Balance Transfer worksheet

1. Savings from transferring: $1,830.13

1. Find the transfer fee

   $\mathrm{\$7,000.00}\times \mathrm{0\%}$$=\mathrm{\$0.00}$

2. Add the fee to the balance. This is what you start with on the new card

   $\mathrm{\$7,000.00}+\mathrm{\$0.00}$$=\mathrm{\$7,000.00}$

3. Find the payment that clears it in 12 months at the intro APR, using the standard loan formula

   $\mathrm{\$7,000.00}\text{\hspace{0.17em}at 1.99\% over 12 months}$$=\mathrm{\$589.64}$

4. Stay on your current card: pay $400.00 a month until it's gone, and add up the interest

   $23\text{\hspace{0.17em}months of payments}$$=\mathrm{\$2,049.75}\text{\hspace{0.17em}interest}$

5. Move to the new card: pay the same $400.00, charging the intro APR first and the later APR after

   $19\text{\hspace{0.17em}months of payments}$$=\mathrm{\$219.62}\text{\hspace{0.17em}interest}$

6. Your savings are the interest you'd pay by staying, minus the new card's interest and the fee

   $\mathrm{\$2,049.75}-\mathrm{\$219.62}-\mathrm{\$0.00}$$=\mathrm{\$1,830.13}$

2. Savings from transferring: $2,403.43

1. Find the transfer fee

   $\mathrm{\$7,300.00}\times \mathrm{0\%}$$=\mathrm{\$0.00}$

2. Add the fee to the balance. This is what you start with on the new card

   $\mathrm{\$7,300.00}+\mathrm{\$0.00}$$=\mathrm{\$7,300.00}$

3. Find the payment that clears it in 15 months at the intro APR, using the standard loan formula

   $\mathrm{\$7,300.00}\text{\hspace{0.17em}at 2.99\% over 15 months}$$=\mathrm{\$496.42}$

4. Stay on your current card: pay $350.00 a month until it's gone, and add up the interest

   $29\text{\hspace{0.17em}months of payments}$$=\mathrm{\$2,819.02}\text{\hspace{0.17em}interest}$

5. Move to the new card: pay the same $350.00, charging the intro APR first and the later APR after

   $23\text{\hspace{0.17em}months of payments}$$=\mathrm{\$415.59}\text{\hspace{0.17em}interest}$

6. Your savings are the interest you'd pay by staying, minus the new card's interest and the fee

   $\mathrm{\$2,819.02}-\mathrm{\$415.59}-\mathrm{\$0.00}$$=\mathrm{\$2,403.43}$

3. Savings from transferring: $2,130.22

1. Find the transfer fee

   $\mathrm{\$6,400.00}\times \mathrm{0\%}$$=\mathrm{\$0.00}$

2. Add the fee to the balance. This is what you start with on the new card

   $\mathrm{\$6,400.00}+\mathrm{\$0.00}$$=\mathrm{\$6,400.00}$

3. Find the payment that clears it in 18 months at the intro APR, using the standard loan formula

   $\mathrm{\$6,400.00}\text{\hspace{0.17em}at 2.99\% over 18 months}$$=\mathrm{\$364.03}$

4. Stay on your current card: pay $275.00 a month until it's gone, and add up the interest

   $33\text{\hspace{0.17em}months of payments}$$=\mathrm{\$2,446.77}\text{\hspace{0.17em}interest}$

5. Move to the new card: pay the same $275.00, charging the intro APR first and the later APR after

   $25\text{\hspace{0.17em}months of payments}$$=\mathrm{\$316.55}\text{\hspace{0.17em}interest}$

6. Your savings are the interest you'd pay by staying, minus the new card's interest and the fee

   $\mathrm{\$2,446.77}-\mathrm{\$316.55}-\mathrm{\$0.00}$$=\mathrm{\$2,130.22}$

4. Savings from transferring: $3,631.19

1. Find the transfer fee

   $\mathrm{\$11,000.00}\times \mathrm{4\%}$$=\mathrm{\$440.00}$

2. Add the fee to the balance. This is what you start with on the new card

   $\mathrm{\$11,000.00}+\mathrm{\$440.00}$$=\mathrm{\$11,440.00}$

3. Find the payment that clears it inside the intro period: split it across 18 months

   $\frac{\mathrm{\$11,440.00}}{18}$$=\mathrm{\$635.56}$

4. Stay on your current card: pay $375.00 a month until it's gone, and add up the interest

   $43\text{\hspace{0.17em}months of payments}$$=\mathrm{\$5,119.46}\text{\hspace{0.17em}interest}$

