Credit Card Payoff Calculator Javascript

Javascripts > Misc Javascripts > Credit Card Payoff Calculator

Script Title: Credit Card Payoff Calculator

Description: Calculates the number of payments or amount of the monthly payment given the other, current APR and remaining balance.

Example: Available

What will it take to pay off my credit card?

Enter your credit card balance: $

Enter the credit card's interest rate: %

Enter payment amount per month: $

or

Enter desired months until debt free:

Copy the following code between the <BODY></BODY> tags of your html page.

<style> .cwCalc{border:1px solid black;} .cwCalc TH{background-color:#BBBBBB;} .cwCalc TD{background-color:#DDDDDD;} </style> <script language=javascript> function cwCalc() { if (cwBalance.value=='') {alert('Please enter your credit card balance.'); return;} if (cwRate.value=='') {alert('Please enter your credit card\'s interest rate.'); return;} if ( (cwMonthlyAmount.value=='' && cwDesiredMonths.value=='') || (cwMonthlyAmount.value!='' && cwDesiredMonths.value!='') ) {alert('Please enter either a payment amount or desired months.'); return;} var mRate=(cwRate.value/100)/12; if (cwMonthlyAmount.value=='') { var payment=cwBalance.value*(mRate)/( 1-Math.pow((1+mRate),(-cwDesiredMonths.value)) ); payment=Math.round(payment*100)/100; cwResult.innerHTML="It will cost $" + payment.toFixed(2) + " a month to pay off this card and will cost you a total of $" + (payment*cwDesiredMonths.value).toFixed(2) + "."; } else { var remainingBalance=cwBalance.value; var minPayment=mRate*cwBalance.value; var months=0; var lastPayment; if (minPayment>cwMonthlyAmount.value) {alert ('Your monthly payment is less than the monthly interest charged by this card.');return;} while (remainingBalance>0) { months++; remainingBalance=remainingBalance*(1 + mRate)-cwMonthlyAmount.value; } cwResult.innerHTML="It will take " + months + " months to pay off this card and will cost you a total of $" + (cwMonthlyAmount.value*months).toFixed(2) + "."; } } </script> <table class="cwCalc" border=0 cellpadding=0 cellspacing=0 width=400> <tr><th>What will it take to pay off my credit card?</th></tr> <tr><td align=center> <table cellpadding=2 cellspacing=0> <tr><td align="right">Enter your credit card balance: $</td><td><input size=6 type=text id="cwBalance"></td></tr> <tr><td align="right">Enter the credit card's interest rate: </td><td><input size=6 type=text id="cwRate">%</td></tr> <tr><td align="right">Enter payment amount per month: $</td><td><input size=6 type=text id="cwMonthlyAmount"></td></tr> <tr><td align="center"><b>or</b></td><td> </td></tr> <tr><td align="right">Enter desired months until debt free: </td><td><input size=6 type=text id="cwDesiredMonths"></td></tr> <tr><td colspan=2 align="center"><input type=button value="Calculate" onclick="cwCalc();"></td></tr> <tr><td colspan=2 align="center" id="cwResult"></td></tr> </table></td></tr> </table>

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