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Credit Card Payoff Calculator

Fixed Payment You Could Make Each Month(₦)
Result Summary
Months Until Payoffs
Total Interest
Years Until Payoff
Principal to Paid
Pmt DatePmt#Pmt AmtInterestPrincipalBalance
1/20201₦500.00₦36.67₦463.33₦9,536.67
2/20202₦500.00₦34.97₦465.03₦9,071.63
3/20203₦500.00₦33.26₦466.74₦8,604.90
4/20204₦500.00₦31.55₦468.45₦8,136.45
5/20205₦500.00₦29.83₦470.17₦7,666.28
6/20206₦500.00₦28.11₦471.89₦7,194.39
7/20207₦500.00₦26.38₦473.62₦6,720.77
8/20208₦500.00₦24.64₦475.36₦6,245.41
9/20209₦500.00₦22.90₦477.10₦5,768.31
10/202010₦500.00₦21.15₦478.85₦5,289.46
11/202011₦500.00₦19.39₦480.61₦4,808.86
12/202012₦500.00₦17.63₦482.37₦4,326.49
1/202113₦500.00₦15.86₦484.14₦3,842.36
2/202114₦500.00₦14.09₦485.91₦3,356.44
3/202115₦500.00₦12.31₦487.69₦2,868.75
4/202116₦500.00₦10.52₦489.48₦2,379.27
5/202117₦500.00₦8.72₦491.28₦1,887.99
6/202118₦500.00₦6.92₦493.08₦1,394.92
7/202119₦500.00₦5.11₦494.89₦900.03
8/202120₦500.00₦3.30₦496.70₦403.33
9/202121₦404.81₦1.48₦403.33₦0.00

Disclaimer

This calculation is based on the accuracy and completeness of the information you have provided. Result is for information purposes only and it is not intended to provide specific financial advice and should not be relied upon in that regard. You should speak to a financial advisor or accountants for an informed decision to ensure your personal circumstances have been taken into consideration.

