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Debt Snowball Payment Schedule © 2007-2024 Vertex42 LLC
Results are only estimates. Edit only the yellow cells. https://www.vertex42.com/Calculators/debt-reduction-calculator.html
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http://www.vertex42.com/Calculators/debt-reduction-calculator.html Page 6 of
HELP
© 2007-2024 Vertex42 LLC
Getting Started
Visit the debt reduction calculator web page and watch the demo video.
https://www.vertex42.com/Calculators/debt-reduction-calculator.html
Step 1: 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
Step 2: Enter cell comments.
a Total Monthly Payment. See the cell comment for more information.
Step 3: Choose a Payoff Strategy. The various strategies are explained below.
Lowest Balance First: Gives you the benefit of the snowball effect, but you may pay
more interest in the end than Highest Interest First. The main benefit of this approach is
the psychological
Highest effect This
Interest First: of seeing
strategy the results
numberinofthe debts
lowestdisappear more quickly.
total interest, but depending
on the balance of your higher interest loans, it may take you longer to see your first
loan/debt
Order completely
Entered in thepaid off. You
Table: If thecandifference
use the in thefeature
sort total interest is not to
(Data>Sort) significant,
choose how than
may get
you want the more satisfaction
snowball effect tofrom
work.the ForLowest
example,Balance
if youFirst
wantmethod.
to use a combination of
Lowest Balance
Warning: First
If you are AND Highest
careful, you canInterest First,
rearrange thethen
orderfirst
of select the creditor
the entries information
in the creditor
(B7:F17),
table by copyingthen go to Data>Sort,
or cutting and pasting, and
butsort by Balance:Ascending
if you insert a row above row and1 or after row
10, the formulas
No Snowball: will be
Select messed
this option up.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 thanor30Custom-Lowest:
Custom-Highest years (resulting inYou errors
caninmanually
the spreadsheet).
control the order the debts are
paid by entering numbers or formulas in the Custom column. For example, if you enter
Other Tips the
andvalues
Information
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.
Minimum Payments: This calculator does not provide the option of making only the
minimum monthly payments on credit cards or lines of credit. See tip #3 below.
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
Tip 2: Like reduction in the
Tip 1, if you wanttotal interest
to use paid if you
the Highest change
Interest Rate themethod,
order ofandthe you
two have
entries
two
so thatwith
debts yousimilar
pay the higher
rates butrate
veryfirst. In that
different case, tryyou
balances, using
may thewant
Order Enteredthe
to change in the Table
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
Tip rate changes.is You
4: Snowflaking may be
a popular able
term fortomaking
further occasional
reduce yourextra
overall interestabove
payments and reduce
the
the timemonthly
normal to pay off your debts,
payment. You by
canre-adjusting your minimum
add debt "snowflakes" payments
in the every few
PaymentSchedule
Additional Help
worksheet.
The link at the top of this worksheet will take you to the web page on vertex42.com that
talks about this template.
REFERENCES