Debt Reduction Calculator

http://www.vertex42.com/Calculators/debt-reduction-calculator.html

Balance Date:

2007-2016 Vertex42 LL

12/12/2016

Creditor Information Table

Row
Creditor
Balance
1
HP GOODS
65,594.95
2
ASB
97,246.43
3
LX 150
4
5
6
7
8
9
10
Totals:
162,841.38

Monthly Payment
Initial Snowball

Rate
2.85%
4.90%

Payment
842.00
608.00
270.00

Custom

1,720.00

1,800.00 .
80.00

Strategy:

Custom - Lowest First

Choose a strategy
6

Creditors in
Chosen Order
HP GOODS
ASB

Original
Balance
65,594.95
97,246.43
-

Total Interest Paid:

Interest
Paid
4,784.35
31,040.83
-

$1,200.00
[42]

Snowball Growth Chart

$1,000.00
$800.00
$600.00
$400.00
$200.00
$-

Snowball
Interest Due

Month Paid
Of
Dec-21
Mar-26

35,825.18 (Lower is Better)

Results are only estimates

$1,400.00

Months to
Pay Of
60
111
-

Snowball Growth Chart

2007-2016 Vertex42 LLC

Interest-only
155.79
397.09
-

Choose a strategy

.
.
.
.
.
.
.
.
.
.

Debt Snowball Payment Schedule

2007-2016 Vertex42 LLC

Results are only estimates. Edit only the yellow cells.

http://www.vertex42.com/Calculators/debt-reduction-calculator.html

Strategy: Custom - Lowest First

Monthly Payment: 1800.00
Creditor:
Balance:
Rate:
Base Payment:
Months to Pay Off:
Month Paid Off:
Total Interest:
Error Code:

HP GOODS

ASB

65,594.95

97,246.43

2.85%

4.90%

842.00

608.00

60
Dec-21

111
Mar-26

4,784.35
.

31,040.83
.

Total Interest: $

35,825.18

Monthly Payments
No.

Month

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
59
60
61
62
63
64
65
66
67
68
69
70
71
72
73
74
75
76
77
78
79
80
81
82
83

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
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
Jan-21
Feb-21
Mar-21
Apr-21
May-21
Jun-21
Jul-21
Aug-21
Sep-21
Oct-21
Nov-21
Dec-21
Jan-22
Feb-22
Mar-22
Apr-22
May-22
Jun-22
Jul-22
Aug-22
Sep-22
Oct-22
Nov-22
Dec-22
Jan-23
Feb-23
Mar-23
Apr-23
May-23
Jun-23
Jul-23
Aug-23
Sep-23
Oct-23
Nov-23

Snowball

350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
350.00
1140.70
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00

Additional

HP GOODS

1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
51.30
-

ASB

608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
608.00
1748.70
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00

http://www.vertex42.com/Calculators/debt-reduction-calculator.html

END BALANCE

162841.38
161594.26
160343.82
159090.04
157832.93
156572.46
155308.63
154041.43
152770.86
151496.90
150219.54
148938.77
147654.58
146366.97
145075.93
143781.44
142483.49
141182.07
139877.18
138568.80
137256.93
135941.55
134622.66
133300.24
131974.29
130644.79
129311.74
127975.13
126634.94
125291.16
123943.78
122592.80
121238.21
119879.99
118518.13
117152.63
115783.47
114410.64
113034.14
111653.95
110270.06
108882.46
107491.14
106096.09
104697.30
103294.76
101888.45
100478.38
99064.52
97646.86
96225.40
94800.13
93371.03
91938.09
90501.31
89060.66
87616.14
86167.74
84715.44
83259.25
81799.14
80333.15
78861.18
77383.20
75899.18
74409.10
72912.94
71410.67
69902.26
68387.69
66866.94
65339.98
63806.78
62267.32
60721.58
59169.53
57611.14
56046.39
54475.25
52897.69
51313.69
49723.22
48126.26
46522.78
Page 3 of 15

Monthly Payments
No.

Month

84
85
86
87
88
89
90
91
92
93
94
95
96
97
98
99
100
101
102
103
104
105
106
107
108
109
110
111

Dec-23
Jan-24
Feb-24
Mar-24
Apr-24
May-24
Jun-24
Jul-24
Aug-24
Sep-24
Oct-24
Nov-24
Dec-24
Jan-25
Feb-25
Mar-25
Apr-25
May-25
Jun-25
Jul-25
Aug-25
Sep-25
Oct-25
Nov-25
Dec-25
Jan-26
Feb-26
Mar-26
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A

Snowball
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00
1192.00

Additional

HP GOODS

ASB
-

1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
1800.00
666.56
-

http://www.vertex42.com/Calculators/debt-reduction-calculator.html

END BALANCE
-

44912.75
43296.14
41672.93
40043.09
38406.60
36763.43
35113.55
33456.93
31793.55
30123.37
28446.37
26762.53
25071.81
23374.19
21669.63
19958.11
18239.61
16514.09
14781.52
13041.88
11295.13
9541.25
7780.21
6011.98
4236.53
2453.83
663.85
Page 4 of 15

Monthly Payments
No.

Month
#N/A
#N/A
#N/A
#N/A
#N/A
#N/A
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#N/A
#N/A
#N/A
#N/A

Snowball

Additional

HP GOODS

ASB
-

http://www.vertex42.com/Calculators/debt-reduction-calculator.html

END BALANCE
-

Page 5 of 15

Monthly Payments
No.

Month
#N/A
#N/A
#N/A
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#N/A
#N/A

Snowball

Additional

HP GOODS

ASB
-

http://www.vertex42.com/Calculators/debt-reduction-calculator.html

END BALANCE
-

Page 6 of 15

HELP
Getting Started

Step 1:

Step 2:
Step 3:

Debt Reduction Strategies

Other Tips and Information

Additional Help

SEE ALSO
SEE ALSO
TIPS

 2007-2016 Vertex42 LLC

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.

ebt Reduction Strategies

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 effect of
seeing the number of debts disappear more quickly.

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.

her Tips and Information

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 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

007-2016 Vertex42 LLC

Debt Reduction Calculator

ebt Reduction Calculator

By Vertex42.com
http://www.vertex42.com/Calculators/debt-reduction-calculator.html

2007-2016 Vertex42 LLC

This spreadsheet, including all worksheets and associated content is a copyrighted work
under the United States and other copyright laws.
Do not submit copies or modifications of this template to any website or online template
gallery.
Please review the following license agreement to learn how you may or may not use this
template. Thank you.
Personal Use Only
http://www.vertex42.com/licensing/EULA_personaluse.html
Do not delete this worksheet. If necessary, you may hide it by right-clicking on the tab and
selecting Hide.