Free workbook · Step-by-step guide
Debt Payoff Planner
Excel template.
Pay the required minimum on every debt, then direct extra money to the highest APR. This free Excel planner ranks up to eight debts by interest rate and estimates payoff time under the payments entered.
By Devon Coombs, CPA, MBA · Assistant Teaching Professor of Finance and Faculty Director of Real Estate Finance, Santa Clara University · Guide reviewed October 10, 2026
How do I make a debt avalanche plan in Excel?
- Replace the example debts with balances, annual percentage rates, and minimum monthly payments from your statements.
- Enter the extra amount you can pay each month after covering all minimums. Review the highest-APR priority.
- Check any warning that a payment does not cover interest. A payment that small will not pay down principal under the model.
- When a debt is paid off, remove it and increase the extra-payment input by its former payment. Recalculate the plan after rate or balance changes.
Worked example
Why the payment has to exceed interest
- Starting debt
- $5,000
- APR
- 24%
- Approximate first-month interest
- $100
- Monthly payment
- $300
Using APR ÷ 12, the first payment covers $100 of interest and reduces principal by $200, leaving $4,800 before any new charges.
Know what the model leaves out
The workbook is a planning snapshot, not an automatic month-by-month rollover simulation for the whole portfolio. Update it as debts are retired. Real lenders may accrue interest daily, vary minimum payments, or charge fees. Use the interactive calculator below to compare full avalanche and snowball schedules.
Common questions
Does the spreadsheet automatically roll payments to the next debt?
No. After paying off a debt, remove it from the inputs and add its freed payment to the extra-payment amount. The payoff estimates otherwise use the payments currently entered.
What is the difference between debt avalanche and debt snowball?
The avalanche targets the highest APR; the snowball targets the smallest balance. Both keep minimum payments on every debt. With fixed rates, no fees, and the same total payment budget, the avalanche minimizes interest.
Build the next part of your plan
Built as an Excel workbook. If you import it into Google Sheets or Numbers, check formulas and formatting before relying on the results. Devon Coombs Academy is an independent educational resource; these downloads are not an official Santa Clara University product or personalized financial advice.