Credit Card Payoff

When you get your credit card bill you might see a box that tells you how long it will take to pay off the balance if you make the minimum payment. This spreadsheet shows the payoff years, give a minimum payment of the greater of:

  • A percent of the balance
  • A dollar amount

The percent of the balance is normally the greater payment, until that payment reaches the minimum dollar amount, which will then continue to be the payment until the final payoff. The default values I used are below, 2% or $100:

An  amortization schedule is used to make the largest payment, until the other payment kicks in:

This formula determines the payment and is put into cell C14 and copied down to the end of the amortization schedule.

The answer appears like this:

Download workbook “CreditCard” from: 

Downloads Written in Excel 2013


Don Pistulka
Don Pistulka

Retired Credit Union CFO - Finance
Background: over 40 years in investments, asset/Liability management, banking, securities trader.
Worked for: California Credit Union, WesCorp, CalFed S&L, Crocker Bank, Carroll McEntee, Federal Home Loan Bank Board (D.C.), Western Asset Management, Security Pacific National Bank.

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