How to Calculate Credit Card Interest in Excel

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You can use Excel software to keep better track of interest payments.
You can use Excel software to keep better track of interest payments. (Image: credit card image by jimcox40 from Fotolia.com)

With Microsoft Excel you can solve complex calculations and formulas rapidly. You can even use this software to calculate the amount of credit card interest you owe to your card provider. When you use Excel to perform these calculations, you do not have to spend much time writing things down because the software does most of the work for you. If you have your credit card statements available and understand how to create cells and formulas, you can calculate interest payments on Excel.

Title your A1 cell “Interest.” Title your B1 cell the word “Period.” Title the third cell or C1 “Total.” Title D1 “Card Value.” Title E1 “Payment.”

Enter your monthly interest rate in A2. You can get this figure by dividing your rate of interest by the number 12.

Enter the precise amount of periods for which you desire to count the interest payment in B2. For example, from your card origination date to the conclusion of your first month, enter the number “0.” For month number one, enter “1.”

Enter the total sum of your payments for your card in C2. For example, if you plan to pay your card off in four years, multiply 4 and 12 to figure out the number of times you must make a payment.

Type the amount of credit you have in D2. For instance, if you have a $35,000 credit line, type $35,000.

Enter the command "ISPMT (A2,B2,C2,-D2)" in E2. This formula allows you to measure the amount of interest you paid during a certain time.

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