Debt Payoff Calculator (Snowball vs Avalanche)

Instructions: Enter each debt below. Set your total monthly payment and extra amount. Order columns show which debt to attack first.

YOUR DEBTS

Debt Name

Balance

APR %

Minimum Payment

Snowball Rank

Avalanche Rank

Credit Card 1

=RANK(B6,$B$6:$B$11,1)

=RANK(C6,$C$6:$C$11,0)

Credit Card 2

=RANK(B7,$B$6:$B$11,1)

=RANK(C7,$C$6:$C$11,0)

Store Card

=RANK(B8,$B$6:$B$11,1)

=RANK(C8,$C$6:$C$11,0)

Personal Loan

=RANK(B9,$B$6:$B$11,1)

=RANK(C9,$C$6:$C$11,0)

Car Finance

=RANK(B10,$B$6:$B$11,1)

=RANK(C10,$C$6:$C$11,0)

Other

=RANK(B11,$B$6:$B$11,1)

=RANK(C11,$C$6:$C$11,0)

TOTALS

=SUM(B6:B11)

=SUM(D6:D11)

YOUR PLAN

Total monthly payment (min + extra)

Extra beyond minimums

HOW TO USE
Snowball: pay minimums on all; put every extra dollar on the debt ranked 1 by smallest balance. Roll its payment to rank 2 when cleared.
Avalanche: pay minimums on all; put every extra dollar on the debt ranked 1 by highest APR. This costs the least interest.
Tip: keep a note of your start balance and the date you go debt-free. Watching the total fall is the whole point.

HOW TO USE

Snowball: pay minimums on all; put every extra dollar on the debt ranked 1 by smallest balance. Roll its payment to rank 2 when cleared.

Avalanche: pay minimums on all; put every extra dollar on the debt ranked 1 by highest APR. This costs the least interest.

Tip: keep a note of your start balance and the date you go debt-free. Watching the total fall is the whole point.

DaveWays · daveways.com