New Design Not working For You?

If the new page layout is not working for you, please Contact Me and let me know what device, operating system, and web browser (with version numbers) you are using so I can attempt to get the layout working for your setup.

About the Redesign

If you visited this site prior to September 15th, 2018, you've no doubt noticed that I've since launched a complete redesign of the website.

If you're not happy with the new design, I sincerely apologize. I would have preferred to keep the old desktop design, but considering the majority of my site's users are now accessing the site from small-screen, touch-enabled, mobile devices, and considering Google is now penalizing websites for not being mobile/thumb friendly, I was left with no choice but to switch to a responsive, mobile-first design.

The good news is that now that I have combined the three separate versions of the site (mobile, desktop, and ad-free member) into a single design, this will free up a ton of my time for working to make the mobile-optimized calculators more desktop/laptop friendly. In fact, some of the redesigned calculators already offer a desktop-optimized form that becomes visible when you increase the width setting of the calculator (within the "Calculator Preferences" expandable panel).

Thank you in advance for your help and patience as I work to improve the redesign.

-Dan

Calculator Preferences
Fixed Vs Minimum Payment Credit Card Calculator Sign

Fixed Vs Minimum Payment Credit Card Calculator

This calculator will calculate the payments, interest charges, and work hours you will save if you simply switch from making the declining minimum monthly payments on your credit card, to making fixed monthly payments. The Learn tab includes:

  • What is the declining minimum payment (DMP) method?
  • How is DMP calculated?
  • Become your own credit card company.

Learn More

Selected Data Record:

A Data Record is a set of calculator entries that are stored in your web browser's Local Storage. If a Data Record is currently selected in the "Data" tab, this line will list the name you gave to that data record. If no data record is selected, or you have no entries stored for this calculator, the line will display "None".

DataData recordData recordSelected data record: None
Balance:Current balance:Current balance:Current balance:

Current balance:

Enter the current balance on your credit card. Enter as a dollar amount but without the dollar sign and any commas. If you have added any charges to your card since your last statement, be sure to include those as well.

% rate:Percent rate:Annual interest rate :Annual interest rate percentage:

Annual interest rate:

Enter the annual interest rate you are being charged on the credit card. Enter as a percentage, but without the percent sign (for .1799 or 17.99%, enter 17.99).

Minimum pmt:Minimum payment:Current minimum payment amount:Current minimum payment amount:

Current minimum payment amount:

Enter the minimum payment amount for the current month. Enter as a dollar amount but without the dollar sign and any commas.

Smallest pmt:Smallest payment:Smallest minimum payment allowed:Smallest minimum payment allowed:

Smallest minimum payment allowed:

Enter the lowest allowable minimum payment dollar amount. Enter as a dollar amount but without the dollar sign and any commas.

For example, if your credit card company states your payment will be 2% of the balance, or $15, whichever is greater, enter 15 in the field provided.

Wage/hrHourly wageReal hourly wageReal hourly wage:

Real hourly wage:

Optional: If you want to compare how many hours you will need to allocate to work just to pay the interest charges on your credit card, enter your real hourly wage in the field provided. Enter as a dollar amount, but without the dollar sign and any commas.

Your real hourly wage (RHW) is the after-tax, after work-related expense wage earned per hour devoted to working. If you don't know your RHW, click the link in this row to open the real hourly wage calculator in a new window.

Minimum Vs Fixed Payment
Tap the text for a description of each row result.
Compare# of
Pmts
# of
Pmts
Number
of
Payments
Number
of
Payments
Interest
Cost
Work Hrs
to Pay
Interest
Work Hrs
to Pay
Interest
Work Hours
to Pay
Interest
Work Hours
to Pay
Interest
Min pmt:Min pmt:Minimum payment:Minimum payment:

Minimum payment:

This row shows the number of payments and the total interest cost if you make only the declining minimum monthly payments on your credit card. If you included your real hourly wage in your entries the calculator will also show you how many hours you will need to work to pay the interest charges when making only the minimum monthly payments.

Fix pmt:Fix pmt:Fixed payment:Fixed payment:

Fixed payment:

This row shows the number of payments and the total interest cost if you fix the payments on your credit card. If you included your real hourly wage in your entries the calculator will also show you how many hours you will need to work to pay the interest charges when making fixed monthly payments.

Fix save:Fix save:Fixed pmt savings:Fixed payment savings:

Fixed payment savings:

This row shows the months and interest savings you will realize if you make fixed monthly payments instead of declining minimum monthly payments. If you included your real hourly wage in your entries the calculator will also show you how many work hours you will save when making fixed monthly payments.

If you would like to save the current entries to the secure database, tap or click on the Data tab, select "New Data Record", give the data record a name, then tap or click the Save button. To save changes to previously saved entries, simply tap the Save button. Please select and "Clear" any data records you no longer need.

Feedback AppreciatedFeedback Greatly AppreciatedYour Feedback Would Be Greatly AppreciatedYour Feedback Is Greatly Appreciated
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Tip

Help and Tools

Help and Tools:

This section, which you can Unstick or Hide in the Calculator Preferences (just above the top of the calculator), contains the following tabs (content too long to fit within bordered frame can be scrolled up and down):

About: Click this tab for an introduction to the calculator.

Instructions: Click this tab for step-by-step instructions for using the calculator.

Terms: Click this tab for a list of the descriptions that are located within each popup help button (info icons).

PCalc: Click this tab for a handy "pocket" calculator you can use when you need to calculate an entry needed for the calculator.

Data: Click this tab to save a set of entries or a note in between visits. Entries and notes will be stored to your web browser's local storage (if supported by your browser of choice), meaning they can only be recalled with the same device and web browser you were using when you saved them. If you'd like to save entries and notes between devices you can do so by subscribing to the Ad-Free Member Version.

 

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