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Credit Card Calculator

Credit Card Calculator excel with amortization schedule to calculate your monthly credit card payment. The credit card payment calculator shows you how much interest and principal you are paying per month.

Credit Card Payment Calculator

Current Balance
$
Interest Rate
Current Monthly Payment
$
Monthly Payment
$300.00
Total Interest
$3,313.64
Total Principal
$10,000.00
Total Payment
$13,313.64
Payoff Date
Nov, 2027
Payoff Months
45 Months

Credit Card Amortization Schedule

Payment Date Payment # Interest Paid Principal Paid Total Payment Remaining Balance
Mar, 2024 1 $133.33 $166.67 $300.00 $9,833.33
Apr, 2024 2 $131.11 $168.89 $300.00 $9,664.44
May, 2024 3 $128.86 $171.14 $300.00 $9,493.30
Jun, 2024 4 $126.58 $173.42 $300.00 $9,319.88
Jul, 2024 5 $124.27 $175.73 $300.00 $9,144.15
Aug, 2024 6 $121.92 $178.08 $300.00 $8,966.07
Sep, 2024 7 $119.55 $180.45 $300.00 $8,785.62
Oct, 2024 8 $117.14 $182.86 $300.00 $8,602.76
Nov, 2024 9 $114.70 $185.30 $300.00 $8,417.46
Dec, 2024 10 $112.23 $187.77 $300.00 $8,229.69
Jan, 2025 11 $109.73 $190.27 $300.00 $8,039.42
Feb, 2025 12 $107.19 $192.81 $300.00 $7,846.62
Mar, 2025 13 $104.62 $195.38 $300.00 $7,651.24
Apr, 2025 14 $102.02 $197.98 $300.00 $7,453.25
May, 2025 15 $99.38 $200.62 $300.00 $7,252.63
Jun, 2025 16 $96.70 $203.30 $300.00 $7,049.33
Jul, 2025 17 $93.99 $206.01 $300.00 $6,843.32
Aug, 2025 18 $91.24 $208.76 $300.00 $6,634.57
Sep, 2025 19 $88.46 $211.54 $300.00 $6,423.03
Oct, 2025 20 $85.64 $214.36 $300.00 $6,208.67
Nov, 2025 21 $82.78 $217.22 $300.00 $5,991.45
Dec, 2025 22 $79.89 $220.11 $300.00 $5,771.34
Jan, 2026 23 $76.95 $223.05 $300.00 $5,548.29
Feb, 2026 24 $73.98 $226.02 $300.00 $5,322.26
Mar, 2026 25 $70.96 $229.04 $300.00 $5,093.23
Apr, 2026 26 $67.91 $232.09 $300.00 $4,861.14
May, 2026 27 $64.82 $235.18 $300.00 $4,625.95
Jun, 2026 28 $61.68 $238.32 $300.00 $4,387.63
Jul, 2026 29 $58.50 $241.50 $300.00 $4,146.13
Aug, 2026 30 $55.28 $244.72 $300.00 $3,901.42
Sep, 2026 31 $52.02 $247.98 $300.00 $3,653.43
Oct, 2026 32 $48.71 $251.29 $300.00 $3,402.15
Nov, 2026 33 $45.36 $254.64 $300.00 $3,147.51
Dec, 2026 34 $41.97 $258.03 $300.00 $2,889.48
Jan, 2027 35 $38.53 $261.47 $300.00 $2,628.00
Feb, 2027 36 $35.04 $264.96 $300.00 $2,363.04
Mar, 2027 37 $31.51 $268.49 $300.00 $2,094.55
Apr, 2027 38 $27.93 $272.07 $300.00 $1,822.48
May, 2027 39 $24.30 $275.70 $300.00 $1,546.78
Jun, 2027 40 $20.62 $279.38 $300.00 $1,267.40
Jul, 2027 41 $16.90 $283.10 $300.00 $984.30
Aug, 2027 42 $13.12 $286.88 $300.00 $697.42
Sep, 2027 43 $9.30 $290.70 $300.00 $406.72
Oct, 2027 44 $5.42 $294.58 $300.00 $112.15
Nov, 2027 45 $1.50 $112.15 $113.64 $0.00

Credit Card Interest Calculator

Credit card interest is high, the sooner that you pay off your credit card, the more interest money you can save. Use the credit card interest calculator to get a credit card amortization schedule and see exactly how much interest you will be paying and how long it will take you to pay off your credit card debt. You can also use the credit card payoff calculator with amortization if you want to pay off your debt earlier by making an extra payment each month or calculating by desired payoff year.


