Sunday, September 11, 2016

Debt Calculator

How long will it take me to get out of debt?  How do I figure out what order to pay off my debts?  Which debt payoff method should I use?  These are all questions I've heard many times, and without getting very personal details from the asker, the best answer I know is to send them to an online debt calculator.  Problem is I didn't like the ones I was finding.

Solution:  I decided to make my own debt calculator.  It compares the time and amount of interest paid if you were to pay the minimum payments for the life of each loan versus three debt pay-off methods: Debt Avalanche, Debt Snowball, and Debt Spiral.  I made it in Google Sheets so that people could download their own copy and keep the results without worrying that they were downloading a virus.

When you click on the link above, it'll take you to this page.

By clicking "Make a copy," it will add a copy of the Debt Calculator to your Google Drive.  If you don't have a Google account and don't want to make one for some reason, here's a downloadable Excel version.

If you have questions about how to use it, find any bugs, or have any feedback about features that you would like, please leave a comment here.