Professional Documents
Culture Documents
Name
Section
$ per/hr
PT Hours
Brother hopeful
Sister hopeful
Total
Income
Combined Take Ho
Expenses
Food
Lessons for kids
laundry
Dry cleaning
Gifts
life insurance
medical insurance
car insurance *2
internet
cable tv
ulitities
home phone
cell pnone program
Gas
Bowling league
newspaper
miscellaneous
tithing/ offering
charities
credit card #1
credit card #2
credit card #3
credot union loan
Car loan
Gas crdot card
Medical Bill
2nd Mortgage
1st Mortgage
Total Expenses
Mothly
$5,150
$450
$155
$30
$20
$15
$70
$200
$120
$25
$95
$275
$75
$85
$170
$85
$35
$30
$615
$35
$158.00
$34.67
$274.37
$280.85
$200.00
$92.72
$65.07
$582.82
$1,149.00
$5,423
Surplus / (Deficit)
-$273
Total Savings/(Debt
-$273
Income Calculations
mothly salary
FT Hours
$4,800
$350
$5,150
FT Salary
Aug Salary
$ per/hr
PT Hours
Income Calculations
PT Salary FT Hours
FT Salary
Brother Hopeful
Sister Hopeful
Total
Income
Gross Combined Income
Combined Take Home Pay
$5,150
Expenses
gas
cell phone program
Utilities
internet
car insurance
Groceries
laundry
misc
life insurance
mortgage payment
tithing and offerings
medical insurance
Total Expenses
$85
$200
$25
$60
$300
$30
$30
$70
$1,732
$615
$200
$3,432
Surplus / (Deficit)
$4,451
Total Savings/(Debt)
$4,451
$85
TOTAL
$4,800
$3,083
$7,883
rid of the new car so we don't have to pay 200$ monthly car loan payment. Also we can cut off half of the gas expense and auto insurance.
expenses (lessons for children, dry cleaing, gifts, cable TV, home phone service, bowling league, newspaper, donations)
b as a waitress(night shift) and let her parents to babysit. She earns $3083 a month including the tips
$1,813.68
1248.12
$565.56
$1,311.41
7/5/2015
Monthly Payment
Initial Snowball
Rate
12.00%
7.00%
12.00%
15.00%
11.00%
6.00%
15.00%
9.50%
6.00%
Payment
158.00
200.00
92.72
34.67
274.37
280.85
68.07
582.82
1,149.00
Custom
3
7
4
1
5
8
2
6
9
2,840.50
4,451.00 .
1,610.50
Strategy:
Choose a strategy
2
Creditors in
Chosen Order
Credit Card #2
Medical Bill
Credit Card #1
Gas Credit Card
Credit Card #3
2nd Mortgage
Car Loan
Credit Union Loan
1st Mortgage
Original
Balance
1,000.00
1,876.97
6,000.00
1,969.78
12,619.08
49,612.40
5,200.00
19,225.00
119,412.57
-
Interest
Paid
12.50
38.46
223.42
105.04
984.34
7,937.49
455.93
2,578.05
24,573.97
-
$4,500.00
[42]
$4,000.00
$3,500.00
$3,000.00
$2,500.00
$2,000.00
$1,500.00
$1,000.00
$500.00
$-
Snowball
Interest Due
Month Paid
Of
Aug-15
Sep-15
Dec-15
Jan-16
Jul-16
Jan-18
Dec-17
May-18
May-20
$5,000.00
Months to
Pay Of
1
2
5
6
12
30
29
34
58
-
Interest-only
60.00
30.34
19.70
12.50
115.68
96.13
23.47
392.77
597.07
-
Choose a strategy
.
.
.
.
.
.
.
.
.
.
http://www.vertex42.com/Calculators/debt-reduction-calculator.html
Credit Card #2
Medical Bill
1,000.00
Credit Card #1
1,876.97
6,000.00
Credit Card #3
1,969.78
2nd Mortgage
12,619.08
Car Loan
49,612.40
5,200.00
12.00%
12.00%
11.00%
34.67
68.07
158.00
92.72
274.37
582.82
200.00
280.85
1,149.00
5
Dec-15
6
Jan-16
12
Jul-16
30
Jan-18
29
Dec-17
34
May-18
58
May-20
12.50
.
38.46
.
Total Interest: $
223.42
.
105.04
.
984.34
.
7,937.49
.
