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Free Debt Snowball Calculator Program

Click here to access all of my FREE personal finance Excel spreadsheets!

If you’re using the debt snowball method to pay off your debt and curious how long it will be before you are debt free, this simple debt snowball spreadsheet calculator may help!

Last year I released my free Excel based checkbook registry spreadsheet and the response has been overwhelming. The program has been downloaded 1253 times (as of this post), and I hope this new debt snowball program is equally successful!

I created this spreadsheet to help my own family as we successfully paid off over $90,000 of consumer debt in two years!


Instructions for Downloading and Using My Free Excel Debt Snowball Calculator Spreadsheet:

If you haven’t already, you first need to download the program here (don’t worry, it’s FREE!) and then save it locally to your computer.

Step 1) 

List your debts in the pink area by the order you plan on paying them off following the examples provided (remember, you must delete the example loans first before you can continue!). 

You must also fill in the current balance, interest rate (APR), and minimum monthly payment.


Step 2)

Enter the number of the current month in the blue box (July is the 7th month, etc…)


Step 3)

Enter the current year in the red box.



Step 4)

Any extra money you can squeeze out of your budget each month should go in the bright green “Extra Payment” box below.



Step 5)

Click the “results tab” at the bottom of the page to see the amortization of your debt snowball and your projected DEBT FREE Day!


The Results Page:


When you click the results tab, you will see the screen above. 

The first 4 lines across the top show the date of each payment, each month’s growing “snowball payment”, your ongoing extra payments, and any additional “bonus payments” (see below) you intend to make.  No matter how far down you scroll, this information stays fixed at the top of the display.

Next you will see balance information for each loan you have made, interest paid, the amount available to pay on the debt, the actual amount paid on the debt,  and the new balance after the payment is made.

To determine the day you will be debt free, simply scroll down to the last debt ( if you have listed your debts smallest balance to highest) and follow the “balance” line over until the balance says “Paid Off”!  Congratulations this is your debt free day!

***Bonus Payments***

 On the “results tab” you can enter an additional bonus payment (on the yellow line) for any individual month you wish. 

In the example below we’ll assume you are getting a one time “Christmas Bonus” in December which you intend to add to your debt snowball payment.  Just enter 2000 in the “one time bonus payment” box for Dec-09 (or whatever month you expect extra cash) and the spreadsheet automatically updates.


It’s as easy as that! I hope you found this program helpful!  If you have any question or comments, please fill out the form at the end of this post and I will try to respond as quickly as I can!

Disclaimer: The program is provided for entertainment purposes only and no warranty is given about it’s accuracy. To be sure your financial concerns are fully addressed, you should seek advice from a professional finance guru of which I am not!


THANKS for reading my personal finance blog! You can learn more about my site here or you can jump right into the juicy stuff by reading my family's own detailed debt free success story (which has formed the foundation of this site). Please consider signing up for my free email updates!

{ 131 comments… add one }

  • Suzanne March 29, 2012, 12:20 pm

    For the first time in a very, very long time I fell asleep easily and with a smile because your program made me believe that there is hope. My husband and I recklessly dug ourselves into high debt and have been attempting to get out of it for the past four years. We are now at the point that we are going to do a cash-out refinance on our home. I hated the idea of rolling unsecured debt into secured debt; especially against our home. But making just barely above minimum payments just has not worked to pay down the debts as their interest rates vary from 3.16% to 29.89%. I spent hours on paper calculating whether the refi was a good idea or not. I spent time on other websites with so-so versions of snowball debt calculators. Then I discovered your wonderful program. I hesitated to download it, but decided to put aside fear and trust it would be safe. It downloaded very fast, I had it filled out in under 5 minutes, and it worked perfectly. I now know it will be very much worthwhile to get the loan (current loan at 5.75%, new loan will be at 4.125%) and the cash out. Using the cash out to pay down a lot of the debts, and then using the amount freed up on those debts (minimum monthly payments that no longer need to be paid) along with a lowered mortgage payment gave me a good dollar amount of extra income that can be applied to the snowball. I was shocked to learn, through your most excellent program, that we can be student loan-credit card-personal loan-car loans- free in just 24 months! Then I added what would be our new mortgage rate to the list and discovered that in just 4 years our mortgage will have returned to the amount we owe today on our mortgage of 9 years. That means that in just 4 years ALL the extra money borrowed and ALL the massive debt will be eliminated! To top it off, if we continue to pay the snowballed extra to our new mortgage, we could have our home paid off in 10 years! WoW. Thank you so very much. I will be sharing this with my financial-wise friends. God Bless you for providing this wonderful program for gratis. I surely appreciate it!

