Debt avalanche spreadsheet

The debt avalanche method puts every extra dollar on the debt with the highest interest rate while paying minimums on the rest. When that debt is gone, its payment rolls to the next-highest rate. It usually costs the least interest overall.

The Debt Payoff Planner does the avalanche math for up to 15 debts. Enter each balance, APR and minimum payment plus the extra you can pay each month, and choose Avalanche. You get a month-by-month payment plan, the payoff date for every debt, your debt-free date and total interest. It also shows Snowball (smallest balance first) side by side, so you can compare before you commit.

Log payments and statement balances as you go and progress bars show how far you have come. It is a planning tool, not financial advice.

What you get

You get two files, a blank template and a filled-in example, plus a Start Here guide. Open them in Microsoft Excel, or upload them to Google Drive and open them with Google Sheets (free). You type in the input cells; the formulas, totals and charts update themselves.

Tips

• List every debt, even small ones, so the plan is complete.
• Compare Avalanche and Snowball totals, then pick the one you will stick with.
• Update balances from each new statement once a month.