Fast Debt Payoff Planner Spreadsheet – Google Spreadsheet Templates (2024)

FAQs

How do I create a debt payoff plan in Google Sheets? ›

First, create columns for the name of each debt, the current balance, the interest rate, and the minimum monthly payment. Then, add additional columns for extra monthly payments and the remaining balance. You can use formulas in Excel to calculate the interest and remaining balance based on the payment amounts.

For the most part, the debt avalanche strategy works the same as the debt snowball method. The difference is that the avalanche approach helps you to pay off multiple debts based on their interest rates. You'll pay off the highest-rate debt first, which could save you the most money in interest over time.

The "snowball method," simply put, means paying off the smallest of all your loans as quickly as possible. Once that debt is paid, you take the money you were putting toward that payment and roll it onto the next-smallest debt owed. Ideally, this process would continue until all accounts are paid off.

Google Sheets is a web-based application that provides users access to seamless collaboration or solo creation, editing, and management of spreadsheets from their browser. The spreadsheet solution, which launched in 2006 and is part of Google's G Suite, is free and easy to use.

If you can afford to pay off your debt during the promotional APR period, a balance transfer card may be your best bet. For example, with $5,000 of debt, a six-month intro APR balance transfer card would allow you to pay off your debt interest-free with $833.33/month payments.

Is there an app that consolidates all of your debt? ›

Debt Consolidation Apps

Certain apps, like Tally, offer debt consolidation for eligible users in addition to debt management guidance. Tally not only helps reduce your debt burden but also helps you formulate a plan for repayment and track your progress.

Stair-Stepper Strategy

Beginning with the lowest balance category, you pay off the debts from highest to lowest interest rate, then move on to the next higher balance category.

Creating an amortization schedule in Google Sheets requires using functions like PMT, IPMT, and PPMT. Start by inputting loan details such as principal, interest rate, and term. Use these functions within a table to calculate periodic payments, interest, and principal amounts.

Use the PMT function in cell B8 to calculate the monthly payment. Input =PMT(B7, B3, B4) to utilize the monthly interest rate from B7, total number of payments from B3, and the loan amount from B4.

Divide the interest rate you're being charged by the number of payments you'll make each year, usually 12 months. Multiply that figure by the initial balance of your loan, which should start at the full amount you borrowed.