5. Move to the new card: pay the same $375.00, charging the intro APR first and the later APR after

   $34\text{\hspace{0.17em}months of payments}$$=\mathrm{\$1,048.27}\text{\hspace{0.17em}interest}$

6. Your savings are the interest you'd pay by staying, minus the new card's interest and the fee

   $\mathrm{\$5,119.46}-\mathrm{\$1,048.27}-\mathrm{\$440.00}$$=\mathrm{\$3,631.19}$

5. Savings from transferring: $1,228.55

1. Find the transfer fee

   $\mathrm{\$6,500.00}\times \mathrm{3\%}$$=\mathrm{\$195.00}$

2. Add the fee to the balance. This is what you start with on the new card

   $\mathrm{\$6,500.00}+\mathrm{\$195.00}$$=\mathrm{\$6,695.00}$

3. Find the payment that clears it in 15 months at the intro APR, using the standard loan formula

   $\mathrm{\$6,695.00}\text{\hspace{0.17em}at 2.99\% over 15 months}$$=\mathrm{\$455.28}$

4. Stay on your current card: pay $420.00 a month until it's gone, and add up the interest

   $20\text{\hspace{0.17em}months of payments}$$=\mathrm{\$1,580.47}\text{\hspace{0.17em}interest}$

5. Move to the new card: pay the same $420.00, charging the intro APR first and the later APR after

   $17\text{\hspace{0.17em}months of payments}$$=\mathrm{\$156.92}\text{\hspace{0.17em}interest}$

6. Your savings are the interest you'd pay by staying, minus the new card's interest and the fee

   $\mathrm{\$1,580.47}-\mathrm{\$156.92}-\mathrm{\$195.00}$$=\mathrm{\$1,228.55}$

6. Savings from transferring: $562.39

1. Find the transfer fee

   $\mathrm{\$5,000.00}\times \mathrm{5\%}$$=\mathrm{\$250.00}$

2. Add the fee to the balance. This is what you start with on the new card

   $\mathrm{\$5,000.00}+\mathrm{\$250.00}$$=\mathrm{\$5,250.00}$

3. Find the payment that clears it in 21 months at the intro APR, using the standard loan formula

   $\mathrm{\$5,250.00}\text{\hspace{0.17em}at 2.99\% over 21 months}$$=\mathrm{\$256.91}$

4. Stay on your current card: pay $360.00 a month until it's gone, and add up the interest

   $17\text{\hspace{0.17em}months of payments}$$=\mathrm{\$916.86}\text{\hspace{0.17em}interest}$

5. Move to the new card: pay the same $360.00, charging the intro APR first and the later APR after

   $15\text{\hspace{0.17em}months of payments}$$=\mathrm{\$104.47}\text{\hspace{0.17em}interest}$

6. Your savings are the interest you'd pay by staying, minus the new card's interest and the fee

   $\mathrm{\$916.86}-\mathrm{\$104.47}-\mathrm{\$250.00}$$=\mathrm{\$562.39}$

7. Savings from transferring: $2,762.76

1. Find the transfer fee

   $\mathrm{\$7,500.00}\times \mathrm{5\%}$$=\mathrm{\$375.00}$

2. Add the fee to the balance. This is what you start with on the new card

   $\mathrm{\$7,500.00}+\mathrm{\$375.00}$$=\mathrm{\$7,875.00}$

3. Find the payment that clears it in 12 months at the intro APR, using the standard loan formula

   $\mathrm{\$7,875.00}\text{\hspace{0.17em}at 1.99\% over 12 months}$$=\mathrm{\$663.35}$

4. Stay on your current card: pay $240.00 a month until it's gone, and add up the interest

   $52\text{\hspace{0.17em}months of payments}$$=\mathrm{\$4,754.33}\text{\hspace{0.17em}interest}$

