You can use the latest version of this spreadsheet to simulate that scenario, but be aware that missing a payment can cancel the introductory period. After the 0% introductory period, the interest rate rises to the normal high rate. Some companies offer 0% interest for a number of months to entice you to sign up for their new card. In the credit card calculator, you enter the $15.00 minimum value in 'Min Payment for Low Balance' field. So, there is almost always a minimum fixed dollar amount, usually about $15.00. When your balance gets low, the 'Percent of Balance' calculations might result in a very small minimum payment, and in theory you'd never actually finish paying off the balance. In the credit card payment calculator, enter the X% in the 'Min Payment % of Balance' field and then check the 'Plus Interest' box. Defining the minimum payment like this ensures that the credit card payment will always cover interest plus X% of the principal balance. Some credit cards may define the minimum payment as 'X% of the balance plus interest' - especially cards where the interest rate is allowed to change. This percentage will usually be between 2% and 5%. So, to ensure that each payment includes interest plus some portion of the principal, the minimum payment is defined as a percentage that is greater than the monthly interest rate. Percent of BalanceĬredit cards are a type of revolving line of credit that don't have a specific amortization period defined. I will create a dynamic loan amortization table based on your loan terms which will show payment amount, principal and interest breakdown of each paydown. If your interest rate was 18%, then the monthly interest rate would be approximately 18% / 12 = 1.5%.

The basic calculation for the monthly interest-only payment is:

But, if you only only pay the interest month-to-month, you'll never pay off the credit card. This is the minimum possible payment that you could make to avoid having your balance increase. Check the fine print on your credit card agreement to determine how your credit card company defines your minimum payment. The minimum payment might also be defined as the interest plus a percentage of the current balance. To get a home loan amortization schedule with taxes and insurance, please use the amortization schedule with extra payments.The minimum payment on your credit card is usually either a percentage of the current balance (2% - 5%) or a minimum fixed dollar amount (like $15.00), whichever is greater.

The simple amortization calculator excel requires only 3 fields, loan amount, terms, and interest rate.

Excel 2016 amortization schedule