Free Debt Payoff Template for Google Sheets (2024 Update)

Google Sheets: Debt Payoff Template

Feel free to make a copy of this debt payoff template in Google Sheets. Don't request for permission to edit, simply go to File > Make a copy.

How to Make a Debt Payoff Tracker in Google Sheets

Below we have outlined the steps on how to create a debt payoff tracker in Google Sheets. 

Step 1: Set Up Your Columns

In the first row, label the following columns to track your debt:

A1: Total Amount Owed

B1: Interest Rate (as a percentage)

C1: Minimum Monthly Payment

D1: Extra Payment (any additional amount you can afford to pay)

E1: Remaining Balance (to be calculated)

F1: Paid Off Date (optional, can be calculated based on payments)

Step 2: Input Your Debt Information

In the rows below (starting from row 2), enter the information for each debt you have. For example:

A2: $5,000

B2: 19.99%

C2: $150

D2: $50

Step 3: Calculate Remaining Balance

In cell F2, enter the formula to calculate the remaining balance after each month. Here’s a simplified formula that subtracts the monthly payment from the total amount owed:

=A2-(C2+D2)

Copy this formula down for each row of debt.

Step 4: Track Your Progress

As you make payments, update the "Total Amount Owed" to reflect the remaining balance. You can also adjust the "Extra Payment" column as your budget changes.

We hope that this article has helped you and given you a better understanding of how to create a debt payoff tracker in Google Sheets. If you enjoyed this article, you might also want to check out our timesheet template and how to use the XLOOKUP function in Google Sheets.