Debt Snowball worksheet

1. Months to debt-free: 22

1. Add every minimum payment plus your extra amount. This monthly budget stays the same until the last debt is gone

   $\mathrm{\$140.00}+\mathrm{\$18.00}+\mathrm{\$270.00}+\mathrm{\$220.00}$$=\mathrm{\$648.00}$

2. Line up the debts for the avalanche: highest interest rate (APR) first, to save the most interest

   $\text{Debt 1 → Debt 2 → Debt 3}$

3. Each month, pay every debt its minimum and send everything left to Debt 1. It's paid off in month 17

   $\text{Debt 1 paid off in month}$$=17$

4. Its payment now rolls onto Debt 2, which is paid off in month 18

   $\text{Debt 2 paid off in month}$$=18$

5. Its payment now rolls onto Debt 3, which is paid off in month 22

   $\text{Debt 3 paid off in month}$$=22$

6. The month the last debt is paid off is when you're debt-free

   $\text{months to debt-free}$$=22$

7. Add up the interest charged on every debt along the way to get your total interest

   $\mathrm{\$1,013.30}+\mathrm{\$107.26}+\mathrm{\$491.33}$$=\mathrm{\$1,611.89}$

8. To compare, the snowball order costs $1,664.12 in interest and takes 22 months

   $\text{interest saved versus snowball}$$=\mathrm{\$52.23}$

2. Months to debt-free: 29

1. Add every minimum payment plus your extra amount. This monthly budget stays the same until the last debt is gone

   $\mathrm{\$140.00}+\mathrm{\$22.00}+\mathrm{\$210.00}+\mathrm{\$240.00}$$=\mathrm{\$612.00}$

2. Line up the debts for the snowball: smallest starting balance first, for quick wins

   $\text{Debt 2 → Debt 1 → Debt 3}$

3. Each month, pay every debt its minimum and send everything left to Debt 2. It's paid off in month 3

   $\text{Debt 2 paid off in month}$$=3$

4. Its payment now rolls onto Debt 1, which is paid off in month 16

   $\text{Debt 1 paid off in month}$$=16$

5. Its payment now rolls onto Debt 3, which is paid off in month 29

   $\text{Debt 3 paid off in month}$$=29$

6. The month the last debt is paid off is when you're debt-free

   $\text{months to debt-free}$$=29$

7. Add up the interest charged on every debt along the way to get your total interest

   $\mathrm{\$34.60}+\mathrm{\$787.50}+\mathrm{\$1,264.97}$$=\mathrm{\$2,087.07}$

8. To compare, the avalanche order costs $2,087.07 in interest and takes 29 months

   $\text{extra interest versus avalanche}$$=\mathrm{\$0.00}$

3. Months to debt-free: 26

1. Add every minimum payment plus your extra amount. This monthly budget stays the same until the last debt is gone

   $\mathrm{\$115.00}+\mathrm{\$26.00}+\mathrm{\$220.00}+\mathrm{\$350.00}$$=\mathrm{\$711.00}$

2. Line up the debts for the avalanche: highest interest rate (APR) first, to save the most interest

   $\text{Debt 1 → Debt 2 → Debt 3}$

3. Each month, pay every debt its minimum and send everything left to Debt 1. It's paid off in month 13

   $\text{Debt 1 paid off in month}$$=13$

4. Its payment now rolls onto Debt 2, which is paid off in month 14

   $\text{Debt 2 paid off in month}$$=14$

5. Its payment now rolls onto Debt 3, which is paid off in month 26

   $\text{Debt 3 paid off in month}$$=26$

6. The month the last debt is paid off is when you're debt-free

   $\text{months to debt-free}$$=26$

7. Add up the interest charged on every debt along the way to get your total interest

   $\mathrm{\$760.08}+\mathrm{\$61.38}+\mathrm{\$995.99}$$=\mathrm{\$1,817.45}$

8. To compare, the snowball order costs $1,830.78 in interest and takes 26 months

   $\text{interest saved versus snowball}$$=\mathrm{\$13.33}$

4. Months to debt-free: 23

1. Add every minimum payment plus your extra amount. This monthly budget stays the same until the last debt is gone

   $\mathrm{\$120.00}+\mathrm{\$23.00}+\mathrm{\$225.00}+\mathrm{\$200.00}$$=\mathrm{\$568.00}$