  • Ben April 16, 2012, 10:44 am

    WOW! Thank you very much for the nice note Suzanne! I hope everything works out for you and your family and may God bless you too!

  • James F. Williams August 8, 2012, 9:07 pm

    After you hit save it doesn’t give you the option of where to save, where does it save what you’ve entered?

  • Ben August 18, 2012, 11:42 am

    Hi James, you need to go to the “file” tab in the upper left hand corner of the Excel program and click “save as” (vs. just clicking “save”). This will allow you to select were you want the file saved on your computer (on the desktop, my documents, personal folders, etc.). Hope this helps and sorry for the late response!

  • Rachael September 11, 2012, 10:28 pm

    SO useful! Thank you! You’re a lifesaver.

  • Suzanne November 1, 2012, 2:42 pm

    Ben, I just wanted to give an update with a bit more info so as to give hope to those in a dark place. In March 2007 my husband and I had dug ourselves into a hole. With way too many credit cards at high balances and high interest rates and a lot of late payments that ruined our credit ratings, it seemed hopeless — like we would never climb out of the hole.

    I want to encourage your readers to not give up.

    That month I decided that even though it would take a long, long time, that I was going to repair our credit to the previous stellar rating we had, and I was going to get all that @$*% debt paid off!

    I began by making absolutely certain that no more payments were ever late. I also made certain we did not take on any new credit of any type.

    Two years into it we did have to buy a car, so there was a new debt, but at least our credit rating had improved and we qualified for a good interest rate.

    Fast forward 5.5 years… With never a single late payment, we qualified for a new home loan and lowered our monthly payment substantially. Now, we use the difference between the old and new mortgage to pay down debt.

    The next thing I did was to obtain two new credit cards that offered 18 months of 0% interest on transferred debt. When the transferred debt is paid off, I will cancel these cards because they offer no benefits. You see, now that our credit ratings have dramatically improved, I can be picky. Previously, we would not have qualified for these cards. The great news is that we will have all the debts paid off in 22 more months!!!! After that, it’s just our mortgage and that will be our only debt. Yes, I drive a car that is now 11 years old and will happily drive it for another 2 plus years keeping in mind everyday that the reward is no more debt! And I will be willing to drive it longer while we save up to buy our next car with CASH.

    The peaceful feeling of knowing all that debt will finally be paid off in full is wonderful. So, readers, I encourage you to play around with Ben’s program. Design it to make your money be used in the most beneficial way possible. And then just keep plugging away at it. Although it may at first seem like it will take forever, the years do pass and there will be an end to the disaster. Just keep making those payments on time and do not increase your debt!
    Good luck.

  • Ben November 6, 2012, 7:31 am

    WOW! Thank you for the encouraging words Suzanne! Stories like yours are an inspiration and are what helped keep me motivated when I first got started using the debt snowball to pay off my debts! Thanks for “paying it forward” with your own success story with the readers of my personal finance blog!

  • Natascha November 24, 2012, 12:09 pm

    Thank you so much for this spreadsheet! It is easy and it is motivating – If I will squeeze an additional 100.- per month at our debts, We can be debt-free 6 months earlier than planned!

  • Hassan December 13, 2012, 5:32 am

    Hey there! I could have sworn I’ve been to this website before but after reading through some of the post I realized it’s new to me.

    Anyhow, I’m definitely happy I found it and I’ll be book-marking and checking back frequently!

  • Noreen N December 30, 2012, 8:42 pm

    WOW!!!!!! Your spreadsheet is a godsend! Thank you, thank you!!!!!!
    I previously tried another spreadsheet, then an online calculator but your spreadsheet is THE BOMB!!!!!!
    It lets you look ahead quickly to see what progress you can make and you can play around with it and figure out which debt to work on first.
    I have 7 debts to pay, including 2 credit cards with very high balances, thanks to a recent divorce but there’s hope in sight, one debt will be paid by this summer, wooo whoooo!!!!
    Thanks for the awesome spreadsheet and for giving people hope that they can dig out of debt faster than they think they can.
    God Bless You!
    VT Gal

  • Iris February 19, 2013, 3:57 pm

    I love this spreadsheet.

