Credit Card Payoff, New Balance Calculator?

[joe.a]

Hi everyone.

I'm trying to locate a credit card calculator that can show me how much interest I will have paid at the end of the year while paying off past balances and new balances.

For example, for simplicity let's say I have $0 balance. I spend $300 each month. My interest rate is 14%. If I pay say $150 each month how much interest will total at the end of the year and how much do I still owe.

I also can't figure out a formula for this.

Appreciate any help, thanks.

[disneysteve]

bankrate.com has a variety of credit card calculators. Check there.

[joe.a]

Thanks, I'm looking for something like this:

bankrate.com/calculators/credit-cards/credit-card-payoff-calculator.aspx

But with the additional field of new balance/expense each month, and the total interest that will be paid in a year.

[disneysteve]

So you have a card with a balance and you are continuing to use it and add to the balance while also making partial monthly payments. Is that correct?

I can't point you to a calculator but I have to say that's a lousy idea. If you can't afford to pay the full amount each month, you need to stop using the credit card entirely until the balance is repaid. From then on, only use the card if you have the money to pay the bill in full each month.

As for calculators, I believe there are also some at money.com.

[joe.a]

Oh yes I definitely understand it's best to pay in full, I was curious to see how much interest I will owe at the end of the year if I don't and pay little by little.

I found another calc elsewhere (seems I can't post links as a new member) and I put in the numbers:

$300 balance
$300 additional monthly expenses
14% APR

At the 12th month it shows a balance of $2,310 which doesn't make sense since $300 each month would be $3600, and I added up the monthly interest charge the sum is $88 for the year.

Maybe the calc is messed up or I have this all wrong...

I was thinking to pay little by little each month then at the end of the year pay the entire balance including interest.

Edit: I just realized it's $2k because payment is being made... so this scenario is really around $88 in interest?

Edit #2: My brain isn't working well today.... after looking more carefully it seems I will owe the interest PLUS that $2k amount. Definitely a bad idea and not a good deal.

[disneysteve]

Definitely a bad idea and not a good deal.

I don't need any calculator to tell you that carrying a balance on a credit card is a bad idea and not a good deal no matter how you crunch the numbers. Paying 14% interest is insane. The only time that carrying a balance might make sense is if it is at 0% and even then, it isn't always a good idea.