How to use it
- On the Debts tab, type each debt in the yellow cells: a name, the balance today, the interest rate (APR) and the minimum payment. The file opens with four example debts — just type over them.
- On the Plan tab, type the total you can pay toward all your debts each month (minimums included), the month of your first payment, and pick a method from the list.
- The Schedule tab fills in by itself. Each row is one month. When a debt reaches zero, its minimum payment moves to the next debt in line — that's the "snowball".
- Open Compare to see the payoff date and total interest for all three orders side by side, without changing anything.
A worked example
These are the example debts the file opens with, paid with $650 a month starting January 2027:
| Debt | Balance | APR | Minimum |
|---|---|---|---|
| Store card | $850.00 | 24.99% | $35.00 |
| Visa | $4,200.00 | 21.49% | $105.00 |
| Personal loan | $3,000.00 | 11.50% | $95.00 |
| Car loan | $9,800.00 | 7.90% | $245.00 |
The minimums add up to $480, so $170 a month is extra. Here is what the Compare tab shows:
| Order | Paid off in | Last payment | Total interest |
|---|---|---|---|
| Snowball (smallest first) | 33 months | Sep 2029 | $3,042.41 |
| Avalanche (highest rate first) | 32 months | Aug 2029 | $2,809.31 |
Both orders clear the store card in month 5, because it is the smallest balance and the highest rate. After that they split. The snowball goes for the personal loan next (gone in month 14), then the Visa (month 25). The avalanche goes for the Visa (month 20), then the personal loan (month 24). In this case the avalanche finishes one month sooner and costs $233.10 less in interest.
The gap isn't always that small, and it isn't always in the same direction for the finish date. That's why the Compare tab is there: put in your own numbers and look.
What the sheet assumes
- Interest is added once a month: balance × APR ÷ 12, rounded to the cent. Card issuers usually charge daily interest, so your real statements will be a little different.
- Every minimum payment is made every month. If your monthly amount is lower than the minimums, the Plan tab tells you.
- Fees, 0% promotions and rate changes aren't included. To account for a rate change, update the APR and the balance on the Debts tab when it happens.
What it won't do
It won't tell you which order is right for you. Some people stick with a plan better when small debts disappear early; others prefer to pay the least interest. The sheet just shows you the numbers for both.