.24

Total Amount Paid 5,181.31

Detailed Payment SchedulesBalance Interest

Date Purchases Cash Total Purchases3200.00 0.00 3200.00 1800.00

1 December 19, 2010 3200.00 0.00 3200.00 1800.00 48.002 January 19, 2011 3128.00 0.00 3128.00 1872.00 46.923 February 19, 2011 3057.62 0.00 3057.62 1942.38 45.864 March 19, 2011 2988.82 0.00 2988.82 2011.18 44.835 April 19, 2011 2921.58 0.00 2921.58 2078.42 43.826 May 19, 2011 2855.84 0.00 2855.84 2144.16 42.847 June 19, 2011 2791.58 0.00 2791.58 2208.42 41.878 July 19, 2011 2728.77 0.00 2728.77 2271.23 40.939 August 19, 2011 2667.38 0.00 2667.38 2332.62 40.01

10 September 19, 2011 2607.36 0.00 2607.36 2392.64 39.1111 October 19, 2011 2548.69 0.00 2548.69 2451.31 38.2312 November 19, 2011 2491.35 0.00 2491.35 2508.65 37.37

Terms of Use - EULAHELP

Credit Card LimitCurrent Balance on Purchases

Current Cash BalanceCurrent Total Balance

Interest Rate on PurchasesInterest on Cash Withdrawals

Principal Payment DistributionMinimum Payment %

PaymentAdditional Monthly Payment

Fixed Payment on Low BalancePayment Protection Insurance (PPI)

PPI Deduction Method

Available Amount

0 20 40 60 80 100 120 1400.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

Payment Additional Principal Interest

0 20 40 60 80 100 120 1400.00

1000.00

2000.00

3000.00

4000.00

5000.00

6000.00

Balance Available Amount


13 December 19, 2011 2435.29 0.00 2435.29 2564.71 36.5314 January 19, 2012 2380.50 0.00 2380.50 2619.50 35.7115 February 19, 2012 2326.94 0.00 2326.94 2673.06 34.9016 March 19, 2012 2274.58 0.00 2274.58 2725.42 34.1217 April 19, 2012 2223.40 0.00 2223.40 2776.60 33.3518 May 19, 2012 2173.38 0.00 2173.38 2826.62 32.6019 June 19, 2012 2124.48 0.00 2124.48 2875.52 31.8720 July 19, 2012 2076.67 0.00 2076.67 2923.33 31.1521 August 19, 2012 2029.95 0.00 2029.95 2970.05 30.4522 September 19, 2012 1984.28 0.00 1984.28 3015.72 29.7623 October 19, 2012 1939.63 0.00 1939.63 3060.37 29.0924 November 19, 2012 1895.99 0.00 1895.99 3104.01 28.4425 December 19, 2012 1853.33 0.00 1853.33 3146.67 27.8026 January 19, 2013 1811.63 0.00 1811.63 3188.37 27.1727 February 19, 2013 1770.87 0.00 1770.87 3229.13 26.5628 March 19, 2013 1731.02 0.00 1731.02 3268.98 25.9729 April 19, 2013 1692.07 0.00 1692.07 3307.93 25.3830 May 19, 2013 1654.00 0.00 1654.00 3346.00 24.8131 June 19, 2013 1616.79 0.00 1616.79 3383.21 24.2532 July 19, 2013 1580.41 0.00 1580.41 3419.59 23.7133 August 19, 2013 1544.85 0.00 1544.85 3455.15 23.1734 September 19, 2013 1510.09 0.00 1510.09 3489.91 22.6535 October 19, 2013 1476.11 0.00 1476.11 3523.89 22.1436 November 19, 2013 1442.90 0.00 1442.90 3557.10 21.6437 December 19, 2013 1410.44 0.00 1410.44 3589.56 21.1638 January 19, 2014 1378.70 0.00 1378.70 3621.30 20.6839 February 19, 2014 1347.68 0.00 1347.68 3652.32 20.2240 March 19, 2014 1317.36 0.00 1317.36 3682.64 19.7641 April 19, 2014 1287.72 0.00 1287.72 3712.28 19.3242 May 19, 2014 1258.74 0.00 1258.74 3741.26 18.8843 June 19, 2014 1230.42 0.00 1230.42 3769.58 18.4644 July 19, 2014 1202.74 0.00 1202.74 3797.26 18.0445 August 19, 2014 1175.68 0.00 1175.68 3824.32 17.6446 September 19, 2014 1149.22 0.00 1149.22 3850.78 17.2447 October 19, 2014 1123.37 0.00 1123.37 3876.63 16.8548 November 19, 2014 1098.09 0.00 1098.09 3901.91 16.4749 December 19, 2014 1073.38 0.00 1073.38 3926.62 16.1050 January 19, 2015 1049.23 0.00 1049.23 3950.77 15.7451 February 19, 2015 1025.62 0.00 1025.62 3974.38 15.3852 March 19, 2015 1002.55 0.00 1002.55 3997.45 15.0453 April 19, 2015 979.99 0.00 979.99 4020.01 14.7054 May 19, 2015 957.94 0.00 957.94 4042.06 14.3755 June 19, 2015 936.39 0.00 936.39 4063.61 14.0556 July 19, 2015 915.32 0.00 915.32 4084.68 13.7357 August 19, 2015 894.72 0.00 894.72 4105.28 13.4258 September 19, 2015 874.59 0.00 874.59 4125.41 13.1259 October 19, 2015 854.91 0.00 854.91 4145.09 12.8260 November 19, 2015 835.68 0.00 835.68 4164.32 12.5461 December 19, 2015 816.88 0.00 816.88 4183.12 12.2562 January 19, 2016 798.50 0.00 798.50 4201.50 11.9863 February 19, 2016 780.53 0.00 780.53 4219.47 11.71


