Debt snowball worksheet
A debt snowball spreadsheet: list your debts, sort by balance, add an extra monthly payment and see the payoff order and when each debt is gone.
- ๐บ๐ธ US format ยท Letter size
- Free
This is a sample form. Check tax amounts against IRS rules and your accountant's advice.
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Sheets
- How to use
- Debts: debt, balance, APR, minimum payment, payoff order (RANK by balance or APR, switched by the Method cell), months at minimum only (NPER), notes, totals; extra monthly payment and method cells; Plan block with the monthly total, the first debt to attack and its months at the minimum
Color key
- Yellow cells: fill these in
- Blue cells: formulas, leave them as they are
- Gray rows: examples you can delete
An estimate, not a payoff schedule
The months column assumes the rate and the minimum stay fixed and nothing new goes on the card. Minimums on credit cards usually fall as the balance falls, which stretches the real payoff; paying the same amount every month is what the snowball method fixes. Example extra payment: $200 a month.
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Debt snowball worksheet
| Debt | Balance | APR | Minimum payment | Payoff order | Months at minimum only | Notes |
|---|---|---|---|---|---|---|
| Visa card | 2,450 | 25.0% | 75 | 2 | 55.3 | |
| Car loan | 8,900 | 6.5% | 310 | 3 | 31.3 | 36 months left |
| Store card | 680 | 27.9% | 35 | 1 | 26.1 | Close it once paid |
| Student loan | 14,200 | 5.2% | 165 | 4 | 107.9 | |
| (auto) | (auto) | |||||
| Total | =SUM(โฆ) | =SUM(โฆ) |
This shows the first part of each sheet as it prints on Letter paper. The file also has a how-to sheet and formulas, and every column fits one page width when you print from Excel.
How to use it
List every debt with its balance, APR and minimum payment, and type the extra amount you can put toward debt each month. The sheet ranks the payoff order, smallest balance first for the snowball or highest APR first for the avalanche, and shows how many months each debt would take if you only paid its minimum. The Method cell on the sheet switches between the two, so you can compare without rebuilding the file.
The Plan block adds the minimums and the extra into one monthly number and names the first debt to attack. Pay the minimum on everything else, put the extra on that one, and when it is gone roll its minimum into the extra for the next debt in the order.
Things to watch
A minimum that does not cover the interest shows Payment below interest; that debt needs more than the minimum from day one. Keep the monthly total fixed even as card minimums drop, because the drop is where most of the payoff time hides. The avalanche usually costs less interest; the snowball gives a quicker first win. Either works if you stick to it. Pair it with the monthly budget template to find the extra payment.
Calculators that go with this
Frequently asked questions
Snowball or avalanche?
Snowball pays the smallest balance first, which clears a whole account sooner and keeps people going. Avalanche pays the highest rate first and costs less interest in total. Switch the Method cell on the sheet to see the order both ways. The difference in total interest is often smaller than people expect when the balances are similar.
Two debts have the same balance or rate.
RANK gives them the same number. Pick whichever you prefer and type the other order number over the formula, or break the tie by changing a balance by one cent.
Does it work in Google Sheets?
Yes. RANK, NPER, INDEX, MATCH, COUNTIF and IF work the same in Google Sheets. You may need to re-create the Method dropdown in D3.
Is what I type saved anywhere?
No. Everything stays in your browser and nothing is sent to our server. If you refresh the page it is gone, so print, save a PDF or download the DOCX when you are done.