Debt Reduction Calculator - Credit Repair Edition

https://www.vertex42.com/Calculators/credit-repair.html © 2007-2018 Vertex42 LLC

Balance Date: 1/1/2018

Creditor Information Table

Row Creditor Balance Rate Payment Custom Reduce To Interest-only
1 Card #1 4,400.00 13.00% 50.00 2 2,311.23 47.67
2 Auto Loan #1 3,200.00 9.81% 30.00 1 1,300.12 26.16
3 Auto Loan #2 5,000.00 12.00% 55.00 3 984.12 50.00
4 Card #2 9,000.00 13.50% 110.00 5 101.25
5 Student Loan #1 4,900.00 4.00% 25.00 4 16.34
6 -
7 -
8 -
9 -
10 -
Totals: 26,500.00 270.00

Monthly Payment 500.00 .

Initial Snowball 230.00

Strategy: Snowball (Lowest Balance First) ← Choose a strategy 1

Note: The "Reduce To" goal takes precedence over paying off debts.
Creditors in Original Total Interest Months to Month Paid Met 1st
Chosen Order Balance Paid Pay Off Off Goal
Auto Loan #1 3,200.00 375.59 35 Dec-20 Sep-18 .
Card #1 4,400.00 1,187.94 42 Jul-21 Jun-19 .
Student Loan #1 4,900.00 757.17 55 Aug-22 .
Auto Loan #2 5,000.00 1,402.68 52 May-22 Sep-20 .
Card #2 9,000.00 6,283.86 74 Mar-24 .
- - - .
- - - .
- - - .
- - - .
- - - .
Total Interest Paid: 10,007.24 (Lower is Better)
Results are only estimates

Snowball Growth Chart

Snowball Interest Due

$600.00

$500.00

$400.00

$300.00

$200.00

$100.00

$-
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F J D N O S A
Debt Snowball Payment Schedule © 2007-2018 Vertex42 LLC

Results are only estimates. Edit only the yellow cells. https://www.vertex42.com/Calculators/credit-repair.html

Strategy: Snowball (Lowest Balance First)

Monthly Payment: 500.00

Creditor: Auto Loan #1 Card #1 Student Loan #1 Auto Loan #2 Card #2

Balance: 3,200.00 4,400.00 4,900.00 5,000.00 9,000.00 - - - - -
Reduce To: 1,300.12 2,311.23 - 984.12 - - - - - -
Rate: 9.81% 13.00% 4.00% 12.00% 13.50% - - - - -
Base Payment: 30.00 50.00 25.00 55.00 110.00 - - - - -
Months to Pay Off: 35 42 55 52 74 - - - - -
Month Paid Off: Dec-20 Jul-21 Aug-22 May-22 Mar-24
Reduced To Goal: Sep-18 Jun-19 Sep-20
Total Interest: 375.59 1,187.94 757.17 1,402.68 6,283.86 - - - - -
Error Code: . . . . . . . . . .

Total Interest: $ 10,007.24

Monthly Payments .

