Are you wondering how much you should put down on your credit card each month to ensure you aren’t taking decades to pay off your balance? With this free credit card payment calculator template, you can plug in your balance, interest rate, and your expected monthly payment (either fixed or as a percentage of the balance) to determine just how long it may take you to pay off your debt.

## How the template works

The cells that require data entry are highlighted in yellow on the template. At a minimum, the balance, interest rate, starting date, and one of the two fields for the monthly payment need to be entered in:

For the monthly payment field, you can enter in both a fixed dollar amount and a percentage of the balance. How it works is that if you enter in both values, the higher payment calculation will be used.

For example, if you had a $10,000 balance and planned to pay 5% of it, the monthly payment would be $500 and decline along with the balance. If you also set a fixed payment of $400, then that would ensure your monthly payment would never fall below $400, even as the balance declines. In effect, the payment will be the greater of these two values. If you only enter a percentage of the balance, then only a percentage will be used. Similarly, if you only have a value for the fixed amount, then that’s what your payment will remain at.

Once you’ve entered in these fields, the rest of the template will populate. This includes calculations on how many years it will take for you to pay off your balance, the end date, how much your payments will total, and the amount of interest you will have paid:

If you enter a payment that is so small it won’t even cover your interest, then the payment amount will be highlighted in red:

In the above example, the years and end date will not be accurate since, under this example, the balance will grow rather than decline over time, and thus, will never be paid off.

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