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Credit Card Calculator to calculate monthly payment for your credit card bill. Credit Card Amortization Schedule excel shows how much interest and principal that you are paying each month and exportable as a spreadsheet.
Monthly Payment |
$400.00 |
|||||
Total Interest |
$4,959.09 | |||||
Total Principal |
$13,000.00 | |||||
Total Payment |
$17,959.09 | |||||
Payoff Date |
Jan, 2027 | |||||
Payoff Months |
45 Months | |||||
Credit Card Amortization Schedule |
||||||
Payment Date | Payment # | Interest Paid | Principal Paid | Total Payment | Remaining Balance | |
---|---|---|---|---|---|---|
May, 2023 | 1 | $195.00 | $205.00 | $400.00 | $12,795.00 | |
Jun, 2023 | 2 | $191.93 | $208.08 | $400.00 | $12,586.93 | |
Jul, 2023 | 3 | $188.80 | $211.20 | $400.00 | $12,375.73 | |
Aug, 2023 | 4 | $185.64 | $214.36 | $400.00 | $12,161.36 | |
Sep, 2023 | 5 | $182.42 | $217.58 | $400.00 | $11,943.79 | |
Oct, 2023 | 6 | $179.16 | $220.84 | $400.00 | $11,722.94 | |
Nov, 2023 | 7 | $175.84 | $224.16 | $400.00 | $11,498.79 | |
Dec, 2023 | 8 | $172.48 | $227.52 | $400.00 | $11,271.27 | |
Jan, 2024 | 9 | $169.07 | $230.93 | $400.00 | $11,040.34 | |
Feb, 2024 | 10 | $165.61 | $234.39 | $400.00 | $10,805.94 | |
Mar, 2024 | 11 | $162.09 | $237.91 | $400.00 | $10,568.03 | |
Apr, 2024 | 12 | $158.52 | $241.48 | $400.00 | $10,326.55 | |
May, 2024 | 13 | $154.90 | $245.10 | $400.00 | $10,081.45 | |
Jun, 2024 | 14 | $151.22 | $248.78 | $400.00 | $9,832.67 | |
Jul, 2024 | 15 | $147.49 | $252.51 | $400.00 | $9,580.16 | |
Aug, 2024 | 16 | $143.70 | $256.30 | $400.00 | $9,323.86 | |
Sep, 2024 | 17 | $139.86 | $260.14 | $400.00 | $9,063.72 | |
Oct, 2024 | 18 | $135.96 | $264.04 | $400.00 | $8,799.68 | |
Nov, 2024 | 19 | $132.00 | $268.00 | $400.00 | $8,531.67 | |
Dec, 2024 | 20 | $127.98 | $272.02 | $400.00 | $8,259.65 | |
Jan, 2025 | 21 | $123.89 | $276.11 | $400.00 | $7,983.54 | |
Feb, 2025 | 22 | $119.75 | $280.25 | $400.00 | $7,703.30 | |
Mar, 2025 | 23 | $115.55 | $284.45 | $400.00 | $7,418.85 | |
Apr, 2025 | 24 | $111.28 | $288.72 | $400.00 | $7,130.13 | |
May, 2025 | 25 | $106.95 | $293.05 | $400.00 | $6,837.08 | |
Jun, 2025 | 26 | $102.56 | $297.44 | $400.00 | $6,539.64 | |
Jul, 2025 | 27 | $98.09 | $301.91 | $400.00 | $6,237.73 | |
Aug, 2025 | 28 | $93.57 | $306.43 | $400.00 | $5,931.30 | |
Sep, 2025 | 29 | $88.97 | $311.03 | $400.00 | $5,620.27 | |
Oct, 2025 | 30 | $84.30 | $315.70 | $400.00 | $5,304.57 | |
Nov, 2025 | 31 | $79.57 | $320.43 | $400.00 | $4,984.14 | |
Dec, 2025 | 32 | $74.76 | $325.24 | $400.00 | $4,658.90 | |
Jan, 2026 | 33 | $69.88 | $330.12 | $400.00 | $4,328.78 | |
Feb, 2026 | 34 | $64.93 | $335.07 | $400.00 | $3,993.72 | |
Mar, 2026 | 35 | $59.91 | $340.09 | $400.00 | $3,653.62 | |
Apr, 2026 | 36 | $54.80 | $345.20 | $400.00 | $3,308.43 | |
May, 2026 | 37 | $49.63 | $350.37 | $400.00 | $2,958.05 | |
Jun, 2026 | 38 | $44.37 | $355.63 | $400.00 | $2,602.42 | |
Jul, 2026 | 39 | $39.04 | $360.96 | $400.00 | $2,241.46 | |
Aug, 2026 | 40 | $33.62 | $366.38 | $400.00 | $1,875.08 | |
Sep, 2026 | 41 | $28.13 | $371.87 | $400.00 | $1,503.21 | |
Oct, 2026 | 42 | $22.55 | $377.45 | $400.00 | $1,125.76 | |
Nov, 2026 | 43 | $16.89 | $383.11 | $400.00 | $742.64 | |
Dec, 2026 | 44 | $11.14 | $388.86 | $400.00 | $353.78 | |
Jan, 2027 | 45 | $5.31 | $353.78 | $359.09 | $0.00 |
