How to Calculate Credit Card Payments in Excel

In both business and personal finances, Microsoft Excel is a comprehensive spreadsheet and financial analysis tool that can be used to organise and analyse data. Excel includes functions that can assist you in calculating payment amounts, mortgage amortisation schedules, and other useful figures, in addition to other budgeting tools. Calculate credit card payments in Excel to reduce the time it takes to pay off all outstanding balances.


1. Launch Excel.

2. Interest rate, number of periods, present value, future value, and payment are all labelled in the first five cells of column A, starting at row 1.

3. In column B, next to the “Interest rate” label, enter the interest rate that applies to your credit card balance you owe.

Because the interest rate listed on your credit card statement is an annual rate, but this calculation requires the monthly interest amount, divide the interest rate listed on your credit card statement by the number of months in a year to calculate the interest within the cell (12).

For example, if you want to calculate a 10 percent interest rate, you must type “=.10/12” in the cell and press enter.

4. Specify a time frame in months in which you would like your credit card balance to be completely paid off.

Column B, cell B next to the label “Number of periods,” is where you should enter this information.

For example, if you want to have your balance paid off within three years, enter the number “36” into this cell.

5. Fill in the current credit card balance in the cell in column B next to the label “Present value” by typing it into the cell in column B.

For the purposes of this example, we will assume that you have a $5,000 credit card balance.

6. Type “0” in the cell in column B next to the label “Future value.”

7. To calculate your credit card payment, first select the cell in Column B next to the label “Payment,” then click the function button (fx) at the left edge of the data entry window. This will calculate your credit card payment.

Excel will display a pop-up window where you can select the function you require.

If the term “PMT” (payment) does not appear in the list of available functions, type it into the search window and press “Go” to find it.

Select the “PMT” function and click “OK.”

8. Fill in the blanks in column B with the information about your credit card balance, interest rate, and projected payment periods. This information will be entered into the function window.

You can enter the information into each field by typing it in.

As an alternative, you can click on the Cell Link icon and then on the cell that contains the relevant information. To return to the function window after each entry, click the Cell Link icon once more on the keyboard.

9. Leave the “Type” field in the function argument window blank.

10. In the function argument window, select “OK” to close it. You should now be able to see the amount of credit card payments that will be required to pay off your balance within the specified time frame.

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