64 March 19, 2016 762.97 0.00 762.97 4237.03 11.4465 April 19, 2016 745.80 0.00 745.80 4254.20 11.1966 May 19, 2016 729.02 0.00 729.02 4270.98 10.9467 June 19, 2016 712.62 0.00 712.62 4287.38 10.6968 July 19, 2016 696.58 0.00 696.58 4303.42 10.4569 August 19, 2016 680.91 0.00 680.91 4319.09 10.2170 September 19, 2016 665.59 0.00 665.59 4334.41 9.9871 October 19, 2016 650.61 0.00 650.61 4349.39 9.7672 November 19, 2016 635.98 0.00 635.98 4364.02 9.5473 December 19, 2016 621.67 0.00 621.67 4378.33 9.3274 January 19, 2017 607.68 0.00 607.68 4392.32 9.1275 February 19, 2017 594.01 0.00 594.01 4405.99 8.9176 March 19, 2017 580.64 0.00 580.64 4419.36 8.7177 April 19, 2017 567.58 0.00 567.58 4432.42 8.5178 May 19, 2017 554.81 0.00 554.81 4445.19 8.3279 June 19, 2017 542.32 0.00 542.32 4457.68 8.1380 July 19, 2017 530.12 0.00 530.12 4469.88 7.9581 August 19, 2017 518.19 0.00 518.19 4481.81 7.7782 September 19, 2017 506.53 0.00 506.53 4493.47 7.6083 October 19, 2017 495.14 0.00 495.14 4504.86 7.4384 November 19, 2017 484.00 0.00 484.00 4516.00 7.2685 December 19, 2017 473.11 0.00 473.11 4526.89 7.1086 January 19, 2018 462.46 0.00 462.46 4537.54 6.9487 February 19, 2018 452.06 0.00 452.06 4547.94 6.7888 March 19, 2018 441.88 0.00 441.88 4558.12 6.6389 April 19, 2018 431.94 0.00 431.94 4568.06 6.4890 May 19, 2018 422.22 0.00 422.22 4577.78 6.3391 June 19, 2018 412.72 0.00 412.72 4587.28 6.1992 July 19, 2018 403.44 0.00 403.44 4596.56 6.0593 August 19, 2018 394.36 0.00 394.36 4605.64 5.9294 September 19, 2018 385.28 0.00 385.28 4614.72 5.7895 October 19, 2018 376.05 0.00 376.05 4623.95 5.6496 November 19, 2018 366.69 0.00 366.69 4633.31 5.5097 December 19, 2018 357.20 0.00 357.20 4642.80 5.3698 January 19, 2019 347.55 0.00 347.55 4652.45 5.2199 February 19, 2019 337.77 0.00 337.77 4662.23 5.07