5. Move to the new card: pay the same $240.00, charging the intro APR first and the later APR after

   $40\text{\hspace{0.17em}months of payments}$$=\mathrm{\$1,616.57}\text{\hspace{0.17em}interest}$

6. Your savings are the interest you'd pay by staying, minus the new card's interest and the fee

   $\mathrm{\$4,754.33}-\mathrm{\$1,616.57}-\mathrm{\$375.00}$$=\mathrm{\$2,762.76}$

8. Savings from transferring: $4,115.76

1. Find the transfer fee

   $\mathrm{\$8,500.00}\times \mathrm{0\%}$$=\mathrm{\$0.00}$

2. Add the fee to the balance. This is what you start with on the new card

   $\mathrm{\$8,500.00}+\mathrm{\$0.00}$$=\mathrm{\$8,500.00}$

3. Find the payment that clears it inside the intro period: split it across 15 months

   $\frac{\mathrm{\$8,500.00}}{15}$$=\mathrm{\$566.67}$

4. Stay on your current card: pay $275.00 a month until it's gone, and add up the interest

   $51\text{\hspace{0.17em}months of payments}$$=\mathrm{\$5,272.75}\text{\hspace{0.17em}interest}$

5. Move to the new card: pay the same $275.00, charging the intro APR first and the later APR after

   $36\text{\hspace{0.17em}months of payments}$$=\mathrm{\$1,156.99}\text{\hspace{0.17em}interest}$

6. Your savings are the interest you'd pay by staying, minus the new card's interest and the fee

   $\mathrm{\$5,272.75}-\mathrm{\$1,156.99}-\mathrm{\$0.00}$$=\mathrm{\$4,115.76}$

9. Savings from transferring: $2,098.96

1. Find the transfer fee

   $\mathrm{\$8,000.00}\times \mathrm{4\%}$$=\mathrm{\$320.00}$

2. Add the fee to the balance. This is what you start with on the new card

   $\mathrm{\$8,000.00}+\mathrm{\$320.00}$$=\mathrm{\$8,320.00}$

3. Find the payment that clears it inside the intro period: split it across 18 months

   $\frac{\mathrm{\$8,320.00}}{18}$$=\mathrm{\$462.22}$

4. Stay on your current card: pay $380.00 a month until it's gone, and add up the interest

   $28\text{\hspace{0.17em}months of payments}$$=\mathrm{\$2,488.73}\text{\hspace{0.17em}interest}$

5. Move to the new card: pay the same $380.00, charging the intro APR first and the later APR after

   $23\text{\hspace{0.17em}months of payments}$$=\mathrm{\$69.78}\text{\hspace{0.17em}interest}$

6. Your savings are the interest you'd pay by staying, minus the new card's interest and the fee

   $\mathrm{\$2,488.73}-\mathrm{\$69.78}-\mathrm{\$320.00}$$=\mathrm{\$2,098.96}$

10. Savings from transferring: $1,344.58

1. Find the transfer fee

   $\mathrm{\$7,250.00}\times \mathrm{3\%}$$=\mathrm{\$217.50}$

2. Add the fee to the balance. This is what you start with on the new card

   $\mathrm{\$7,250.00}+\mathrm{\$217.50}$$=\mathrm{\$7,467.50}$

3. Find the payment that clears it in 18 months at the intro APR, using the standard loan formula

   $\mathrm{\$7,467.50}\text{\hspace{0.17em}at 1.99\% over 18 months}$$=\mathrm{\$421.43}$

4. Stay on your current card: pay $400.00 a month until it's gone, and add up the interest

   $23\text{\hspace{0.17em}months of payments}$$=\mathrm{\$1,692.93}\text{\hspace{0.17em}interest}$

5. Move to the new card: pay the same $400.00, charging the intro APR first and the later APR after

   $19\text{\hspace{0.17em}months of payments}$$=\mathrm{\$130.85}\text{\hspace{0.17em}interest}$

6. Your savings are the interest you'd pay by staying, minus the new card's interest and the fee

   $\mathrm{\$1,692.93}-\mathrm{\$130.85}-\mathrm{\$217.50}$$=\mathrm{\$1,344.58}$