People are often at loss when it comes to calculating their monthly premiums for their financial options or credit card payoffs. In fact, there are people who just pay the amount whatever the credit card company or the insurance company ask them to pay. However, there is a bill payment calculator offered at Billqa.com which is available at the link “http://billqa.com/credit-card-payoff-calculator-with-amortization/”
Bill Payment Calculator *
The calculator has two parts namely, “Pay-off calculator” and “Monthly Payment Calculator”. With Pay-off calculator you can determine how much longer you will have to make your minimum monthly payment for a credit card (or any other interest-based account) to completely pay it. The “Monthly Payment Calculator” on the other hand will help you figure out how much you should be paying each month to completely pay off an interest-baring account over a specified period of time. This tutorial will help you in using this bill payment calculator.
Pay-off Calculator *
Enter the currency, card balance, APR, and minimum monthly payment amount in the respective fields to start using the calculator. Then click the blue button titled “Calculate” at the bottom of the calculator. This will give you the results in the bottom section of the calculator showing the the length of time to pay off your balance will appear. It will also display how much you will have paid in interest over the course of that time, which could be surprising if you’ve never used a calculator like this before.
Monthly Payment Calculator *
Click at “Monthly Payment calculator” at the right side on the top of the bill payment calculator at the same page. The three boxes in the calculator are the same as in the “Pay-off calculator”. The new box is for “How many months to pay it off?”.
Just enter the number of months you would like to have your balance completely paid off by. When you click calculate, your results will appear in the bottom section of the calculator. It will show you how much you’ll have to pay each month to pay off your account in the amount of months you typed in, the total interest you will have paid by then and the total amount you will pay over that time.