Calculator Inputs
Example Data Table
Illustrative example using a balance of $8,500, APR of 22.9%, planned payment of $300, and an extra $50 monthly payment.
| Month | Opening Balance | Interest | Payment | Closing Balance |
|---|---|---|---|---|
| 1 | $8,500.00 | $162.21 | $350.00 | $8,312.21 |
| 2 | $8,312.21 | $158.62 | $350.00 | $8,120.83 |
| 3 | $8,120.83 | $154.97 | $350.00 | $7,925.81 |
| 4 | $7,925.81 | $151.25 | $350.00 | $7,727.06 |
| 5 | $7,727.06 | $147.46 | $350.00 | $7,524.51 |
| 6 | $7,524.51 | $143.59 | $350.00 | $7,318.11 |
Formula Used
1) Monthly rate
Monthly Rate = APR / 12 / 100
2) Balance before payment
Balance Before Payment = Opening Balance + New Charges + Annual Fee + Interest
3) Interest
Interest = (Opening Balance + New Charges + Annual Fee) × Monthly Rate
4) Minimum due
Minimum Due = greater of (Balance Before Payment × Minimum Rate) or Minimum Floor, capped at the current balance.
5) Actual payment
Payment = lesser of Balance Before Payment or (greater of Planned Payment and Minimum Due) + Extra Payment + Lump Sum
6) Closing balance
Closing Balance = Balance Before Payment − Payment
How to Use This Calculator
- Enter your current credit card balance and APR.
- Select either a fixed payment plan or a target payoff month count.
- Add extra monthly payments if you want faster debt reduction.
- Include new monthly charges to reflect ongoing card use.
- Set the minimum payment rate and floor used by your issuer.
- Add any annual fee and the month it first appears.
- Use a lump sum payment for bonuses, refunds, or tax season payments.
- Press Calculate Plan to view the summary, graph, and schedule.
- Download the monthly schedule as CSV or PDF for planning records.
FAQs
1) What is the difference between fixed payment and target payoff mode?
Fixed payment mode uses the amount you enter each month. Target payoff mode estimates the regular payment needed to clear the balance within your selected number of months.
2) Why can minimum payments make repayment slow?
Minimum payments often cover only a small slice of principal. When APR is high, interest consumes much of each payment, stretching the debt over many months or years.
3) Does this planner include new purchases?
Yes. The new monthly charges field adds fresh spending every cycle. This helps you test whether continuing to use the card will delay your payoff date.
4) How are annual fees handled?
Annual fees are inserted into the month you choose, then repeated every twelve months. That amount is added before interest and payment are calculated.
5) Is the interest method exact for every issuer?
No. This planner uses a monthly approximation for clarity. Many issuers use average daily balance methods, so your real statement results may differ slightly.
6) What happens if my payment is below the minimum due?
The calculator automatically raises the actual payment to at least the minimum due. This prevents the plan from understating what your card agreement usually requires.
7) Can a lump sum change the schedule meaningfully?
Yes. A single extra payment early in the schedule can sharply reduce future interest because it lowers the balance that later interest is charged on.
8) Can I export my results?
Yes. After calculation, you can download the full amortization schedule as a CSV file or a PDF document for budgeting, review, or sharing.