100 March 19, 2019 327.83 0.00 327.83 4672.17 4.92101 April 19, 2019 317.75 0.00 317.75 4682.25 4.77102 May 19, 2019 307.52 0.00 307.52 4692.48 4.61103 June 19, 2019 297.13 0.00 297.13 4702.87 4.46104 July 19, 2019 286.59 0.00 286.59 4713.41 4.30105 August 19, 2019 275.89 0.00 275.89 4724.11 4.14106 September 19, 2019 265.02 0.00 265.02 4734.98 3.98107 October 19, 2019 254.00 0.00 254.00 4746.00 3.81108 November 19, 2019 242.81 0.00 242.81 4757.19 3.64109 December 19, 2019 231.45 0.00 231.45 4768.55 3.47110 January 19, 2020 219.92 0.00 219.92 4780.08 3.30111 February 19, 2020 208.22 0.00 208.22 4791.78 3.12112 March 19, 2020 196.35 0.00 196.35 4803.65 2.95113 April 19, 2020 184.29 0.00 184.29 4815.71 2.76114 May 19, 2020 172.05 0.00 172.05 4827.95 2.58


115 June 19, 2020 159.64 0.00 159.64 4840.36 2.39116 July 19, 2020 147.03 0.00 147.03 4852.97 2.21117 August 19, 2020 134.24 0.00 134.24 4865.76 2.01118 September 19, 2020 121.25 0.00 121.25 4878.75 1.82119 October 19, 2020 108.07 0.00 108.07 4891.93 1.62120 November 19, 2020 94.69 0.00 94.69 4905.31 1.42121 December 19, 2020 81.11 0.00 81.11 4918.89 1.22122 January 19, 2021 67.33 0.00 67.33 4932.67 1.01123 February 19, 2021 53.34 0.00 53.34 4946.66 0.80124 March 19, 2021 39.14 0.00 39.14 4960.86 0.59125 April 19, 2021 24.72 0.00 24.72 4975.28 0.37126 May 19, 2021 10.09 0.00 10.09 4989.91 0.15

0.00 0.00 0.00 5000.00 0.00


2015 Spreadsheet123 LTD. All rights reserved

Detailed Payment SchedulesInterest Payment

Cash Principal Interest Additional PPI Total

0.00 72.00 48.00 0.00 0.00 120.000.00 70.38 46.92 0.00 0.00 117.300.00 68.80 45.86 0.00 0.00 114.660.00 67.25 44.83 0.00 0.00 112.080.00 65.74 43.82 0.00 0.00 109.560.00 64.26 42.84 0.00 0.00 107.090.00 62.81 41.87 0.00 0.00 104.680.00 61.40 40.93 0.00 0.00 102.330.00 60.02 40.01 0.00 0.00 100.030.00 58.67 39.11 0.00 0.00 97.780.00 57.35 38.23 0.00 0.00 95.580.00 56.06 37.37 0.00 0.00 93.43

