There are a number of different loan payoff calculators that use excel to list all of your debt accounts. This can include debt such as: credit card, auto loan, mortgage, and student loan debt. Having a debt reduction spreadsheet is a great tool for understanding your current financial situation. There are a number of different worksheets that can help you get on the path to becoming debt free.
Reviews of Debt Reduction Spreadsheets
Debt Snowball Spreadsheet from Your Personal Finance
The debt snowball spreadsheet offers you to add over 16 different debt accounts. This debt avalanche spreadsheet will also create a debt reduction plan based off the minimum payment. You also have the option to add extra payments and compare the total interest paid. The chart will show the total payments made and the last payment you’ll make, before you become debt free. The excel debt snowball template is very user friendly and doesn’t require experience with excel. This is a great option for someone who is just wanting a simply and easy to use tool.
Dave Ramsey Snowball Spreadsheet
You might have hear of Dave Ramsey and his 10 steps to becoming debt free. The Dave Ramsey snowball debt template is another type of debt payoff worksheet that is very easy to use. You just need your minimum monthly payment, interest rate, and the balance of your debt. The credit card payoff worksheet works by paying the lowest balance off first. This is also known as the debt snowball method. You should know that this might not be the most effective way to payoff your debt. You could be paying a lot more in interest, if you do not pay off the debt with the highest balance first.