  • queenlachica.edublogs.org March 23, 2013, 2:10 am

    When I initially commented I clicked the “Notify me when new comments are added” checkbox
    and now each time a comment is added I get three emails with the same
    comment. Is there any way you can remove people from that service?
    Thanks a lot!

  • Allen July 30, 2013, 10:36 pm

    Love your snowball spreadsheet. I built one myself, but this one is so much more comprehensive, you did a great job. Question: how do I know if I have my debts in the right order to optimize my payments and get the fastest payoff for all debt? I listed them in order of smallest to largest like the instructions say, but debt 2 pays off 3 months before debt 1. And what about zero interest debt, should that be listed in that same order? Or down at the bottom since i’m not paying interest? thanks

  • Weihs October 9, 2013, 9:56 am

    Allen, To pay off debts quickest, pay them off highest interest rate to lowest. Dave Ramsey, however, suggests paying off debt least amount owed to greatest amount owed. By doing so, you will see progress like, “hey, I’ve paid off credit card X, now I can focus my efforts on my next smallest debt, credit card Y.”

  • KRISTEN January 15, 2014, 10:43 pm

    Love this calculator! I’ve recommended it to several friends. I’ve just downloaded it on my MacBook and all was well until I tried to enter a One Time Bonus Payment. For some reason that area seems to be uneditable on my MacBook yet, not on my PC. Can you please help me.

  • Sarah September 28, 2014, 3:09 pm

    Thank you so much for your debt snowball spreadsheet program! It really is an eye opener and has been very motivational for my husband and me! Only 32 more months until we’re entirely debt free including the mortgage!

  • Ben September 28, 2014, 3:21 pm

    You’re welcome, and thank you for reading my personal finance blog!

  • Amanda December 3, 2014, 12:24 pm

    When I add my info and click on the results tab I get a sheet full of #REF except for the beginning balance line. Any ideas?

  • Ben December 5, 2014, 12:18 pm

    Hi Amanda! Try widening the width of the cell. Most likely the number in that cell is too big to fit in it (thus causing the #REF). Good luck! Otherwise, you might want to try reinstalling the debt snowball program! Let me know if this helps out!

  • Stephanie February 9, 2015, 2:04 pm

    This is absolutely amazing – thank you SO much for creating this and for sharing it for free! I got started young in my career, but with student loans and car payments I thought I’d never get out of debt and be able to start working for the future. This spreadsheet made me realize that it IS possible, and shows me exactly how to do it, much quicker than I ever thought I could. I cannot thank you enough!!

  • Ben February 18, 2015, 8:08 pm

    You’re very welcome!! Thank you!

  • Laurie April 7, 2015, 1:59 pm

    Your debt calculator is awesome. We seemed to have been on the 3 year plan for ever due to some distractions, kids college, wedding, unemployment, but now both kids are off the payroll and we are ready to buckle down and get this debt paid off for good. Your worksheet is exactly what we needed to see a clear picture. We are ready to get gazelle intense as Dave Ramsey would say. Thanks again for the free download. I have recommended your site to many friends.

  • Ben April 27, 2015, 11:19 am

    Thanks Laurie! Glad you enjoyed the article and good luck!!!

  • lisa June 3, 2015, 4:05 pm

    okay, I am going to give this a whirl. I am so so behind on all bills. I don’t know where I am going to find the money to pay the first one, as it seems I can barely live week-to-week.

  • Sandy July 7, 2015, 10:27 pm

    Hi, I cannot find the results tab. When I scroll down, it just keeps going….Thanks for your help.

  • Ben July 27, 2015, 3:40 pm

    It should be right at the bottom of the screen below all the cells.

  • Ben July 27, 2015, 4:15 pm

    Good luck in your debt snowball journey, lisa!

  • Hollie August 13, 2015, 11:56 pm

    I found this spreadsheet after hours of trying to do this by myself. I really appreciate you doing this and sharing with all of us. One question I have though. I need to add about 9 more debts. When I try it messes with the whole thing. How is the best was to add these?

  • Nan August 19, 2015, 1:20 am


    I need to add 4 more pink debt rows. Tried to do add rows and filled in the info but it does not translate/add to the results page those additional debts. Please help. Thanks for a great program!

  • Tammy September 9, 2015, 10:36 pm

    I’m having the same problem, can’t find the results tab. The cells just keep going!
    Love this idea, though. Anxious to see how it works!
    Thank you,

  • Ben September 15, 2015, 4:00 pm

    Hello Nan, I’m currently working on an update version but I haven’t had much time due to other commitments, thanks!

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