//******************************************* //COPYWRITE INFO! //Credit Card Payoff Calculator //ALL RIGHTS RESERVED //Created: 07/13/2004 //Last Modified: 10/16/2009 //This script may not be copied, edited, distributed or reproduced //Commercial User Licence #:6133-1551-131-1256 //Commercial Licence Date:2012-02-07 //******************************************* function sn(num) { num=num.toString(); var len = num.length; var rnum = ""; var test = ""; var j = 0; var b = num.substring(0,1); if(b == "-") { rnum = "-"; } for(i = 0; i <= len; i++) { b = num.substring(i,i+1); if(b == "0" || b == "1" || b == "2" || b == "3" || b == "4" || b == "5" || b == "6" || b == "7" || b == "8" || b == "9" || b == ".") { rnum = rnum + "" + b; } } if(rnum == "" || rnum == "-") { rnum = 0; } rnum = Number(rnum); return rnum; } function fns(num, places, comma, type, show) { var sym_1 = "₦"; var sym_2 = ""; var isNeg=0; if(num < 0) { num=num*-1; isNeg=1; } var myDecFact = 1; var myPlaces = 0; var myZeros = ""; while(myPlaces < places) { myDecFact = myDecFact * 10; myPlaces = Number(myPlaces) + Number(1); myZeros = myZeros + "0"; } onum=Math.round(num*myDecFact)/myDecFact; integer=Math.floor(onum); if (Math.ceil(onum) == integer) { decimal=myZeros; } else{ decimal=Math.round((onum-integer)* myDecFact) } decimal=decimal.toString(); if (decimal.length 0) { decimal = "." + decimal; } if(comma == 1) { integer=integer.toString(); var tmpnum=""; var tmpinteger=""; var y=0; for (x=integer.length;x>0;x--) { tmpnum=tmpnum+integer.charAt(x-1); y=y+1; if (y==3 & x>1) { tmpnum=tmpnum+","; y=0; } } for (x=tmpnum.length;x>0;x--) { tmpinteger=tmpinteger+tmpnum.charAt(x-1); } finNum=tmpinteger+""+decimal; } else { finNum=integer+""+decimal; } if(isNeg == 1) { if(type == 1 && show == 1) { finNum = "-" + sym_1 + "" + finNum + "" + sym_2; } else { finNum = "-" + finNum; } } else { if(show == 1) { if(type == 1) { finNum = sym_1 + "" + finNum + "" + sym_2; } else if(type == 2) { finNum = finNum + "%"; } } } return finNum; } var pmt_num_arr = new Array(); var pmt_amt_arr = new Array(); var int_port_arr = new Array(); var prin_port_arr = new Array(); var prin_arr = new Array(); function calculate() { document.getElementById( 'di' ).style.display = 'block'; var Vprincipal = sn(document.calc.principal.value); var Vinterest = sn(document.calc.interest.value); var Vfixed_pmt = sn(document.calc.fixed_pmt.value); if(Vprincipal == 0) { alert("Please enter the balance on your credit card."); document.calc.principal.focus(); } else if(Vinterest == 0) { alert("Please enter the credit card's annual interest rate."); document.calc.interest.focus(); } else if( Vfixed_pmt == 0) { alert("Please enter the fixed payment amount you could afford to pay each month."); document.calc.fixed_pmt.focus(); } else { jQuery('.email-my-results').removeClass('hidden'); var i = Vinterest; if(Vinterest >= 1) { i /= 100; } i /= 12; // var Vminpayperc = document.calc.minpayperc.value; // var Vmin_pmt = Vminpayperc * Vprincipal; var Vpmt_amt = 0; var Vpmt_method = 0; if(Vfixed_pmt!==0) { Vpmt_amt = Vfixed_pmt; Vpmt_method = 1; } else { Vpmt_amt = Vfixed_pmt; Vpmt_method = 1; } var prin = Vprincipal; var count = 0; var int_port = 0; var prin_port = 0; var accum_int = 0; var Vpmt_rows = ""; while(prin > 0) { count += 1; if(Vpmt_method == 0) { // Vpmt_amt = Vminpayperc * prin; if(Vpmt_amt < 10) { Vpmt_amt = 10; } } if((prin * (Number(1) + Number(i))) > Vpmt_amt) { int_port = i * prin; prin_port = Number(Vpmt_amt) - Number(int_port); accum_int += int_port; prin = Number(prin) - Number(prin_port); } else { int_port = i * prin; prin_port = prin; Vpmt_amt = Number(prin) + Number(int_port); accum_int += int_port; prin = 0; } pmt_num_arr[count] = count; pmt_amt_arr[count] = fns(Vpmt_amt,2,1,1,1); int_port_arr[count] = fns(int_port,2,1,1,1); prin_port_arr[count] = fns(prin_port,2,1,1,1); prin_arr[count] = fns(prin,2,1,1,1); if(count > 1000) { alert("At the terms you entered your balance will never be paid off. Please increase the payment amount until this alert does