This Table Calculates When You Will Pay Off Debt Using the Snowball Method.
The snowball method is the best way to pay off debt . If you are skeptical and want to see how it will work, this table will calculate exactly how long it will take to get out of debt.
When you snowball debt, you focus on the smallest debt balance and then move on to the larger one. This spreadsheet from the Life and My Finances personal finance site allows you to put all your debts on one sheet. Then you can add how much more you can pay on your debts each month, as well as a one-time down payment on the debt. It will then automatically calculate how many months it will take you to pay off each debt.
The table is highly customizable, which allows you to change the minimum payment, interest rate and total balance of each debt. If you ever want to change your monthly payment, just change one cell and it will automatically tell you the new due date. If you’ve ever wanted to see how effective the snowballing technique is in your particular situation, this spreadsheet is a handy way to do it.
How Debt Snowball Really Works | Life and my finances via Rockstar Finance