0 20 40 60 80 100 120 1400.00

20.00

40.00

60.00

80.00

100.00

120.00

140.00

Payment Additional Principal Interest

0 20 40 60 80 100 120 1400.00

1000.00

2000.00

3000.00

4000.00

5000.00

6000.00

Balance Available Amount

0 20 40 60 80 100 120 1400.00

500.001000.001500.002000.002500.003000.003500.00

Blance on Purchases Cash Balance


0.00 54.79 36.53 0.00 0.00 91.320.00 53.56 35.71 0.00 0.00 89.270.00 52.36 34.90 0.00 0.00 87.260.00 51.18 34.12 0.00 0.00 85.300.00 50.03 33.35 0.00 0.00 83.380.00 48.90 32.60 0.00 0.00 81.500.00 47.80 31.87 0.00 0.00 79.670.00 46.73 31.15 0.00 0.00 77.880.00 45.67 30.45 0.00 0.00 76.120.00 44.65 29.76 0.00 0.00 74.410.00 43.64 29.09 0.00 0.00 72.740.00 42.66 28.44 0.00 0.00 71.100.00 41.70 27.80 0.00 0.00 69.500.00 40.76 27.17 0.00 0.00 67.940.00 39.84 26.56 0.00 0.00 66.410.00 38.95 25.97 0.00 0.00 64.910.00 38.07 25.38 0.00 0.00 63.450.00 37.22 24.81 0.00 0.00 62.030.00 36.38 24.25 0.00 0.00 60.630.00 35.56 23.71 0.00 0.00 59.270.00 34.76 23.17 0.00 0.00 57.930.00 33.98 22.65 0.00 0.00 56.630.00 33.21 22.14 0.00 0.00 55.350.00 32.47 21.64 0.00 0.00 54.110.00 31.73 21.16 0.00 0.00 52.890.00 31.02 20.68 0.00 0.00 51.700.00 30.32 20.22 0.00 0.00 50.540.00 29.64 19.76 0.00 0.00 49.400.00 28.97 19.32 0.00 0.00 48.290.00 28.32 18.88 0.00 0.00 47.200.00 27.68 18.46 0.00 0.00 46.140.00 27.06 18.04 0.00 0.00 45.100.00 26.45 17.64 0.00 0.00 44.090.00 25.86 17.24 0.00 0.00 43.100.00 25.28 16.85 0.00 0.00 42.130.00 24.71 16.47 0.00 0.00 41.180.00 24.15 16.10 0.00 0.00 40.250.00 23.61 15.74 0.00 0.00 39.350.00 23.08 15.38 0.00 0.00 38.460.00 22.56 15.04 0.00 0.00 37.600.00 22.05 14.70 0.00 0.00 36.750.00 21.55 14.37 0.00 0.00 35.920.00 21.07 14.05 0.00 0.00 35.110.00 20.59 13.73 0.00 0.00 34.320.00 20.13 13.42 0.00 0.00 33.550.00 19.68 13.12 0.00 0.00 32.800.00 19.24 12.82 0.00 0.00 32.060.00 18.80 12.54 0.00 0.00 31.340.00 18.38 12.25 0.00 0.00 30.630.00 17.97 11.98 0.00 0.00 29.940.00 17.56 11.71 0.00 0.00 29.27


