How to calculate your credit card monthly repayment

Many credit card consumers struggle to comprehend how to calculate their monthly repayment with the credit card calculator on this site. To help you understand how it works I’ve compiled a little research scenario where I show you exactly what I do to find out my credit card monthly repayment.

Follow along as I show you step by step how to calculate the monthly credit card repayment:

Step 1

Enter your credit cards and loans into the table at the top. Start by entering the name of the card, then the balance, the interest rate you are paying and the current minimum payment you need to make.

As you can see, I’ve chosen to use three credit cards as an example with three different balances and the rates they offer for purchases. I then calculated the minimum repayment as three per cent figure. When you look to the bottom of the screenshot you can see that the table automatically calculates your total debt (THE BALANCE TOTAL)  and the combined minimum payment you need to pay.

Step 2

Enter the monthly amount of money you can afford to pay your debt off with into the ‘Minimum payment’ box. This is the amount of money you are going to use each month to pay off your credit cards. Select whether you want to pay off the highest balance first (I.e. the Debt Snowball method) or the lowest balance first.

For this step I’ve chosen that I can afford to pay off $450 in extra money on top of the existing minimum payment. Thankfully my partner earns a second income which helps. I’ve also chosen to pay off the highest interest rate card (HSBC) first.

Step 3

You can now see your monthly payment schedule by clicking in the tab at the top.

Step 3 allows me to see my payment schedule in a new window. Let’s see how this looks shall we. As you can see, the payment schedule is ongoing until all my debt is paid off with these three cards. I can see exactly how much money I’m indebted and how much money I need to keep aside to pay off my debt until the date when I’m credit card debt free.

You won’t be able to see the end date on this screenshot because it is too long, however, on the next screenshot you see it all outlined in a clear fashion.

Step 4

You can now export your monthly payment schedule by clicking at the bottom of the calculator.

For those analytical minds out there you can also download a nice looking graph to show the finances in a statistical fashion as seen below. Don’t forget to download the payment schedule spreadsheet of your payment (see red button on last screenshot in bottom right corner,) to your computer to allow you to budget accordingly.

That was easy, wasn’t it? Now it’s your turn. Claim back control of your credit card debt and see how long it will take to pay it all off. Feel free to share your findings in the comment section. You can find our credit card calculator here.

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