No. Month Snowball Additional Auto Loan #1 Card #1 Student Loan #1 Auto Loan #2 Card #2 END
BALANCE
Jan-18 26500.00
1 Feb-18 230.00 260.00 50.00 25.00 55.00 110.00 - - - - - 26241.41
2 Mar-18 230.00 260.00 50.00 25.00 55.00 110.00 - - - - - 25980.70
3 Apr-18 230.00 260.00 50.00 25.00 55.00 110.00 - - - - - 25717.87
4 May-18 230.00 260.00 50.00 25.00 55.00 110.00 - - - - - 25452.89
5 Jun-18 230.00 260.00 50.00 25.00 55.00 110.00 - - - - - 25185.74
6 Jul-18 230.00 260.00 50.00 25.00 55.00 110.00 - - - - - 24916.41
7 Aug-18 230.00 260.00 50.00 25.00 55.00 110.00 - - - - - 24644.86
8 Sep-18 230.00 234.75 75.25 25.00 55.00 110.00 - - - - - 24371.10
9 Oct-18 230.00 30.00 280.00 25.00 55.00 110.00 - - - - - 24095.03
10 Nov-18 230.00 30.00 280.00 25.00 55.00 110.00 - - - - - 23816.08
11 Dec-18 230.00 30.00 280.00 25.00 55.00 110.00 - - - - - 23534.23
12 Jan-19 230.00 30.00 280.00 25.00 55.00 110.00 - - - - - 23249.44
13 Feb-19 230.00 30.00 280.00 25.00 55.00 110.00 - - - - - 22961.70
14 Mar-19 230.00 30.00 280.00 25.00 55.00 110.00 - - - - - 22670.96
15 Apr-19 230.00 30.00 280.00 25.00 55.00 110.00 - - - - - 22377.19
16 May-19 230.00 30.00 280.00 25.00 55.00 110.00 - - - - - 22080.36
17 Jun-19 230.00 30.00 135.63 25.00 199.37 110.00 - - - - - 21780.43
18 Jul-19 230.00 30.00 50.00 25.00 285.00 110.00 - - - - - 21477.52
19 Aug-19 230.00 30.00 50.00 25.00 285.00 110.00 - - - - - 21171.64
20 Sep-19 230.00 30.00 50.00 25.00 285.00 110.00 - - - - - 20862.75
21 Oct-19 230.00 30.00 50.00 25.00 285.00 110.00 - - - - - 20550.85
22 Nov-19 230.00 30.00 50.00 25.00 285.00 110.00 - - - - - 20235.90
23 Dec-19 230.00 30.00 50.00 25.00 285.00 110.00 - - - - - 19917.87
24 Jan-20 230.00 30.00 50.00 25.00 285.00 110.00 - - - - - 19596.70
25 Feb-20 230.00 30.00 50.00 25.00 285.00 110.00 - - - - - 19272.38
26 Mar-20 230.00 30.00 50.00 25.00 285.00 110.00 - - - - - 18944.90
27 Apr-20 230.00 30.00 50.00 25.00 285.00 110.00 - - - - - 18614.22
28 May-20 230.00 30.00 50.00 25.00 285.00 110.00 - - - - - 18280.29
29 Jun-20 230.00 30.00 50.00 25.00 285.00 110.00 - - - - - 17943.09
30 Jul-20 230.00 30.00 50.00 25.00 285.00 110.00 - - - - - 17602.59
31 Aug-20 230.00 30.00 50.00 25.00 285.00 110.00 - - - - - 17258.75
32 Sep-20 230.00 71.45 50.00 25.00 243.55 110.00 - - - - - 16911.53
33 Oct-20 230.00 260.00 50.00 25.00 55.00 110.00 - - - - - 16560.98
34 Nov-20 230.00 260.00 50.00 25.00 55.00 110.00 - - - - - 16207.41
35 Dec-20 230.00 239.39 70.61 25.00 55.00 110.00 - - - - - 15850.80
36 Jan-21 260.00 - 310.00 25.00 55.00 110.00 - - - - - 15491.06
37 Feb-21 260.00 - 310.00 25.00 55.00 110.00 - - - - - 15127.53
38 Mar-21 260.00 - 310.00 25.00 55.00 110.00 - - - - - 14760.17
39 Apr-21 260.00 - 310.00 25.00 55.00 110.00 - - - - - 14388.94
40 May-21 260.00 - 310.00 25.00 55.00 110.00 - - - - - 14013.79
41 Jun-21 260.00 - 310.00 25.00 55.00 110.00 - - - - - 13634.69
42 Jul-21 303.55 - 6.45 328.55 55.00 110.00 - - - - - 13251.60
43 Aug-21 310.00 - - 335.00 55.00 110.00 - - - - - 12866.74
44 Sep-21 310.00 - - 335.00 55.00 110.00 - - - - - 12480.15
45 Oct-21 310.00 - - 335.00 55.00 110.00 - - - - - 12091.82
46 Nov-21 310.00 - - 335.00 55.00 110.00 - - - - - 11701.75
47 Dec-21 310.00 - - 335.00 55.00 110.00 - - - - - 11309.92
48 Jan-22 310.00 - - 335.00 55.00 110.00 - - - - - 10916.33
49 Feb-22 310.00 - - 335.00 55.00 110.00 - - - - - 10520.96
50 Mar-22 310.00 - - 335.00 55.00 110.00 - - - - - 10123.80
51 Apr-22 310.00 - - 335.00 55.00 110.00 - - - - - 9724.83
52 May-22 320.24 - - 345.24 44.76 110.00 - - - - - 9324.05
53 Jun-22 365.00 - - 390.00 - 110.00 - - - - - 8921.52
54 Jul-22 365.00 - - 390.00 - 110.00 - - - - - 8517.53
55 Aug-22 365.00 - - 163.38 - 336.62 - - - - - 8112.06
56 Sep-22 390.00 - - - - 500.00 - - - - - 7703.32
57 Oct-22 390.00 - - - - 500.00 - - - - - 7289.98
58 Nov-22 390.00 - - - - 500.00 - - - - - 6871.99
59 Dec-22 390.00 - - - - 500.00 - - - - - 6449.30
60 Jan-23 390.00 - - - - 500.00 - - - - - 6021.85
61 Feb-23 390.00 - - - - 500.00 - - - - - 5589.60
62 Mar-23 390.00 - - - - 500.00 - - - - - 5152.48
63 Apr-23 390.00 - - - - 500.00 - - - - - 4710.45

© 2007 by Vertex42.com http://www.vertex42.com/Calculators/credit-repair.html 2 of 11

 Monthly Payments .