not show up."); return; break; } } document.calc.num_pmts.value = count; var Vnum_years = count / 12; document.calc.num_years.value = fns(Vnum_years,0,0,0,0); document.calc.int_paid.value = fns(accum_int,2,1,1,1); document.calc.prin_paid.value = fns(Vprincipal,2,1,1,1); // var v_summary = ""; // if(Vpmt_method == 0) { // v_summary += "If you make the " + fns(Vminpayperc * 100,1,1,2,1) + " minimum payments per month, "; // v_summary += "it will take you " + count + " months to pay off your existing balance. You will "; // v_summary += "pay " + fns(accum_int,2,1,1,1) + " in interest while paying off this balance."; //} else { // v_summary += "If you make " + fns(Vfixed_pmt,2,1,1,1) + " payments per month, it will take "; // v_summary += "you " + count + " months to pay off your existing balance. You will "; // v_summary += "pay " + fns(accum_int,2,1,1,1) + " in interest while paying off this balance."; // } // var v_summary_cell = document.getElementById("summary"); // v_summary_cell.innerHTML = "Summary: " + v_summary + ""; } google.charts.load("current", {packages:["corechart"]}); google.charts.setOnLoadCallback(drawChart); function drawChart(principal,interest,fixed_pmt) { // console.log(principal); var data = google.visualization.arrayToDataTable([['Tenor','Principal', 'Interest'], [count,Vprincipal, accum_int] ]); var formatter = new google.visualization.NumberFormat({pattern:'₦###,###'} ); formatter.format(data, 1); var formatter = new google.visualization.NumberFormat({pattern:'decimal',pattern:'Tenor:', suffix: ' months'} ); formatter.format(data, 0); var formatter = new google.visualization.NumberFormat({pattern:'₦###,###'} ); formatter.format(data, 2); var chart = new google.visualization.ColumnChart(document.getElementById('chart_div')); chart.draw(data, {title:"", width:'400', height:430, legend: {position: 'top', maxLines: 10}, vAxis: {title: "Amount in ₦"}, isStacked: true, hAxis: {title: "Tenor(in months)",minValue:0},colors: [ "#74bd43", "#971724" ],} ); } } function pmtSchedule(form) { document.getElementById("mytable_div").innerHTML = ""; var pmt_count = sn(document.calc.num_pmts.value); if(pmt_count == 0) { alert("Please compute the top portion before attempting to create the payment schedule."); clearResults(form); } else { var row_count = 0; var Vpmt_rows = ""; var today = new Date(); var loanMM = today.getMonth() + 1; var loanYY = today.getYear(); if(loanYY < 1900) { loanYY += 1900; } while(row_count < pmt_count) { row_count += 1; Vpmt_rows += ""; // Vpmt_rows += "" + loanMM + "/" + loanYY + ""; Vpmt_rows += "" + row_count + ""; Vpmt_rows += "" + pmt_amt_arr[row_count] + ""; Vpmt_rows += "" + int_port_arr[row_count] + ""; Vpmt_rows += "" + prin_port_arr[row_count] + ""; Vpmt_rows += "" + prin_arr[row_count] + ""; Vpmt_rows += ""; loanMM += 1; if(loanMM == 13) { loanMM = 1; loanYY += 1; } } // var Vminpayperc = document.calc.minpayperc.value; var Vpmt_text = ""; // if(document.calc.pmtMethod[0].checked) { // Vpmt_text = fns(Vminpayperc * 100,1,0,2,1) + " of balance"; //} else { // Vpmt_text = fns(document.calc.fixed_pmt.value,2,1,1,1); // } var part2 = "
"; // part2 += ""; //part2 += ""; part2 += ""; part2 += ""; part2 += ""; part2 += ""; part2 += ""; var part4 = "
Principal: " + fns(document.calc.principal.value,2,1,1,1) + "
"; // part2 += "# of Payments: " + pmt_count + "
Interest Rate: " + fns(document.calc.interest.value,3,0,2,1) + "
"; // part2 += "Payment: " + Vpmt_text + "
"; // part2 += "Schedule of Payments
"; part2 += "
Pmt DatePmt #Pmt AmtInterestPrincipalBalance

"; part4 += "
"; var schedule = ( part2 + "" + Vpmt_rows + "" + part4 + ""); document.getElementById("mytable_div").innerHTML = schedule; } } function clear_results(form) { document.calc.num_pmts.value = ""; document.calc.num_years.value = ""; document.calc.int_paid.value = ""; document.calc.prin_paid.value = ""; document.calc.pmt_rows.value = ""; } function reset_calc(form) { var v_summary_cell = document.getElementById("summary"); v_summary_cell.innerHTML = ""; document.calc.reset(); }