minimum payment payoff calc

Hi everyone!

I am trying to build a calculator that will let me see how long it will take me to pay off a credit card if I just make minimum payments.

I've uploaded what i have so far and, compared to the results in the comparison tab (which were confirmed via two separate online calcs), my payoff is way off....years off in fact. What kills me is that my calcs are dead on until you get to month 8 and then it seems to go off the rails from there...

I feel like I am THIS close to mirroring those results....I just can't put my finger on it.

Any and all help is appreciated!
Respectfully yours,
Jonathan

hi dtevol,

the minimum payment is either the larger percentage or the lowest minimum amount ie $10, so at week 135 on your sheet it should always be $10 for the remaining period, this will reduce the overall amount and will get close to what you want.

hope it helps
reg

Reggie, thanks for the response. Can you help shed some light as to the formula I would need to make that happen automatically?

THANKS!

Ratcat,

Thanks so much. The results are dead on.

A couple of questions, how can I make the list automatically extend if I change any of the variables. For instance, when I changed just the balance to 5,000 the list still ends in month 183. Thanks!

Again, I am so thankful to both you and Reggie for your responses!

KUDOS!

Respectfully yours,
Jonathan

in D11, put

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and drag down, when the list is either expanded or reduced the calculation will remain that when the minimum payment reaches less than $10, $10 will be the minimum payment.

thanks reg