Our Excel based debt snowball calculator allows you to quickly input all of your debts and determine which to pay off first. The reason it’s called a “snowball” is because as you start paying off your debt accounts you then apply that money to other debts. You can start to see an impact within a few months, obviously this depends on aggressive you are. Most of the credit card payoff calculators or debt snowball spreadsheets just have you paying off the lowest balance debt and moving on to the next. With our debt snowball calculator we’ll tell you which debts to pay off first and will create a customized plan that will minimize the amount you pay in interest. This excel worksheet was built for you to quickly and efficiently run 1000’s of different “what if” scenarios.
What Use The Excel based debt snowball calculator?
The quickest way to save big on your credit card bills is to negotiate a lower interest rate. If you can shave off even a percentage point or two, you can save hundreds as you pay off your debt. A
simple phone call and a polite request may be all it takes. While your credit score will play a large role in whether or not you get a rate cut, it’s not the only factor. Every lender has its own approach to this issue. It never hurts to give it a shot.
How much on clothing, health care, recreation, and charitable donations? And more importantly, how much money can be devoted to savings for that inevitable rainy day? Each of these factors makes creating a monthly budget frustrating and often confusing, and when we extend that over the course of a year the tension really mounts. But creating a family budget can be made easier with the Budget Planning Calculator.
Pay Off Debt Faster With New Credit Cards
Simply enter your credit card balance, interest rate, and monthly payment. Then, choose whether you want to pay off your debt making the minimum payments, fixed payments, or by a certain date. The list accommodates up to eight credit cards. If you choose the minimum-only payment option, the result tells you how long it will take to pay off your credit cards and how much interest and principal you will ultimately pay.
To pay off your debt in a year, you first need to figure out what your monthly payment should be to reach that goal. Credit Card Payoff Calculator that lets you enter your balance, interest rate and monthly payment and will show you how long it will take to pay off your debt at that rate. It also provides a table that shows you how much you should increase your payment to pay off your balance faster. For example, if you have a $5,000 balance on a card with an 11% interest rate (the average for low-rate cards), you would need to pay $450 a month to wipe out your debt in a year. If you just make the minimum payment (2% of the balance), it would take you more than 23 years to get rid of $5,000 in credit-card debt.