Easily create a debt reduction schedule based on the popular debt snowball strategy , or experiment with your own custom strategy.
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In the first worksheet, you enter your creditor information and your total monthly payment. You'll then see a summary of when each of the debts will be paid off based on the strategy you choose. The second worksheet is a payment schedule for you to print to keep track of your progress. You can also see how the snowball increases as you pay off your debts.
Getting out of debt!
A Snowball Growth Chart lets you see how the snowball increases and your interest due decreases over time only in the Excel versions. You may also want to check out the Credit Repair edition of this calculator, which is designed to help improve FICO scores by lowering the balance-to-credit-limit ratio of individual debts. We were paying down each loan, distributing our liquid cash among all the loans evenly. When we found the debt reduction calculator we ran multiple preprogramed scenarios, and a couple of our own and discovered the optimum method for us.
Thanks for sharing a great way to evaluate and strategize debt reduction. One of the included files lets you list up to 20 creditors , and if that isn't enough, there is also a version that lets you list up to The snowball effect is the idea that a snowball grows as it rolls down a hill. When applied to debt reduction, the snowball effect refers to how your extra payment grows as you pay off each debt. As defined above, the snowball is the difference between your total minimum payments and your total monthly debt payment.
The total monthly debt payment remains the same from month to month. The snowball is the extra payment that you will make on your current debt target. After you pay off your first debt, you no longer need to make the minimum payment on that debt. So, that payment amount gets rolled into your snowball. Your new larger snowball becomes the extra payment that you apply to the next debt in the sequence. There are times when your snowball is larger than the remaining balance on your current debt target.
Debt Snowball Calculator compatible with Mac Numbers – decadefive
In that case, the spreadsheet automatically divides your snowball between the current and next target. This section describes the different strategies that you can choose within the debt snowball spreadsheet. Each of these strategies has to do with the order that you target your debts with your snowball. Unless you choose the "No Snowball" option, ALL of these strategies make use of the snowball effect described above.
For more information, see Dave Ramsey's article on the debt snowball effect , or read his book, "The Total Money Makeover". If you choose the "Lowest Balance First" method, and two of your balances are roughly the same amount, but have very different interest rates , you might want to switch the order that you pay them off so that you pay the higher rate first.
It might not make much difference in how long it takes to pay them off, but it could make a difference in how much interest you end up paying.
To use this approach in the worksheet, you'll need to choose the "User-Specified Order" methods described above. The stair-stepper strategy, integrated into the Google Sheets versions of the debt reduction calculator, was devised by Carlotta Thompson carlottathompson. The chart helps you to analyze the amount of debts that you had already paid as a consolidated data for all creditors or for individual creditors.
Payment Schedule The Debt Reduction Manager - Payment Schedule worksheet creates a payment schedules based on the strategy selected by you. Begin by downloading the calculator and setting up your creditors list and the balance amount to be paid along with interest rate, minimum amount and custom priority. You can gather all this information from your bank statements or by asking the creditors. Once the complete information of each creditor and debt has been entered into the 'Creditors' worksheet you can now refer to 'Results' Sheet to see the calculated interest on all debts.
You can select the debt payment strategy from the drop down on the top, like Snowball - Lowest balance or table order Ascending or Descending etc. You can also set the custom priority for each creditor in order to decide for which creditor you want to pay the debt first, second, third and so on. All worksheets have pre-set calculation formulas that calculate the total debt amount, interest amount for individual creditors or the entire debt for all the creditors that you need to pay.
Debt Reduction Calculators
The Results spreadsheet shows the detailed financial liability for each creditor like initial balance, Interest rate, interest paid, total amount paid, last payment date and months to payoff a debt. The Debt Reduction Chart provides the same information in a graphical representation, it makes it easy to understand your debts.
You can also see the sequence in which your debt is being repaid and how the amount of snowball is applied. The Payment Schedule worksheet provides a schedule for paying the debts over a period of time as per your selected payment strategy. To see the schedule of payments for a creditor, you can select the payment strategy and the Account from the drop down. The worksheet also shows the amount of Interest paid along with the other details like initial balance, interest rate, minimum payment, Snowball payments, total amount paid, etc.
The table also provides two additional columns for recording additional payments snowflake payments that can be made to the creditors on irregular basis as an addition to the set schedule. This calculator is best suited to manage and pay debts to the creditors in a planned manner. Thank you so much.
time2change.hipwee.com/28909.php I was having the conversion glitches with the other spreadsheets. Thank you, thank you. Like Like. Love this spreadsheet — the only thing I would add, if I could, would be a row somewhere that would show the total interest paid during the paydown per account.
Featured Debt Payoff Calculators
Thanks for the feedback! Can you help?
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This works out great. Not sure how to add another loan thanks so much for your work. I love numbers and have many bill sheets. This works awesome! Dude… First off looks great and its awesome. Could you please email me how to set up that formula so I can add another Loan? Hi, Kodi, I just sent you a version that has 9 loans available, in both Numbers and Excel. Clearly, I need to upload a version with more loans.