Downloadable credit card payment calculator

This is the minimum possible payment that you could make to avoid having your balance increase. But, if you only only pay the interest month-to-month, you'll never pay off the credit card. The basic calculation for the monthly interest-only payment is:. Credit cards are a type of revolving line of credit that don't have a specific amortization period defined.

So, to ensure that each payment includes interest plus some portion of the principal, the minimum payment is defined as a percentage that is greater than the monthly interest rate. When your balance gets low, the "Percent of Balance" calculations might result in a very small minimum payment, and in theory you'd never actually finish paying off the balance.

You can use the latest version of this spreadsheet to simulate that scenario, but be aware that missing a payment can cancel the introductory period. For credit cards, interest is usually accrued daily or based on the average daily balance , but most credit card calculators estimate the monthly interest by assuming that 1 the balance is constant and 2 the interest rate is the annual rate divided by This is a pretty good estimate , but probably won't be exactly what you see on your monthly statement.

The credit card payment calculator lets you enter a Fixed Monthly Payment amount. If you do, that amount will override what you have entered in the Min Payment fields.

Developer's Description By Abacus Software. The Credit Card Payment Calculator calculates what amount of money to put towards each bill which would get you out of debt the fastest.

The program has an easy to use interface and saves the data you entered for faster calculation. It also has a built in budget calculator which tells you how much to put towards various spending groups based on your priorities.

Full Specifications. What's new in version 1. Release November 7, Date Added August 27, Version 1. Operating Systems.

NET Framework 2. Total Downloads Download Now. The Credit Card Calculator calculates what to pay on your bills with a special formula that prioritizes them by interest rate and amount, the suggested amount will help you pay off the bill; not just give the credit card companies their interest each month. The Credit Card Calculator also can handle regular bills. Full Specifications. What's new in version 1.

Release November 7, Date Added August 22, Version 1. Operating Systems. Total Downloads 2, Downloads Last Week 0. Report Software. Current Balance : The calculator assumes you are paying off the unpaid principal.

If you are actively using a card, then purchases made in the past month usually have a grace period of a month before interest is charged. This calculator does not take into account the grace period for recent charges. Most APRs will fluctuate over time, and can be affected by late payments and other factors, but this calculator just assumes a fixed interest rate. Interest-Only Payment : This is an estimate of the monthly interest due, calculated by multiplying the current balance by the monthly interest rate.

The monthly interest rate is the annual rate divided by Your monthly payment needs to be larger than the interest-only payment, or you will never pay off card. The actual credit card interest calculation is usually based on daily compounding , but the monthly calculation is a pretty good estimate.

The difference has more to do with the numbers of days in different months rather than the compounding period although the compound period does have a small effect.

Monthly Payment : If you want to calculate the Months to Payoff, then enter the monthly payment amount. It is a fixed payment, meaning it does not change.