# Debt Reduction Calculator

Debt Reduction Calculator
Strategies [42]
Snowball (Lowest Balance First)
Highest Interest First
Balance Date: 1/12/2016
Order Entered In Table
No Snowball
Creditor Information Table Custom - Highest First
Row Creditor Balance Rate Payment Custom Custom - Lowest First
1 6 Credit card #1 5,000.00 18.00% 250.00
2 4 Credit card #2 3,000.00 18.00% 170.00
3 2 Electronic store 1,500.00 28.00% 1.00
4 3 Furniture store 2,600.00 28.00% 200.00
5 7 Back taxes 6,000.00 11.00% 300.00
6 5 Sarah's car 3,400.00 7.00% 271.00
7 1 Department store 800.00 28.00% 90.00
8 David's car 18,000 8.00% 600.00
9 to see your .rst loan/debt completely paid o1. If the di1erence in the total
10
11
12
13
14 choose how you want the snowball e1ect to work. For example, if you want
15
16 .rst select the creditor information table (B7:F27), then go to Data>Sort, and
17 sort by Balance:Ascending and Rate:Descending (or vice versa).
18
19
20 creditor table by copying or cutting and pasting, but if you insert a row above
Total: 40,300.00 Total: 1,882.00 row 1 or after row 20, the formulas will be messed up. You can cut row 1 (B8:E8)
and paste it above row 3, or cut row 20 (B27:E27) and paste it above row 9.
Monthly Payment
2,462.00
. The calculator can handle up to 20 creditors.
Initial Snowball
\$ 580.00
Strategy:
o1 the debts without maintaining a constant monthly payment. In some cases,
1 you may .nd it will take more than 30 years (resulting in errors in the spreadsheet).
Creditors in Original Total Interest Months to Month Paid
Pay-O, Order Balance Paid Pay O, O, Err:522 debts are paid by entering numbers or formulas in the Custom column. For example,
1 Department store 800.00 Err:522 #N/A #N/A Err:522 if you enter the values 1,2,3,5,4 then rows 4 and 5 will be swapped. You can enter
2 Electronic store 1,500.00 Err:522 #N/A #N/A Err:522 your own formulas as well, whatever they might be.
3 Furniture store 2,600.00 Err:522 #N/A #N/A Err:522
4 Credit card #2 3,000.00 Err:522 #N/A #N/A Err:522
5 Sarah's car 3,400.00 Err:522 #N/A #N/A Err:522 the minimum monthly payments on credit cards or lines of credit. You can .nd
6 Credit card #1 5,000.00 Err:522 #N/A #N/A Err:522 an online calculator with this feature at PowerPay.org
7 Back taxes 6,000.00 Err:522 #N/A #N/A Err:522
David's car 18,000.00 Err:522 #N/A #N/A .
- - - . are close to the same balance but have very di1erent 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 .rst. In that case, try using the
- - - .
- - - .
- - - .
- - - . have two debts with similar rates but very di1erent balances, you may want to
- - - . change the order so that you pay o1 the lower balance .rst. This may make very
- - - . little di1erence in the total interest, but it can make you feel better faster.
- - - .
- - - .
- - -
Total Interest Paid: Err:522
(Lower is Better)
[42]
interest is not signi.cant, 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
to use a combination of Lowest Balance First AND Highest Interest First, then
Warning: If you are careful, you can rearrange the order of the entries in the
No Snowball: Select this option if you want to see how long it will take to pay
Custom-Highest or Custom-Lowest: You can manually control the order the
Minimum Payments: This calculator does not provide the option of making only
Tip 1: If you want to use the Lowest Balance First method and you have two debts that
Order Entered in the Table strategy.
Tip 2: Like Tip 1, if you want to use the Highest Interest Rate method, and you
For up-to-date information on the
di1erent strategies, visit the Debt
For up-to-date information on the
di1erent strategies, visit the Debt
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## Debt Reduction Calculator XLS

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