6.00%
15.00%
2
Sep-15
7.00%
119,412.57
15.00%
1
Aug-15
9.50%
1st Mortgage
19,225.00
455.93
.
6.00%
2,578.05
.
24,573.97
.
36,909.20
Monthly Payments
No.
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41
42
43
44
45
46
47
48
49
50
51
52
53
54
55
56
57
58
Month
Jul-15
Aug-15
Sep-15
Oct-15
Nov-15
Dec-15
Jan-16
Feb-16
Mar-16
Apr-16
May-16
Jun-16
Jul-16
Aug-16
Sep-16
Oct-16
Nov-16
Dec-16
Jan-17
Feb-17
Mar-17
Apr-17
May-17
Jun-17
Jul-17
Aug-17
Sep-17
Oct-17
Nov-17
Dec-17
Jan-18
Feb-18
Mar-18
Apr-18
May-18
Jun-18
Jul-18
Aug-18
Sep-18
Oct-18
Nov-18
Dec-18
Jan-19
Feb-19
Mar-19
Apr-19
May-19
Jun-19
Jul-19
Aug-19
Sep-19
Oct-19
Nov-19
Dec-19
Jan-20
Feb-20
Mar-20
Apr-20
May-20
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Snowball
1610.50
1645.17
1713.24
1713.24
1713.24
1871.24
1963.96
1963.96
1963.96
1963.96
1963.96
2030.37
2238.33
2238.33
2238.33
2238.33
2238.33
2238.33
2238.33
2238.33
2238.33
2238.33
2238.33
2238.33
2238.33
2238.33
2238.33
2238.33
2382.40
2599.09
3021.15
3021.15
3021.15
3021.15
3302.00
3302.00
3302.00
3302.00
3302.00
3302.00
3302.00
3302.00
3302.00
3302.00
3302.00
3302.00
3302.00
3302.00
3302.00
3302.00
3302.00
3302.00
3302.00
3302.00
3302.00
3302.00
3302.00
4333.00
Additional
Credit Card #2
1012.50
-
Medical Bill
700.74
1214.69
-
http://www.vertex42.com/Calculators/debt-reduction-calculator.html
Credit Card #1
158.00
656.55
1871.24
1871.24
1666.39
-
92.72
92.72
92.72
92.72
297.57
1406.37
-
Credit Card #3
274.37
274.37
274.37
274.37
274.37
831.96
2238.33
2238.33
2238.33
2238.33
2238.33
207.96
-
2nd Mortgage
582.82
582.82
582.82
582.82
582.82
582.82
582.82
582.82
582.82
582.82
582.82
2613.19
2821.15
2821.15
2821.15
2821.15
2821.15
2821.15
2821.15
2821.15
2821.15
2821.15
2821.15
2821.15
2821.15
2821.15
2821.15
2821.15
2965.22
422.06
-
Car Loan
200.00
200.00
200.00
200.00
200.00
200.00
200.00
200.00
200.00
200.00
200.00
200.00
200.00
200.00
200.00
200.00
200.00
200.00
200.00
200.00
200.00
200.00
200.00
200.00
200.00
200.00
200.00
200.00
55.93
-
280.85
280.85
280.85
280.85
280.85
280.85
280.85
280.85
280.85
280.85
280.85
280.85
280.85
280.85
280.85
280.85
280.85
280.85
280.85
280.85
280.85
280.85
280.85
280.85
280.85
280.85
280.85
280.85
280.85
2879.94
3302.00
3302.00
3302.00
872.46
-
1st Mortgage
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
1149.00
3578.54
4451.00
4451.00
4451.00
4451.00
4451.00
4451.00
4451.00
4451.00
4451.00
4451.00
4451.00
4451.00
4451.00
4451.00
4451.00
4451.00
4451.00
4451.00
4451.00
4451.00
4451.00
4451.00
4451.00
118.00
-
END BALANCE
216915.80
213812.41
210678.72
207515.63
204325.90
201109.26
197865.49
194594.80
191298.12
187975.25
184625.95
181250.01
177847.21
174419.86
170968.04
167491.57
163990.27
160463.94
156912.41
153335.49
149732.99
146104.74
142450.54
138770.18
135063.49
131330.28
127570.33
123783.46
119969.47
116128.15
112259.02
108369.31
104460.16
100531.46
96583.12
92615.04
88627.12
84619.26
80591.36
76543.32
72475.04
68386.42
64277.35
60147.74
55997.48
51826.47
47634.60
43421.77
39187.88
34932.82
30656.48
26358.76
22039.55
17698.75
13336.24
8951.92
4545.68
117.41
Page 8 of 21
Monthly Payments
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Month
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Snowball
Additional
Credit Card #2
Medical Bill
-
http://www.vertex42.com/Calculators/debt-reduction-calculator.html
Credit Card #1
-
Credit Card #3
2nd Mortgage
-
Car Loan
-
1st Mortgage
END BALANCE
-
Page 9 of 21
Monthly Payments
No.