2. Line up the debts for the snowball: smallest starting balance first, for quick wins

   $\text{Debt 2 → Debt 1 → Debt 3}$

3. Each month, pay every debt its minimum and send everything left to Debt 2. It's paid off in month 3

   $\text{Debt 2 paid off in month}$$=3$

4. Its payment now rolls onto Debt 1, which is paid off in month 18

   $\text{Debt 1 paid off in month}$$=18$

5. Its payment now rolls onto Debt 3, which is paid off in month 23

   $\text{Debt 3 paid off in month}$$=23$

6. The month the last debt is paid off is when you're debt-free

   $\text{months to debt-free}$$=23$

7. Add up the interest charged on every debt along the way to get your total interest

   $\mathrm{\$13.84}+\mathrm{\$1,128.81}+\mathrm{\$573.18}$$=\mathrm{\$1,715.84}$

8. To compare, the avalanche order costs $1,653.97 in interest and takes 23 months

   $\text{extra interest versus avalanche}$$=\mathrm{\$61.87}$

5. Months to debt-free: 20

1. Add every minimum payment plus your extra amount. This monthly budget stays the same until the last debt is gone

   $\mathrm{\$150.00}+\mathrm{\$25.00}+\mathrm{\$250.00}+\mathrm{\$220.00}$$=\mathrm{\$645.00}$

2. Line up the debts for the snowball: smallest starting balance first, for quick wins

   $\text{Debt 2 → Debt 1 → Debt 3}$

3. Each month, pay every debt its minimum and send everything left to Debt 2. It's paid off in month 3

   $\text{Debt 2 paid off in month}$$=3$

4. Its payment now rolls onto Debt 1, which is paid off in month 17

   $\text{Debt 1 paid off in month}$$=17$

5. Its payment now rolls onto Debt 3, which is paid off in month 20

   $\text{Debt 3 paid off in month}$$=20$

6. The month the last debt is paid off is when you're debt-free

   $\text{months to debt-free}$$=20$

7. Add up the interest charged on every debt along the way to get your total interest

   $\mathrm{\$15.13}+\mathrm{\$982.47}+\mathrm{\$393.38}$$=\mathrm{\$1,390.99}$

8. To compare, the avalanche order costs $1,370.59 in interest and takes 20 months

   $\text{extra interest versus avalanche}$$=\mathrm{\$20.39}$

6. Months to debt-free: 24

1. Add every minimum payment plus your extra amount. This monthly budget stays the same until the last debt is gone

   $\mathrm{\$100.00}+\mathrm{\$33.00}+\mathrm{\$185.00}+\mathrm{\$275.00}$$=\mathrm{\$593.00}$

2. Line up the debts for the snowball: smallest starting balance first, for quick wins

   $\text{Debt 2 → Debt 1 → Debt 3}$

3. Each month, pay every debt its minimum and send everything left to Debt 2. It's paid off in month 2

   $\text{Debt 2 paid off in month}$$=2$

4. Its payment now rolls onto Debt 1, which is paid off in month 13

   $\text{Debt 1 paid off in month}$$=13$

5. Its payment now rolls onto Debt 3, which is paid off in month 24

   $\text{Debt 3 paid off in month}$$=24$

6. The month the last debt is paid off is when you're debt-free

   $\text{months to debt-free}$$=24$

7. Add up the interest charged on every debt along the way to get your total interest

   $\mathrm{\$12.39}+\mathrm{\$556.88}+\mathrm{\$725.95}$$=\mathrm{\$1,295.23}$

8. To compare, the avalanche order costs $1,295.23 in interest and takes 24 months

   $\text{extra interest versus avalanche}$$=\mathrm{\$0.00}$

7. Months to debt-free: 25

1. Add every minimum payment plus your extra amount. This monthly budget stays the same until the last debt is gone

   $\mathrm{\$100.00}+\mathrm{\$24.00}+\mathrm{\$225.00}+\mathrm{\$220.00}$$=\mathrm{\$569.00}$

