Debt payoff templates

A debt payoff planner shows how long it will take to clear several debts and how much interest you pay along the way. It helps you pick an order and see the effect of extra payments.

Include each debt with its balance and rate, minimum payments, payoff order, extra monthly payment, payoff date for each debt, and total interest paid. Send every extra unit of money to one debt at a time, while you keep paying the minimum on the others.

The snowball method pays off the smallest balance first while you pay the minimum on the rest. The quick wins keep many people going.

The avalanche method pays the debt with the highest interest rate first. It usually means less interest overall, though the first debt can take longer to clear.

Many people keep a small emergency fund while paying down debt, then put extra money toward the highest-rate debt. Compare the interest rate on the debt with what your savings would earn.

Start with Credit Card Payoff Calculator: Work out how long each card takes to clear, the interest you will pay and the date you could be debt free. If that is not the right fit, compare it with Debt Payoff Planner.

The templates here are 4 pages long. Cut any section you do not need; each template explains what its sections are for.

Yes. These debt payoff templates work in Google Sheets and Microsoft Excel. All 2 templates are free, with no account or email needed.