Credit cards offer borrowers a line of credit where they can buy things on credit up to a limit. As soon as the borrower pays off the credit card balance, the limit will be reset. For example, if you are given a credit line of $3,000, and spend $500 this month, the maximum you can still use is $2,500. As soon as you pay off the $500 balance, then the limit is reset to $3,000. Credit cards offer you the convenience of making purchases. Without a credit card, you cannot buy things online. Today's society makes it hard to imagine a life without a credit card.
Using and making monthly payments on a credit card is a good way to build your credit score. There is a due day for each payment, as long as you are making payments on time, you are building good credit. If you miss a payment or make a late payment, there are late payment fees and interest charges. On top of that, it will affect your credit score in a negative way. You don't have to pay off the whole balance each month, but credit card companies require you to make a minimum payment to reduce your credit card balance. Please keep in mind that just because you can make a minimum payment doesn't mean you should. There are interest charges for the remaining balance, and making minimum payments will never pay off your credit card debt. Even worse, the balance could get out of control if you are a spender.
There are two balances on your credit card, the statement balance, and the current balance.
Just because there is a limit to how much you can use on a credit card doesn't mean you should spend the maximum amount. When your credit usage is too high, it hurts your credit score. In general, you should not use more than 30% of your credit limit. For example, if you are given a limit of $5,000 for a credit card, you should keep your balance lower than $1,500 (30% of $5,000). When your credit usage goes above 30%, it lowers your credit score. If you have multiple credit cards, not only should you keep each credit card usage under 30%, the total outstanding balance of all your credits should not exceed 30% of the total credit limits. For example, if you have 3 credit cards, each with a $5,000 limit for a total limit of $15,000. The total balance on all 3 credit cards should not exceed $4,500 (30% of $15,000). It is important to maintain a good credit score as it will save you thousands of dollars in interest payments if you ever need to apply for a loan or buy a house on a mortgage. Borrowers with good credit scores will get the most competitive interest rate from lenders.
Credit card is like a double-edged sword, it is convenient but also risky. When it is used properly, you can build your credit score and credit history. However, for people with spending problems, credit card debt can get out of control. Many people found their credit card bills piling up and there is no way out. They can't afford to make minimum payments because credit cards have very high APRs (18% - 30%). Not only do they need to pay off their balances, but they also need to make very high-interest payments. Some people are forced to default on their credit cards. Not only do they have to deal with debt collectors, but also ruin their credit scores. Here are some tips on how to pay off your credit card if your balance is high.
Using the avalanche method will save you the most money while the snowball method might give you the motivation to pay off your credit card balances. You will need to see which method works better for you.
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