Lifetime balance transfers, - payment periods

weedougie

Does anybody know of a resource where I can calculate how much I would need to pay monthly to a lifetime balance card to apy it off. For instance I am considering transfering 15000 to the 4.9% amex lifetime transfer, How much would I have to pay monthly to pay it off over 60 months, 84 months etc etc.
weedougie

Reaper

Here is one. You can play around with the minimum repayment % until it matches the amount you intend paying off each month. There are various other calculators on the site too, the loan one might be helpful.

grumbler

Reaper's calculator works only with minimum payments (variable).
http://www.bankrate.com/brm/popcalc2.asp - this calculator works with fixed monthly payments that is more reasonable. I think the best strategy is to combine minimum payments (3% of current balance min. £5 for Amex) at the begining with fixed payments at final stages.

How much would I have to pay monthly

For 60 months calculator gives fixed monthly repayments £282 (£211 for 84 months) that at the begining is less than 3% needed.
For variable 3% payments initial scedule is (I used Excel; you can use Reaper's calculator):
m_balance_interest_payment
01_15000_59.92_-450.00
02_14610_58.36_-438.30
03_14230_56.84_-426.90
04_13860_55.36_-415.80
05_13499_53.92_-404.98
06_13148_52.52_-394.45
07_12806_51.15_-384.19
08_12473_49.82_-374.20
09_12149_48.53_-364.47
10_11833_47.27_-354.99
11_11525_46.04_-345.76
12_11226_44.84_-336.77
13_10934_43.67_-328.01
14_10649_42.54_-319.48
15_10372_41.43_-311.17
16_10103_40.35_-303.08
17_09840_39.30_-295.20
18_09584_38.28_-287.52
19_09335_37.29_-280.05
20_09092_36.32_-272.76
21_08856_35.37_-265.67
22_08625_34.45_-258.76
23_08401_33.56_-252.03
24_08183_32.68_-245.48
25_07970_31.83_-239.09
26_07763_31.01_-232.88
27_07561_30.20_-226.82
28_07364_29.41_-220.92
29_07173_28.65_-215.18
30_06986_27.90_-209.58
31_06804_27.18_-204.13
32_06627_26.47_-198.82
33_06455_25.78_-193.65
34_06287_25.11_-188.61
35_06124_24.46_-183.71
36_05964_23.82_-178.93
37_05809_23.20_-174.28
38_05658_22.60_-169.75
39_05511_22.01_-165.33
40_05368_21.44_-161.03
41_05228_20.88_-156.85
42_05092_20.34_-152.77
43_04960_19.81_-148.79
44_04831_19.30_-144.92
45_04705_18.79_-141.16
46_04583_18.31_-137.48
47_04464_17.83_-133.91
48_04348_17.37_-130.43
49_04234_16.91_-127.03
50_04124_16.47_-123.73
51_04017_16.05_-120.51
52_03913_15.63_-117.38
53_03811_15.22_-114.33
54_03712_14.83_-111.35
55_03615_14.44_-108.46
56_03521_14.07_-105.64
57_03430_13.70_-102.89
58_03340_13.34_-100.21
.....

60 months: you can pay 3% for first 25 months (see above) and then fixed £238.51 for remaining 35 months (use calculator for amount 7763).

84 months: you can pay 3% for first 50 months (above) then fixed £126.78 for remaining 34 months (calculator, amount 4017)

etc etc.

Try yourself :rolleyes: