credit card template numbers

You can do something like this:

The top table (named "Setup") is where you enter the basic details of your credit card debt. The second table (named "Payoff Schedule") details the interest and payments.

First let's make the table "Setup":

the only computation is cell "B12":

B12=B3/36500

I formatted cells B1 and B2 as "$", B4 as a date.

Now the "Payoff Schedule":

A2=ROW()-2

B2=EDATE(Setup :: $B$4,A2)

C2=IF(A2>0, C1-D2+E2,Setup :: B1)

D2=IF(A2>0, Setup :: $B$2, 0)

E2=IFERROR(Setup :: $B$6*F2*C1, 0)

F2=IFERROR(DATEDIF(B1,B2, "D"), 0)

select A2 through F2 and fill down.

Hopefully this helps.

Regards,

Wayne

I know its an old thread but this is exactly what I've been looking for, just having some trouble getting it to work. I'm getting an error in the Payoff Schedule as seen in the attachment. I followed your instruction above and copy/pasted the formulas for A2-F2.

Any advice?

Grant,

My guess is that your Setup table isn't called Setup.

The error box is telling you that you don't have a cell called Setup :: B4. That could mean that you don't have a table called Setup.

Jerry

This is great! I'm curious to see if you have any advice for a formula/function that can show me what will happen when I add more than my regular monthly payment to the mix. I'm planning to snowball my payments, so when I'm done with one debt, I'll roll my payment on that into the next. So, my minimum monthly payments will follow the formula, but I may be adding more as well. Thanks!

After rebulding what Wayne showed above, Just add a column between C and D where you could enter an additional amount to be included in your payment, Just add +C2 to the Payme formula and it will include it in that months payment. Everything else should automatically adjust.

Jason

Thank you, Wayne. Your post really helped me.

Jim