Credit Card repayment calculator?

Mizuna

Hi

I've been struggling to work this out on my own but need a little help to verify what I have is correct.

I'm trying to work out how to calculate what the monthly repayments will change to at the end of my 0% Balance Transfer window (18 months).

Here's what I have so far:
Initial BT - £2000
Repayment monthly rate - 1%

Workings out:
month one repayment £20 (outstanding balance * monthly rate)
month two repayment £19.80
........ etc etc
month 18 repayment 16.86

I think these figures are all ok but here's where I'm not so sure.

On month 19 my 0% BT ends so I revert back to 20.9% APR. Does the following calculation seem correct?

Outstanding Balance * new APR / 12 + (outstanding balance * repayment rate)

so:
£1669.03 * 20.9% / 12 + (£1669.03 * 1%) = £45.93

Above I'm dividing by 12 to get the monthly repayment instead of the Annual repayment (APR)

See links (I'm not allow to post url's yet sorry, here for the spreadsheet as an image:
dug.im/1966a
dug.im/1852c

Would be very grateful if someone could review this and let me know what they think.

Many thanks,
Mizuna

thegoodman

You the link below to workout the payments
http://www.whatsthecost.com/creditCard.aspx

Mizuna

Thanks for the link.

Two questions I suppose spring to mind.

Firstly does my own spreadsheet look right? I'd rather learn how to do it myself than rely on a 3rd party website which might be unavailable one day

Secondly, using that website, if my repayment %age is 1% and the APR is 20.9 does that mean that in box three I need to put 21.9%?

Cheers