0.00 17.17 11.44 0.00 0.00 28.610.00 16.78 11.19 0.00 0.00 27.970.00 16.40 10.94 0.00 0.00 27.340.00 16.03 10.69 0.00 0.00 26.720.00 15.67 10.45 0.00 0.00 26.120.00 15.32 10.21 0.00 0.00 25.530.00 14.98 9.98 0.00 0.00 24.960.00 14.64 9.76 0.00 0.00 24.400.00 14.31 9.54 0.00 0.00 23.850.00 13.99 9.32 0.00 0.00 23.310.00 13.67 9.12 0.00 0.00 22.790.00 13.37 8.91 0.00 0.00 22.280.00 13.06 8.71 0.00 0.00 21.770.00 12.77 8.51 0.00 0.00 21.280.00 12.48 8.32 0.00 0.00 20.810.00 12.20 8.13 0.00 0.00 20.340.00 11.93 7.95 0.00 0.00 19.880.00 11.66 7.77 0.00 0.00 19.430.00 11.40 7.60 0.00 0.00 18.990.00 11.14 7.43 0.00 0.00 18.570.00 10.89 7.26 0.00 0.00 18.150.00 10.64 7.10 0.00 0.00 17.740.00 10.41 6.94 0.00 0.00 17.340.00 10.17 6.78 0.00 0.00 16.950.00 9.94 6.63 0.00 0.00 16.570.00 9.72 6.48 0.00 0.00 16.200.00 9.50 6.33 0.00 0.00 15.830.00 9.29 6.19 0.00 0.00 15.480.00 9.08 6.05 0.00 0.00 15.130.00 9.08 5.92 0.00 0.00 15.000.00 9.22 5.78 0.00 0.00 15.000.00 9.36 5.64 0.00 0.00 15.000.00 9.50 5.50 0.00 0.00 15.000.00 9.64 5.36 0.00 0.00 15.000.00 9.79 5.21 0.00 0.00 15.000.00 9.93 5.07 0.00 0.00 15.000.00 10.08 4.92 0.00 0.00 15.000.00 10.23 4.77 0.00 0.00 15.000.00 10.39 4.61 0.00 0.00 15.000.00 10.54 4.46 0.00 0.00 15.000.00 10.70 4.30 0.00 0.00 15.000.00 10.86 4.14 0.00 0.00 15.000.00 11.02 3.98 0.00 0.00 15.000.00 11.19 3.81 0.00 0.00 15.000.00 11.36 3.64 0.00 0.00 15.000.00 11.53 3.47 0.00 0.00 15.000.00 11.70 3.30 0.00 0.00 15.000.00 11.88 3.12 0.00 0.00 15.000.00 12.05 2.95 0.00 0.00 15.000.00 12.24 2.76 0.00 0.00 15.000.00 12.42 2.58 0.00 0.00 15.00


0.00 12.61 2.39 0.00 0.00 15.000.00 12.79 2.21 0.00 0.00 15.000.00 12.99 2.01 0.00 0.00 15.000.00 13.18 1.82 0.00 0.00 15.000.00 13.38 1.62 0.00 0.00 15.000.00 13.58 1.42 0.00 0.00 15.000.00 13.78 1.22 0.00 0.00 15.000.00 13.99 1.01 0.00 0.00 15.000.00 14.20 0.80 0.00 0.00 15.000.00 14.41 0.59 0.00 0.00 15.000.00 14.63 0.37 0.00 0.00 15.000.00 10.09 0.15 0.00 0.00 10.240.00 0.00 0.00 0.00 0.00 0.00

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Credit Card Pay Off Calculator Help

Credit Card Limit

Balance on Purchases

Cash Balance

Current Total Balance

Interest Rate on Purchases

Interest on Cash Withdrawals

BACK

Credit Card limit is limited amount, which is provided by your credit card company to you for use on any purchases. Part of provided credit facility can also be withdrawn from your credit card in cash. Credit Card provider will charge per each cash withdrawal transaction and interest rate for using cash limit is much higher that on standard purchases.Read more on Credit Cards, Credit Card Limits and Credit Card Interest at Wikipedia

Balance on Purchases is a part of your credit that has been used for purchases which may also contain your cash balance if used for purchases or balance transfers. Some time Credit Card provider will offer 0% APR (Annual Percentage Rate) on any Balance Transfers or Purchases for the certain period of time after which they will start charge interest if balance has not been paid in full. Balance Transfers can also be described as a purchases simply because your credit card provider is purchasing your credit from your bank or other credit facility provider by buying your previous credits. Balance transfers are very useful in the situations when your previous creditors are charging a high interest rates. Check our Credit Card Pay Off Tips article for more information.

Cash balance of the credit card can be described as a balance that's been withdrawn in the form of cash. In most cases card provider will limit the amount that can be withdrawn in cash. Most creditors do charge much higher interest rates for using cash off your credit card. One of the main details is that your credit card provider will keep your cash balance or distribute only a minimum, right until all balance on the purchases is paid and will only cover this after. This is because of the luck of income from the use of the cash to your creditor since the interest is higher and for longer they can keep that balance running, more they will benefit from it.

