Overview
This Debt Payoff Plan is an easy-to-use Excel template that gives you three different options to payoff your debt: the Avalanche method (our favorite!), the Snowball method, and the Custom method (you get to choose the payoff order).
Simply enter your debt details and the plan will automatically calculate when you'll be debt free and how much interest you have left to pay.
Now's the fun part - ever wonder how making extra payments will accelerate your debt payoff? We've created a scenario analysis to do just that!
Example #1: You get a $2,000 bonus that you want to use to make an extra debt payment in December
Example #2: You know you want to pay an extra $100 every single month going forward
By entering in these extra one-time payments or extra recurring payments, the plan will automatically calculate how much sooner you'll be debt free and how much less interest you'll have to pay over the life of the loan.
After you review your different payoff scenarios and identify which extra payments you'd like to make, you select your payoff method (Avalanche, Snowball, or Custom). Based on the method you choose, the plan will automatically calculate the order to payoff your debts, the estimated month you will payoff each debt, the amount of the total monthly payment for each debt and the ultimate month you become debt free!! We've included fun visual charts to track your progress and motivate you to become debt free even faster! You got this!
Key Notes:
- Note #1: Debt details to input - name of lender, name of whose debt is it (e.g. yours? your spouses?), type of debt (e.g. student, auto, credit card, mortgage, other), interest rate(s) (fixed rate vs. variable), and required minimum payment.
- Note #2: You can enter up to 25 different debts and the debts can have fixed or variable rates. Fixed rate loans mean that interest rate does not change over the life of the loan. Variable rate loans can have up to two different rates (e.g. a car loan that starts as a teaser 0% interest rate for the first 12 months then jumps to be a 12% interest rate for the remainder of the loan).
- Note #3: Included with your purchase are two digital files to download (1. An Excel file which is your debt payoff plan and 2. a Word document that contains FAQs and a link to watch the video tutorial). The two files will download together as a .zip file. Well the plan is pretty intuitive, we HIGHLY recommend you watch the video tutorial in its entirety as we answer many frequently asked questions!
- Note #4: Please note this item is a digital download that requires you to have Microsoft Excel. As Microsoft Excel versions change, we can only guarantee this Debt Payoff Plan to work on the most up-to-date version of Excel. Once you complete your purchase, you'll get an email to download your Debt Payoff Plan.
By purchasing this, you agree to the following Terms of Use: You are not allowed to copy, distribute, share and/or transfer this product to any third party or person, without our express written consent.
If you have any questions or issues, please contact our shop immediately and we will be happy to help resolve your issue!
