FIN-002
Debt payoff comparison
R 299,00
Also $22.00 · £18.00 · €20.00
Compare minimum payments with a snowball order and an avalanche order for three debts.
- Type
- Excel workbook with PDF guide
- Licence
- Personal use
- Version
- 1.0.0
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Look inside
These are the sheets in the workbook.
Inputs
| Item | Amount | Note |
|---|---|---|
| Extra payment | 1500 | Money you can add after every minimum is paid |
Debts
| Debt | Balance | Annual rate | Minimum | Note |
|---|---|---|---|---|
| Store card | 8500 | 0.22 | 450 | Highest rate in the sample |
| Personal loan | 28000 | 0.17 | 980 | Fixed sample rate |
| Family loan | 4000 | 0 | 400 | No interest, still a real promise |
Calc
| Metric | Value | Note |
|---|---|---|
| Store interest this month | 155.83 | Balance times monthly rate |
| Loan interest this month | 408.33 | Balance times monthly rate |
| Family interest this month | Zero when the rate is zero | |
| Store months at minimum | 23.40 | Assumes the minimum stays constant |
| Loan months at minimum | 37.23 | Assumes the minimum stays constant |
| Family months at minimum | 10 | Rate is zero, so this is balance divided by payment |
| Store months with extra | 4.58 | Avalanche: the extra follows the highest rate |
The Excel file stays in the download. The tables above are a look at the sample.
What it is
Compare minimum payments with a snowball order and an avalanche order for three debts.
People with two or three consumer debts who want a payment order before they call a credit provider.
Opens in
Excel workbook with PDF guide
This workbook organises figures you type in. It is not financial, credit, insurance, or tax advice. Rates, fees, and laws change. A qualified adviser should review decisions that affect debt, tax, medical cover, or retirement.