Month
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Snowball
Additional
Credit Card #2
Medical Bill
-
http://www.vertex42.com/Calculators/debt-reduction-calculator.html
Credit Card #1
-
Credit Card #3
2nd Mortgage
-
Car Loan
-
1st Mortgage
END BALANCE
-
Page 10 of 21
Monthly Payments
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Month
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Snowball
Additional
Credit Card #2
Medical Bill
-
http://www.vertex42.com/Calculators/debt-reduction-calculator.html
Credit Card #1
-
Credit Card #3
2nd Mortgage
-
Car Loan
-
1st Mortgage
END BALANCE
-
Page 11 of 21
HELP
Getting Started
Step 1:
Step 2:
Step 3:
Additional Help
SEE ALSO
SEE ALSO
TIPS
etting Started
Visit the debt reduction calculator web page and watch the demo video.
http://www.vertex42.com/Calculators/debt-reduction-calculator.html
Complete the Creditor Information Table. Read the section "Using the Debt Reduction Calculator"
on the above web page. Look for more information about each column in the table header's cell
comments.
Enter a Total Monthly Payment. See the cell comment for more information.
Choose a Payoff Strategy. The various strategies are explained below.
Highest Interest First: This strategy results in the lowest total interest, but depending on the balance
of your higher interest loans, it may take you longer to see your first loan/debt completely paid off. If
the difference in the total interest is not significant, than you may get more satisfaction from the
Lowest Balance First method.
Order Entered in the Table: You can use the sort feature (Data>Sort) to choose how you want the
snowball effect to work. For example, if you want to use a combination of Lowest Balance First AND
Highest Interest First, then first select the creditor information table (B7:F17), then go to Data>Sort,
and sort by Balance:Ascending and Rate:Descending (or vice versa).
Warning: If you are careful, you can rearrange the order of the entries in the creditor table by copying
or cutting and pasting, but if you insert a row above row 1 or after row 10, the formulas will be messed
up.
No Snowball: Select this option if you want to see how long it will take to pay off the debts without
maintaining a constant monthly payment. In some cases, you may find it will take more than 30 years
(resulting in errors in the spreadsheet).
Custom-Highest or Custom-Lowest: You can manually control the order the debts are paid by
entering numbers or formulas in the Custom column. For example, if you enter the values 1,2,3,5,4
then rows 4 and 5 will be swapped. You can enter your own formulas as well, whatever they might be.
Tip 1: If you want to use the Lowest Balance First method and you have two debts that are close to
the same balance but have very different interest rates, you may see a substantial reduction in the
total interest paid if you change the order of the two entries so that you pay the higher rate first. In that
case, try using the Order Entered in the Table strategy.
Tip 2: Like Tip 1, if you want to use the Highest Interest Rate method, and you have two debts with
similar rates but very different balances, you may want to change the order so that you pay off the
lower balance first. This may make very little difference in the total interest, but it can make you feel
better faster.
Tip 3: Update the Creditor Information Table every few months. Your minimum payments may
change over time as the balance in your accounts change, or if your interest rate changes. You may
be able to further reduce your overall interest and reduce the time to pay off your debts, by readjusting your minimum payments every few months. This would mean starting over with a fresh
template, entering the new Balance Date, and updating the Creditor Information Table.
Tip 4: Snowflaking is a popular term for making occasional extra payments above the normal
monthly payment. You can add debt "snowflakes" in the PaymentSchedule worksheet.
dditional Help
The link at the top of this worksheet will take you to the web page on vertex42.com that talks about
this template.
REFERENCES
Vertex42.com: Credit Card Payoff Calculator
Vertex42.com: Money Management Template
Vertex42.com: Spreadsheet Tips Workbook
retirement age
current age
months left until Brother Hopeful retire
monthly contribution to 401k
$
balance in retirement account after 30years $
65
35
360
150.00
54,000.00