Current Total Balance is a currently outstanding balance for both cash and purchases from your credit card, which is payable back either in full or by making a monthly repayments.

Interest Rate on Purchases, other description of which is an APR on Purchases.Variable Rate of interest, which is applied to any outstanding balance to purchases made with your credit card or any balance transfers. Most creditors provide an interest free period (usually up to 50 days) on most of purchases, but only if the full outstanding amount is paid within that time frame, otherwise the full amount of interest from day of purchase will still be applicable. (Check the Terms of your credit card agreement)

This calculator assumes only a fixed interest rates as for purchases as well as for the cash balance. The rate of interest fluctuates along with market and may also depend on your personal circumstances as well as late payments, late payment charges and many other factors.

Interest on Cash Withdrawals or in other words APR on cash balance. Cash balance Interest is almost always higher than an APR on purchases or Balance Transfers.Any cash balance on the credit card is being paid off by taking a only small amounts of the principal payments until the balance on the purchases is fully paid or some times is not even being paid off at all until that moment. The reason behind this is that the creditor will always keep the higher interest flow for longer and therefore will get more benefit by doing so.

This calculator assumes only a fixed interest rates as for purchases as well as for the cash balance. The rate of interest fluctuates along with market and may also be dependent on your personal circumstances as well as late payments, late payment charges, your overall credit score and many other factors.

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Credit Card Limit

Balance on Purchases

Cash Balance

Current Total Balance

Interest Rate on Purchases

Interest on Cash Withdrawals

Credit Card limit is limited amount, which is provided by your credit card company to you for use on any purchases. Part of provided credit facility can also be withdrawn from your credit card in cash. Credit Card provider will charge per each cash withdrawal transaction and interest

Balance on Purchases is a part of your credit that has been used for purchases which may also contain your cash balance if used for purchases Annual Percentage Rate) on any Balance Transfers or Purchases

for the certain period of time after which they will start charge interest if balance has not been paid in full. Balance Transfers can also be described as a purchases simply because your credit card provider is purchasing your credit from your bank or other credit facility provider by buying your previous credits. Balance transfers are very useful in the situations when your previous creditors

Cash balance of the credit card can be described as a balance that's been withdrawn in the form of cash. In most cases card provider will limit the amount that can be withdrawn in cash. Most creditors do charge much higher interest rates for using cash off your credit card. One of the main details is that your credit card provider will keep your cash balance or distribute only a minimum, right until all balance on the purchases is paid and will only cover this after. This is because of the luck of income from the use of the cash to your creditor since the interest is higher

Current Total Balance is a currently outstanding balance for both cash and purchases from your credit card, which is payable back either in full

Variable Rate of interest, which is applied to any outstanding balance to purchases made with your credit card or any balance transfers. Most creditors provide an interest free period (usually up to 50 days) on most of purchases, but only if the full outstanding amount is paid within that time frame, otherwise the full amount of interest from day of purchase will still be applicable. (Check the Terms of your credit card agreement)

This calculator assumes only a fixed interest rates as for purchases as well as for the cash balance. The rate of interest fluctuates along with market and may also depend on your personal circumstances as well as late payments, late payment charges and many other factors.

Interest on Cash Withdrawals or in other words APR on cash balance. Cash balance Interest is almost always higher than an APR on purchases

Any cash balance on the credit card is being paid off by taking a only small amounts of the principal payments until the balance on the purchases is fully paid or some times is not even being paid off at all until that moment. The reason behind this is that the creditor will always

This calculator assumes only a fixed interest rates as for purchases as well as for the cash balance. The rate of interest fluctuates along with market and may also be dependent on your personal circumstances as well as late payments, late payment charges, your overall credit score

Principal Payment Distribution

Minimum Payment %

Payment

Additional Monthly Payments

Fixed Payment on Low Balance

Payment protection Insurance (PPI)

Principal Payment Distribution indicates the percentage of the principal payment that is paid to cover your current cash balance. So if lets say your principal payment was $20 and you've selected 2%, this means that $4 will be distributed towards your current cash balance when the rest of the sum will be paid towards you current balance on purchases, and will carry on until that balance is fully repaid. Once the balance on purchases is paid off then full sum of the principal will be redistributed towards repayments of your cash balance. You can make your selection by selecting between 0 and 15% of distribution again for the same reason as described above.

