Debt Payoff Planner: Snowball vs Avalanche
Build a plan that shows your exact debt-free date and total interest saved.
Finance & SpreadsheetsPDF · 6 pages· v1.0
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Build a plan that shows your exact debt-free date and total interest saved.
Finance & SpreadsheetsPDF · 6 pages· v1.0
4.2A practical guide to building a debt payoff plan in a spreadsheet using the two proven methods: the snowball (smallest balance first) and the avalanche (highest interest rate first). It explains the real trade-off between them, helps you choose, and walks you through building a payoff schedule that shows your debt-free date and the total interest each method costs. It is for anyone carrying credit cards, loans or buy-now-pay-later balances who wants a concrete plan instead of vague dread. You do not need any finance background. The guide explains how interest accrues, why minimum payments keep you in debt for years, and how a fixed extra payment dramatically shortens the timeline. You will build a list of every debt with its balance, rate and minimum, then construct a month-by-month payoff schedule where freed-up payments roll onto the next target debt. The guide shows the formulas for interest accrual and remaining balance, and compares snowball versus avalanche side by side so you see the difference in months and money for your own numbers. The outcome is a clear, motivating plan with a real finish date. The guide is honest that avalanche usually saves the most money while snowball often wins on motivation, and helps you pick the one you will actually stick to. You own the file; no subscription, no data sharing.
Avalanche (highest rate first) mathematically saves the most interest. Snowball (smallest balance first) gives faster early wins and better motivation. The guide shows both for your numbers so you can choose with eyes open; the best method is the one you stick to.
Yes, ideally. They are on your statements. The guide shows how to find the APR and convert it to a monthly rate for the schedule. Avalanche depends on accurate rates.
The plan assumes you stop adding new debt to the cards you are paying off, which is essential for any payoff plan. The guide explains why and how to handle a card you must keep using.
No. It is an educational tool to model your own numbers. For complex situations like debt consolidation or hardship programs, consult a qualified, reputable advisor.
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