Vertex42, a site devoted to Microsoft Excel templates, spreadsheets, and calendars, has posted a free debt snowball calculator. From the description:
This spreadsheet allows you to choose different debt reduction strategies, including the debt snowball effect (paying the lowest balance first) and highest interest first. Just choose the strategy from a dropdown box after you enter your creditor information into the worksheet.
This file contains two worksheets:
- A debt reduction calculator, which allows you to list your debts, their balances, interest rates, and monthly payments.
- A payment schedule telling you which bills to pay when.
The brilliant thing about this spreadsheet — other than the fact it does all the math for you — is that it allows you to choose from a variety of snowball methods. You can use the Dave Ramsey-esque “low balance first” debt snowball, the mathematically superior “high interest first” method, opt for no snowball at all, or — and this is the best part — enter your own payoff order. Got a loan from your brother-in-law that drives you nuts? Prioritize it and this spreadsheet will make sure it’s finished first.
I wish I had access to a tool like this when I was first starting to dig out of debt…
GRS is committed to helping our readers save and achieve their financial goals. Savings interest rates may be low, but that is all the more reason to shop for the best rate. Find the highest savings interest rates and CD rates from Synchrony Bank, Ally Bank, GE Capital Bank, and more.