Minimum Payment is a minimum percentage of the outstanding balance that is calculated and paid monthly. This can be anything between 2 and 5% of the current balance or a set amount of $15 in US and Canada and 5 in UK for low balance.Minimum payment does not necessarily mean principal payment, since the principal, depending on the way how you are making your payment can be equal to the minimum if the minimum plus interest is paid or if payments are only calculated as a minimum then principal payment equals minimum payment less interest. Making a minimum payments will significantly increase a pay period and therefore total paid interest as well.

Monthly payments depending on the way you like to specify. If you decide to pay minimum + interest than calculator will calculate your monthly minimum payment + interest for both cash balance and balance on purchases + any additional payments (if any) + payment protection amount (if any) = monthly instalment. Or if you decided to only make a minimum payment than monthly minimum payment - interest for both cash balance and balance on purchases + any additional payments (if any) + payment protection amount (if any) = monthly instalment. By making only a minimum payments you will significantly increase your pay period and therefore pay more interest.

Even that the all calculations are only an estimates, calculator allows you to check few different scenarios where you can specify any additional monthly payments to decrease the length of a pay period and save on the interest.

Additional Monthly Payments are the amounts that you can afford to pay as an addition to your minimum or a minimum plus interest payments. Remember that by making an additional payments you significantly reducing a number of payments until the pay off as well as reducing your interest payments. IF you decide not to pay consistently, but to pay when you have, then you can simply override the formula in Additional Payments Column beside the corresponding month by entering your additional payment amounts there.

Fixed Payments on Low Balance is paid when the minimum payment, which usually between 2 and 5% of the balance are lower than that fixed payment amount, which is $15.00 for US and Canada or 5.00 for UK on most Credit Cards. In other words the minimum amount required to be paid towards principal is between 2 to 5% of the balance of the credit card. The fixed amount will be paid only when the minimum amount, calculated as percentage of the balance will become equal to or lower than that fixed payment amount.


Payment Protection Insurance. Some credit card providers do offer a PPI as standard payment protection. PPI is the amount that you creditor is charging per each dollar of the outstanding balance to insure consistency of the payments, which can be a fixed amount per each dollar or can also be calculated as a percentage of the total outstanding balance. For example your creditor may charge you 0.01 cent per each dollar of the balance or can also calculate your monthly premium as a certain percentage of the total outstanding balance instead, which is being taken off your credit card balance (this means you are also paying more interest on this) or simply added to your monthly minimum payment depending on your credit card agreement. Read more on PPI at Wikipedia

PPI can usually be deducted by your creditor in two different ways depending on the agreement. First one is pretty simple way is to calculate PPI on the current outstanding balance at the end of each payment cycle and then add it to a minimum monthly payment or the second most commonly used way is to calculate PPI and then deduct it from the balance, which will be assumed as standard expenditure from the credit, and therefore will increase the balance and an interest on it.

Principal Payment Distribution

Minimum Payment %

Payment

Additional Monthly Payments

Fixed Payment on Low Balance

Payment protection Insurance (PPI)

Principal Payment Distribution indicates the percentage of the principal payment that is paid to cover your current cash balance. So if lets say your principal payment was $20 and you've selected 2%, this means that $4 will be distributed towards your current cash balance when the rest of the sum will be paid towards you current balance on purchases, and will carry on until that balance is fully repaid. Once the balance on purchases is paid off then full sum of the principal will be redistributed towards repayments of your cash balance. You can make your selection by selecting between 0 and 15% of distribution again for the same reason as described above.

