A free credit card payoff calculator template is a widely used template with the purpose of easing tension between clients when calculating interest amounts. This template is prepared in MS Excel with the purpose of providing ease of use, especially for customers who have little to no knowledge of how to calculate interest amount. You are required to download this template and insert your desired data into given rows and columns. After inserting data, you will need to hit the calculate button and this template will itself calculate the interest amount. It can also calculate the installment amount, but you have to choose the tenor of loan amount.