Use our free Debt Reduction Calculator to help you eliminate your credit card, auto, student loan, and other debts. Easily create a debt reduction schedule based on the popular debt snowball strategy, or experiment with your own custom strategy.
In the first worksheet, you enter your creditor information and your total monthly payment. You’ll then see a summary of when each of the debts will be paid off based on the strategy you choose.
The second worksheet is a payment schedule for you to print to keep track of your progress. You can also see how the snowball increases as you pay off your debts.
The download includes 2 Excel files: The debt-reduction-calculator_10.xls file lets you list up to10 creditors. The debt-reduction-calculator_20.xls file lets you list up to 20 creditors. The .ods file included with the download is for OpenOffice.org users.
3/17/09 Update (version 1.2) – Now includes a Snowball Growth Chart so you can see how the snowball increases and your interest due decreases over time (only in the Excel versions).