Minimum Payment is a minimum percentage of the outstanding balance that is calculated and paid monthly. This can be anything between 2 and 5% of the current balance or a set amount of $15 in US and Canada and 5 in UK for low balance.Minimum payment does not necessarily mean principal payment, since the principal, depending on the way how you are making your payment can be equal to the minimum if the minimum plus interest is paid or if payments are only calculated as a minimum then principal payment equals minimum payment less interest. Making a minimum payments will significantly increase a pay period and therefore total paid interest as

Monthly payments depending on the way you like to specify. If you decide to pay minimum + interest than calculator will calculate your monthly minimum payment + interest for both cash balance and balance on purchases + any additional payments (if any) + payment protection amount (if any) = monthly instalment. Or if you decided to only make a minimum payment than monthly minimum payment - interest for both cash balance and balance on purchases + any additional payments (if any) + payment protection amount (if any) = monthly instalment. By making only a minimum payments you will significantly increase your pay period and therefore pay more interest.

Even that the all calculations are only an estimates, calculator allows you to check few different scenarios where you can specify any additional

Additional Monthly Payments are the amounts that you can afford to pay as an addition to your minimum or a minimum plus interest payments. Remember that by making an additional payments you significantly reducing a number of payments until the pay off as well as reducing your interest payments. IF you decide not to pay consistently, but to pay when you have, then you can simply override the formula in Additional Payments Column beside the corresponding month by entering your additional payment amounts there.

Fixed Payments on Low Balance is paid when the minimum payment, which usually between 2 and 5% of the balance are lower than that fixed payment amount, which is $15.00 for US and Canada or 5.00 for UK on most Credit Cards. In other words the minimum amount required to be

of the balance of the credit card. The fixed amount will be paid only when the minimum amount, calculated as percentage of the balance will become equal to or lower than that fixed payment amount.


as standard payment protection. PPI is the amount that you creditor is charging per each dollar of the outstanding balance to insure consistency of the payments, which can be a fixed amount per each dollar or can also be calculated as a percentage of the total outstanding balance. For example your creditor may charge you 0.01 cent per each dollar of the balance or can also calculate your monthly premium as a certain percentage of the total outstanding balance instead, which is being taken off your credit card balance (this means you are also paying more interest on this) or simply added to your monthly minimum payment depending

PPI can usually be deducted by your creditor in two different ways depending on the agreement. First one is pretty simple way is to calculate PPI on the current outstanding balance at the end of each payment cycle and then add it to a minimum monthly payment or the second most commonly used way is to calculate PPI and then deduct it from the balance, which will be assumed as standard expenditure from the credit, and

This Credit card Pay Off Calculator can help you to solve for a minimum payments, minimum plus interest payments and at last minimum plus interest with additional monthly payments. It will also help to see the effect of the PPI on the balance of the credit as well as its interest.

Credit card calculator uses two line credit for a balance on purchases and withdrawn cash balances that is charged at higher interest rates when used. Use of two line credit method helps to understand and makes more clear the techniques of allocation for the principal payments on this two lines of outstanding balance.

Attention:The calculator can only solve with a fixed interest rates and it does not take in to account any changes in interest, market fluctuation, late payments, fees and charges and changes in your financial circumstances or any expenditure off your credit card, therefore all calculations are an estimates. Calculation of the actual interest is usually based on the average daily balance, which is multiplied by a constant factor to give an interest charge.

Disclaimer: This template is for educational and illustrative purposes only. We do not guarantee the results. Interest of your credit facilities is usually variable and therefore any calculation may not be exact and appropriate to your financial situation. Use this template at your own risk. You should seek the advice of qualified professionals regarding your Debt and Credit Card Repayments. Spreadsheet123.com will not and can not be held liable for any damages or loss caused by use of this calculator.

Disclaimer: This template is for educational and illustrative purposes only. We do not guarantee the results. Interest of your credit facilities is usually variable and therefore any calculation may not be exact and appropriate to your financial situation. Use this template at your own risk. You should seek the advice of qualified professionals regarding your Debt and Credit Card Repayments. Spreadsheet123.com will not and can not be held liable for any damages or loss caused by use of this calculator.

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