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This week I stumbled upon a really useful (and free) debt reduction calculator. It’s built using Excel, and it can be used with either Excel or Open Office (a free suite of office software). I’ve been using it all week, trying to figure out when we’ll be debt free. I can personally vouch for the fact that it can calculate debt repayments well into the future. Here are a couple of screen shots from the calculator:


In the first section of the calculator shown above, you can enter all of your current debts, including the balance, interest rate, and minimum payment. The “custom” column to the far right allows you to determine in what order you’ll pay down the debt, which comes into play with the next screen shot:


You’ll see a drop-down box with a label of “Strategy.” Here you can select from several debt snowball strategies (e.g., highest interest first, lowest balance first, etc.) or, using the Custom column from the first screen shot, pay off your debt in any order you want.

Plug in how much extra you’ll pay, if any, and the spreadsheet calculates when each debt will be paid and how much total interest you’ll pay. It’s a great tool to war game your debt snowball plan.

And if you want even more help getting out of debt fast, check out Ready for Zero.

Author Bio

Total Articles: 1081
Rob founded the Dough Roller in 2007. A litigation attorney in the securities industry, he lives in Northern Virginia with his wife, their two teenagers, and the family mascot, a shih tzu named Sophie.

Article comments

Harrison says:

Thanks for the free tool.

J. Money says:

yeah, good stuff my man. thanks for the shout out 🙂

Lisa smith says:

hey this is a good stuff, very good tool also free. i will love to use this tool and see how it will benefit me.

Micheline Erbst says:

Pretty nice post. I just stumbled upon your blog and wished to say that I’ve truly enjoyed browsing your blog posts. In any case I’ll be subscribing to your feed and I hope you write again very soon!

Wendy R says:

Another excellent debt reduction calculator (with budgeting assessment and % guidelines) is PowerPay. It is a free service from University of Utah Extension. Safe and no advertising. One enters debts, interest rate, payments. It gives the time of payoff, amount paid in interest and also offers an accelerated option. It amounts to a pay it forward approach. Very easy to use.

Aaron says:

I honestly love http://www.powerpay.org. I’m not affiliated with them, but they have some really nifty tools on their site.