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