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.

8 comments:

  1. Hi Frugal Fan,

    You created a great tool, I wish had come across it sooner. Thanks!

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  2. Hi Frugal Fan,

    Thanks for this amazing spreadsheet. I'm still dissecting the formulas that you used because I want to know the math behind it. I have a few questions that I would like to discuss with you though, maybe on Google Hangout if you had the time. Thanks in advance!

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    Replies
    1. Thanks for the positive feedback. If your questions are about the calculator, please ask them here so others can benefit. If they're more personal questions, you can email me at personalfinanceedu@gmail.com.

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  3. Hi Frugal, I downloaded your spread sheet in excel and the formulas are not carrying through. Any suggestions?

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    Replies
    1. What do you mean when you say the formulas aren't carrying through? I downloaded it and don't see an issue.

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  4. This comment has been removed by the author.

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  5. Hey what a brilliant post I have come across and believe me I have been searching out for this similar kind of post for past a week and hardly came across this. Thank you very much and will look for more postings from you.
    calculator

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