Free Excel Debt Payoff Template
Debt snowball vs debt avalanche
Snowball order ranks your debts smallest balance first, so you pay off quick wins early and build momentum as debts disappear one by one. Avalanche order ranks the same debts by highest APR first, targeting the interest that's costing you the most.
This template calculates both rankings side by side from the same debt list, so you can compare them without building two separate spreadsheets or re-sorting your list by hand each time a balance changes.
Neither order is objectively wrong: snowball tends to keep people motivated with early payoffs, while avalanche is the mathematically faster way to reduce total interest paid. Pick one, then put every extra dollar toward the #1 debt in that order.
Free debt snowball spreadsheet in Excel
List up to 25 debts with their balance, APR, and minimum payment. The Snowball order column ranks each row automatically by balance — the debt with the smallest current balance is ranked #1, exactly the debt-snowball method calls for.
As you pay down a debt and update its balance, the ranking recalculates on its own, so the sheet always reflects your current snowball order without you re-sorting rows.
There's no separate payment-timeline simulation — the sheet ranks your debts and shows what each one currently costs you per month, which is what you need to decide where to send extra payments next.
Debt avalanche calculator in Excel
The Avalanche order column ranks the same 25 debts by APR instead of balance, highest rate first — the debt costing you the most in interest gets ranked #1.
Monthly interest per debt (balance x APR / 12) is calculated automatically next to each debt, so you can see in dollar terms exactly what carrying that balance another month is costing you, which makes the avalanche logic concrete rather than abstract.
Because snowball and avalanche orders sit in the same table, you can eyeball how much the two methods disagree on your specific debts before committing to one.
What this template does and doesn't do
It classifies your debts into snowball and avalanche payoff order and calculates monthly interest per debt from your balance and APR — that's the full scope of the calculations.
It does not simulate a month-by-month payoff timeline, and it does not project total interest paid under each method over time. If you want to see exactly when each debt hits zero or compare cumulative interest between snowball and avalanche, you'd need a more detailed amortization model.
The summary totals your overall debt, total minimum payments, and total monthly interest across all debts, and a chart shows balance by debt so you can see your debt load at a glance.
How to use it
- List each debt with its balance, APR, and minimum payment.
- Check the Snowball order and Avalanche order columns — both rank automatically.
- Review monthly interest per debt to see what waiting is costing you.
- Pick snowball or avalanche and send every extra dollar to the #1 debt in that order.
Download the free Free Excel Debt Payoff Template
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Frequently asked questions
Can I use this debt payoff template in Google Sheets?
Yes. Upload the downloaded file to Google Drive, then open it and choose File > Save as Google Sheets. Both rankings keep working.
Is this template really free?
Yes. You give an email address to download it, and then it's yours to use with no further cost.
Does it show a month-by-month payoff timeline?
No. It ranks your debts by snowball and avalanche order and calculates monthly interest per debt, but it doesn't simulate a payment timeline month by month.
Does it compare total interest paid between snowball and avalanche?
No, that would require a full payment simulation over time, which this template doesn't run. It shows current monthly interest per debt so you can see what each method is prioritizing.
How many debts can I list?
The template ships with 25 rows. Add more rows and copy the ranking formulas down if you have additional debts.
What's the usage license?
Personal use only. It's not meant to be resold or redistributed as a template product.