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Debt Freedom Spreadsheet
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Debt List
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List all of your debts. Enter a value for all the colums provied: the balance you owe, annual interest rate, and required monthly payment for each.
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Update spreadsheet as you pay off your debts -- that's always fun. More Creditors than rows available? Just right click and insert more rows if needed.
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CreditorBalanceInterest RateMonthly Payment% of Total
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VISA Credit Card$5,000.0018.00%$235.005.55%
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MC Credit Card$10,000.009.00%$150.0011.11%
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Car Loan$8,000.003.25%$350.008.89%
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Capital One Credit Card$3,000.0012.00%$300.003.33%
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Student Loan$18,012.007.00%$250.0020.01%
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Total$44,012.008.36%$1,285.0048.89%
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Budgeted Amount for Repayment
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Enter the amount you have available in your budget each month to repay debts. This amount will include all extra funds to pay down debts beyond minimum payments
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Make sure this amount is greater or equal to the total required monthly payments above.
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 Amount
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Repayment Budget$2,000.00
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Totals & Summary
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Here is the calculated summary of total debts and what you have available to pay them back.
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What if extra repayments are coming back negative? That means you're not making your minimum payments. Gulp. You will need to re-budget.
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 Amount
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Total Debt:$44,012.00
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Average Interest Rate:8.36%
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Average Monthly Interest:$306.74
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Total Monthly Payments:$1,285.00
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Amount Available:$2,000.00
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Extra Repayments:$715.00
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Repayment Strategies: Snowball or Avalanche?
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Pick your debt repayment method … Snowball or Avalanche?
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Either pay off the debt with the highest interest rate first (the Avalanche Method), or pick the one with the smallest balance to repay first (the Snowball Method).
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Avalanche Method? Pick Highest Interest Rate First:
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CreditorBalanceInterest RateMonthly PaymentNew Payment
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VISA Credit Card$5,000.0018.00%$235.00$950.00
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Months to Payoff this Debt -- MINIMUM Payments21.7Rounded to the nearest month
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Months to Payoff this Debt -- NEW Payments5.3
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Snowball Method? Pick Lowest Balance First:
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CreditorBalanceInterest RateMonthly PaymentNew Payment
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Capital One Credit Card$3,000.0012.00%$300.00$1,015.00
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Months to Payoff this Debt -- MINIMUM Payments10.1Rounded to the nearest month
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Months to Payoff this Debt -- NEW Payments3.0
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How Many Months/Years Until Total Repayment … Debt Freedom??
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Zero out the debts one-by-one and add up the months. If that doesn't make sense, just follow these steps: (1) note the total number of "Months to Payoff" for the first debt, (2) zero out that first debt, (3) note the total number of "Months to Payoff" for the second debt, (4) zero out the second debt, (5) rinse and repeat for all debts, (6) add up the total number of months for your total repayment timeline ... until complete DEBT FREEDOM!
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