The formula involves starts with the total amount that you owe for the loan then multiplying this by the interest rate. You only need one formula to calculate the estimated interest you have to pay with every payment. Calculate the actual amount that you pay with each payment.This can be a time-consuming and tedious step. Do this for about five years worth of months. Starting with the current month, input the name of the month along with the current year in the cell. If you want to duplicate the minimum amount for each cell in the column, click the blue box then drag down as far as you need. In the cell’s bottom right corner, you will see a small blue box.Also, under the payment column, input the minimum monthly amount in the third row. Next, input the total amount you owe for each of your loans in the cell right under the loan’s name.Leave a column between each of your debts to input the minimum amount for your loans. You will use the interest rate later, so it’s best to know it now. First, at the top of the spreadsheet, input the name of each of the loans you have and the corresponding interest rates.Here are the steps to create a perfect one. To create a credit card payoff spreadsheet for your debt snowball method, you can use Excel. Debt Payoff SpreadsheetsĬredit card payoff spreadsheet 30 (14.96 KB) How do I make a debt snowball spreadsheet? Each time you pay off a debt, the snowball would increase in size and this makes your pay off speed faster over time. The process of paying off your smaller debts first makes a significant financial impact on your debts as time passes by. When you have paid off your smallest debt in the debt snowball method, you take the amount you that you used to pay it off and add this to the minimum amount which you are already paying to your next smallest debt. The method becomes very appealing, especially if you need motivation when making your payments. Many people prefer the debt snowball method because its focus is on our behavioral side. It would be like a snowball getting larger and larger. If you can make more payments, you will have more money freed-up. Keep repeating these steps as you complete each of your debts.After that, place your money into your next smallest debt while you continue to pay the minimum amounts for all of your other debts.Keep doing this until you have paid it off completely. For your smallest debt, put in all of the money that you can every month. Every month, decide on a minimum amount you will put into your existing debts except for the smallest one.Arrange these in order from the smallest to biggest. On the spreadsheet, enter all of your debts.Following is a rundown of how you can calculate your payoff using a credit card payoff template in Excel: It is, therefore, very important to select a method of payment that will keep you motivated, one that will inspire you to keep going until you reach your final goal of being completely debt-free. If you choose a method where you begin with the biggest loan, you won’t see much progress and this might continue until too much time has passed by, and you have lost motivation in making your regular payments. But the aspect of keeping you motivated to continue is a huge plus factor. In other words, you will pay much more in the long run as experienced by those who followed this method. However, there are also those who believe that this is not the most effective way of settling your debts because leaving the biggest debts for last means that you will pay more interest rates. This method offers early results to inspire you to keep moving forward. Use the debt payoff spreadsheet to make a plan then use the debt calculator Excel to determine with the time and amount you need to pay off all your debts. For this, you need a credit card payoff spreadsheet along with a debt snowball calculator. Credit card payoff spreadsheet 20 (76.36 KB) How do I calculate debt payoff in Excel?Īnother way to plan how to pay off your debts is through the use of the debt snowball method.
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