Installment Loan and Credit Card Payoff Calculator Excel

How to Use This Calculator

Enter your credit card balances, interest rates, minimum payments, and the details of your installment loan. The calculator will show you:

• The total interest paid over the repayment period
• The total amount paid
• The number of months required to pay off the debt
• A comparison of different repayment strategies

Use the results to decide which strategy will save you the most money and time.

Formula Used

The calculator uses the following formulas to determine the optimal payoff strategy:

For each strategy, the calculator simulates the repayment process month by month, applying interest and payments as specified.

Worked Example

Suppose you have two credit cards with the following details:

You have an installment loan option that allows you to pay off $500 per month. The calculator will show you the best way to allocate these payments to minimize interest.

Payoff Strategies

There are several strategies for paying off credit cards with installment loans:

1. Snowball Method: Pay off the smallest balances first while making minimum payments on other cards.
2. Avalanche Method: Pay off the highest interest rate cards first while making minimum payments on others.
3. Hybrid Method: Combine elements of both methods to optimize results.
4. Installment Loan Payoff: Use the loan to pay off a specific card or all cards in one go.

The calculator evaluates each strategy to determine which will save you the most money.

Excel Compatibility

You can export the calculation results to Excel by clicking the "Export to Excel" button. This will create a spreadsheet with:

• A summary of your input values
• The results for each payoff strategy
• A chart comparing the strategies
• Detailed month-by-month breakdowns

Use this spreadsheet to further analyze your debt repayment options.