Why is it important to pay off credit card debt?

Credit card companies generally charge a much higher interest rate compared to other types of loans such as your home mortgage, car loan, or student loan. The APR on a credit card could be as high as 30%, whereas an APR on a mortgage could be as low as 3%. The reason credit companies charge high-interest rates is to protect themselves in case the cardholder defaults or racks up too much debt that they can't afford to repay. While it is hard to get a home mortgage where you have to provide proof of income and many other financial statements, it is much easier for one to get a credit card. Therefore, it is much more likely for one to stop making payments on a credit card than on a mortgage. To make up for the bank's risks in issuing credit cards, they charge outrageous fees. Some people have as many as 8-10 credit cards which are excessive. A little balance on each credit card adds up, and debt piles up quickly. As a general rule, 3-4 credits should be enough for most people.


How to pay off credit card debt fast?

If you have a lot of credit card debt, it is recommended that you pay them off fast. Anyone with a high balance on their credit card is basically throwing money away. Here are a few tips on how to pay off credit card debt fast.

  • Never make minimum payment - it is always a good idea to pay your credit card balance in full every month if you can afford it. However, if you are not able to do that, then at least make more payments than the minimum payment. The more you pay, the less interest you will end up paying.

  • Stop opening new credit cards - while it may be obvious that one should not be opening new credit cards if he already has a high balance on his existing cards, some people believe opening new cards will help them pay off their old cards. That will never work, opening new cards to pay off the old cards will drag a person deeper into the hole with more debt snowballing.

  • Avalanche method - If you have multiple credit cards, pay more towards the credit cards with the highest interest rate and make lower payments on the others. The higher the APR, the more money you will end up paying. By paying down the credit card with the highest interest first, you save money in interest. After you pay off the one with the highest interest, then repeat the procedure on the credit card with the second-highest interest rate. Repeat the process until all your credit cards are paid off in full. There is a technical term for this which is called the "avalanche method".

  • Snowball method - If the credit card with the highest interest has a high balance, one may get frustrated in paying it off. In that case, you may consider the snowball method which is to start paying off the credit card with the lowest balance, and then go on to the next one and repeat until all your credit cards are paid off. Compared to the avalanche method, you will end up paying more for interest. If possible, use the avalanche method instead of the snowball.

  • Home equity loan - If you own a home, try to apply for a home equity loan or use the cash-out refinance option to get extra cash. If you have a fairly good credit score and a lot of equity in your house, you can expect to cash for a much lower interest rate than credit card debt. Use this loan to pay off your credit cards.

  • Increase your earnings - In the short term, you may want to get a part-time job to make more money. When you have two jobs, you will be too busy to spend money. I know it is not possible for everybody to get another job, so here's an alternative. Read self-help books to improve yourself and the technical skills that are required for your job. In the long term, you will get promotions and make money in your current job or find a new job with better pay.
  • Cut your expenses - the only way to really pay off your credit card debt, in the long run, is to cut your spending. If you have a habit of spending big and living paycheck to paycheck, even if you pay off your debt, they will eventually come back to bite you. Here are a few tips on how to cut your monthly spending.
    • a) Eat out less and cook more - Bring lunch to the office instead of buying lunch at work. If you are living in a state like New York, the daily lunch is about $10, and it costs about $220 each month assuming you work 22 days per month.

    • b) Make your own coffee - Instead of stopping by Starbucks or your local coffee shop, you can make your own coffee. Some people drink as many as 3-4 cups of coffee every day. If the cost of living is high in your state, each coffee costs about $4. Assuming you drink two per day, that will be about $8 per day on coffee, which is equivalent to about $170 per month.

    • c) Buy stuff in bulk - If you have a family of 3 or more, instead of visiting your local deli for toilet paper, cereals, or drinks, you can buy them in bulk for much cheaper in wholesale places like Costco, BJ's, or Sam's club. You will save a lot of money each month on groceries.

    • d) Instead of buying a new car, buy a used car - Many people consider cars as an asset when they are really a liability. Assets go up in value as time passes whereas liabilities go down in value. House is an asset, cars are not. If you buy a used car, you can save thousands if not more.

    • e) Tracking your spending - The only way to cut monthly expenses is to track your spending. Throughout tracking, you will spend money more consciously and find the flaws in your spending habit. Once you learn what's necessary and what's not, you will cut spending on unnecessary items and save more money to pay down your debt.

Follow the steps above, and say goodbye to credit card debt. Use the extra money to buy an asset that appreciates such as a house.

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