2. Line up the debts for the snowball: smallest starting balance first, for quick wins

   $\text{Debt 2 → Debt 1 → Debt 3}$

3. Each month, pay every debt its minimum and send everything left to Debt 2. It's paid off in month 4

   $\text{Debt 2 paid off in month}$$=4$

4. Its payment now rolls onto Debt 1, which is paid off in month 20

   $\text{Debt 1 paid off in month}$$=20$

5. Its payment now rolls onto Debt 3, which is paid off in month 25

   $\text{Debt 3 paid off in month}$$=25$

6. The month the last debt is paid off is when you're debt-free

   $\text{months to debt-free}$$=25$

7. Add up the interest charged on every debt along the way to get your total interest

   $\mathrm{\$33.13}+\mathrm{\$1,298.27}+\mathrm{\$556.67}$$=\mathrm{\$1,888.07}$

8. To compare, the avalanche order costs $1,814.82 in interest and takes 25 months

   $\text{extra interest versus avalanche}$$=\mathrm{\$73.25}$

8. Months to debt-free: 26

1. Add every minimum payment plus your extra amount. This monthly budget stays the same until the last debt is gone

   $\mathrm{\$155.00}+\mathrm{\$22.00}+\mathrm{\$175.00}+\mathrm{\$260.00}$$=\mathrm{\$612.00}$

2. Line up the debts for the avalanche: highest interest rate (APR) first, to save the most interest

   $\text{Debt 2 → Debt 1 → Debt 3}$

3. Each month, pay every debt its minimum and send everything left to Debt 2. It's paid off in month 3

   $\text{Debt 2 paid off in month}$$=3$

4. Its payment now rolls onto Debt 1, which is paid off in month 17

   $\text{Debt 1 paid off in month}$$=17$

5. Its payment now rolls onto Debt 3, which is paid off in month 26

   $\text{Debt 3 paid off in month}$$=26$

6. The month the last debt is paid off is when you're debt-free

   $\text{months to debt-free}$$=26$

7. Add up the interest charged on every debt along the way to get your total interest

   $\mathrm{\$28.03}+\mathrm{\$1,199.24}+\mathrm{\$821.87}$$=\mathrm{\$2,049.13}$

8. To compare, the snowball order costs $2,049.13 in interest and takes 26 months

   $\text{interest saved versus snowball}$$=\mathrm{\$0.00}$

9. Months to debt-free: 23

1. Add every minimum payment plus your extra amount. This monthly budget stays the same until the last debt is gone

   $\mathrm{\$160.00}+\mathrm{\$18.00}+\mathrm{\$250.00}+\mathrm{\$220.00}$$=\mathrm{\$648.00}$

2. Line up the debts for the avalanche: highest interest rate (APR) first, to save the most interest

   $\text{Debt 2 → Debt 1 → Debt 3}$

3. Each month, pay every debt its minimum and send everything left to Debt 2. It's paid off in month 3

   $\text{Debt 2 paid off in month}$$=3$

4. Its payment now rolls onto Debt 1, which is paid off in month 17

   $\text{Debt 1 paid off in month}$$=17$

5. Its payment now rolls onto Debt 3, which is paid off in month 23

   $\text{Debt 3 paid off in month}$$=23$

6. The month the last debt is paid off is when you're debt-free

   $\text{months to debt-free}$$=23$

7. Add up the interest charged on every debt along the way to get your total interest

   $\mathrm{\$27.04}+\mathrm{\$831.73}+\mathrm{\$644.83}$$=\mathrm{\$1,503.60}$

8. To compare, the snowball order costs $1,503.60 in interest and takes 23 months

   $\text{interest saved versus snowball}$$=\mathrm{\$0.00}$

10. Months to debt-free: 20

1. Add every minimum payment plus your extra amount. This monthly budget stays the same until the last debt is gone

   $\mathrm{\$110.00}+\mathrm{\$22.00}+\mathrm{\$165.00}+\mathrm{\$360.00}$$=\mathrm{\$657.00}$

2. Line up the debts for the snowball: smallest starting balance first, for quick wins

   $\text{Debt 2 → Debt 1 → Debt 3}$

3. Each month, pay every debt its minimum and send everything left to Debt 2. It's paid off in month 2

   $\text{Debt 2 paid off in month}$$=2$

4. Its payment now rolls onto Debt 1, which is paid off in month 11

   $\text{Debt 1 paid off in month}$$=11$

5. Its payment now rolls onto Debt 3, which is paid off in month 20

   $\text{Debt 3 paid off in month}$$=20$

6. The month the last debt is paid off is when you're debt-free

   $\text{months to debt-free}$$=20$

7. Add up the interest charged on every debt along the way to get your total interest

   $\mathrm{\$7.87}+\mathrm{\$453.96}+\mathrm{\$497.85}$$=\mathrm{\$959.69}$

8. To compare, the avalanche order costs $953.08 in interest and takes 20 months

   $\text{extra interest versus avalanche}$$=\mathrm{\$6.61}$