No. Month Snowball Additional Auto Loan #1 Card #1 Student Loan #1 Auto Loan #2 Card #2 END
BALANCE
64 May-23 390.00 - - - - 500.00 - - - - - 4263.44
65 Jun-23 390.00 - - - - 500.00 - - - - - 3811.40
66 Jul-23 390.00 - - - - 500.00 - - - - - 3354.28
67 Aug-23 390.00 - - - - 500.00 - - - - - 2892.02
68 Sep-23 390.00 - - - - 500.00 - - - - - 2424.56
69 Oct-23 390.00 - - - - 500.00 - - - - - 1951.84
70 Nov-23 390.00 - - - - 500.00 - - - - - 1473.80
71 Dec-23 390.00 - - - - 500.00 - - - - - 990.38
72 Jan-24 390.00 - - - - 500.00 - - - - - 501.52
73 Feb-24 390.00 - - - - 500.00 - - - - - 7.16
74 Mar-24 492.76 - - - - 7.24 - - - - - -
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 Monthly Payments .

No. Month Snowball Additional Auto Loan #1 Card #1 Student Loan #1 Auto Loan #2 Card #2 END
BALANCE
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© 2007 by Vertex42.com http://www.vertex42.com/Calculators/credit-repair.html 4 of 11

 Monthly Payments .

No. Month Snowball Additional Auto Loan #1 Card #1 Student Loan #1 Auto Loan #2 Card #2 END
BALANCE
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© 2007 by Vertex42.com http://www.vertex42.com/Calculators/credit-repair.html 5 of 11

 Monthly Payments .

No. Month Snowball Additional Auto Loan #1 Card #1 Student Loan #1 Auto Loan #2 Card #2 END
BALANCE
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© 2007 by Vertex42.com http://www.vertex42.com/Calculators/credit-repair.html 6 of 11

HELP
© 2007-2018 Vertex42 LLC

Getting Started
Visit the debt reduction calculator web page and watch the demo video. After you
understand how to use the debt reduction calculator, visit the Credit Repair Calculator
page and read the section "Using the Credit Repair Edition."

https://www.vertex42.com/Calculators/debt-reduction-calculator.html

https://www.vertex42.com/Calculators/credit-repair.html

Debt Reduction Strategies

Lowest Balance First: Gives you the benefit of the snowball effect, but you may pay
more interest in the end than Highest Interest First. The main benefit of this approach is
the psychological effect of seeing the number of debts disappear more quickly.

Highest Interest First: This strategy results in the lowest total interest, but depending
on the balance of your higher interest loans, it may take you longer to see your first
loan/debt completely paid off. If the difference in the total interest is not significant, than
you may get more satisfaction from the Lowest Balance First method.

Order Entered in the Table: You can use the sort feature (Data>Sort) to choose how
you want the snowball effect to work. For example, if you want to use a combination of
Lowest Balance First AND Highest Interest First, then first select the creditor information
table (B7:F27), then go to Data>Sort, and sort by Balance:Ascending and
Rate:Descending (or vice versa).

Warning: If you are careful, you can rearrange the order of the entries in the creditor
table by copying or cutting and pasting, but if you insert a row above row 1 or after row
20, the formulas will be messed up.

No Snowball: Select this option if you want to see how long it will take to pay off the
debts without maintaining a constant monthly payment. In some cases, you may find it
will take more than 30 years (resulting in errors in the spreadsheet).

Custom-Highest or Custom-Lowest: You can manually control the order the debts are
paid by entering numbers or formulas in the Custom column. For example, if you enter
the values 1,2,3,5,4 then rows 4 and 5 will be swapped. You can enter your own
formulas as well, whatever they might be.

Other Tips and Information

 Minimum Payments: This calculator does not provide the option of making only the
minimum monthly payments on credit cards or lines of credit. You can find an online
calculator with this feature at PowerPay.org. Also see Tip #3 below.

Tip 1: If you want to use the Lowest Balance First method and you have two debts that
are close to the same balance but have very different interest rates, you may see a
substantial reduction in the total interest paid if you change the order of the two entries
so that you pay the higher rate first. In that case, try using the Order Entered in the
Table strategy.

Tip 2: Like Tip 1, if you want to use the Highest Interest Rate method, and you have two
debts with similar rates but very different balances, you may want to change the order
so that you pay off the lower balance first. This may make very little difference in the
total interest, but it can make you feel better faster.

Tip 3: Update the Creditor Information Table every few months. Your minimum
payments may change over time as the balance in your accounts change, or if your
interest rate changes. You may be able to further reduce your overall interest and
reduce the time to pay off your debts, by re-adjusting your minimum payments every
few months. This would mean starting over with a fresh template, entering the new
Balance Date, and updating the Creditor Information Table.

Tip 4: Snowflaking is a popular term for making occasional extra payments above the
normal monthly payment. You can add debt "snowflakes" in the PaymentSchedule
worksheet.

Additional Help
The link at the top of this worksheet will take you to the web page on vertex42.com that
talks about this template.

REFERENCES

SEE ALSO Vertex42.com: Credit Card Payoff Calculator

SEE ALSO Vertex42.com: Money Management Template

7-2018 Vertex42 LLC
Debt Reduction Calculator - Credit Repair Edition

By Vertex42.com
https://www.vertex42.com/Calculators/credit-repair.html

© 2007-2018 Vertex42 LLC

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