I appreciate the updated version with more accurate formulas for the interest rates. This is a really high quality spreadsheet and resource to help people pay off debt. Thanks for sharing it.
I was crying, until I prayed and asked the Lord to help me find a way to get out of debt. I went to some programs people referred to me. I’m a very frugal person, but I’d didn’t have enough debt for anyone’s assistance. I once was blind and now I see! I am so grateful. The only thing I didn’t put on my list was my school loan. But, I’m on my way. Next my weight, but your method took a hundred pound off of my heart. 😊
Thank you very much for this. It works for me and the Mrs. Can you make a video or short explaining the formula for interest only loans. Also when I plug in my wife’s school loan $5.7k at 12.5% with a 70 something payment and drag down, the number starts ballooning out of control even it’s only went up 1k in 10 years. What am I missing?
@@Jussomerando677 the student loan total is increasing because of the high interest rate and low minimum payment. If you increase the payment enough to cover the interest, it will go down.
@@easilyartstudio2784 ooo, good question. I will try to do that. I haven’t used my iPad for making videos before so I’ll try to navigate that! Thanks for the suggestion!
@@joepushman4171 great question! Overall I think it would still be pretty accurate and better than nothing. You could look at your amortization schedule to try and get an idea of how much would be going to principal. If I was tracking my mortgage with this debt snowball spreadsheet, I would just use the formula in this video and then every year or so I might look to see how close the remaining balance is to the true amount, then adjust it in my spreadsheet.
I'm a little confused on how this works with a mortgage payment. I created this and all my debt seems to line up well with my payment schedules however my montage column is showing that I will pay it off about 10 years early, before adding any extra payments. Any idea what I could be doing wrong?
Help please 🙏 what was the complete date formula please? It was hidden from mouse when you said put in 1 but my formula is doing something different 😅 Eg: =EDATE(A3,1) Also I want to say a big thank you for the video looking forward to sorting this out
@@MrJamieGriffin oh you’re right🤦♀️ I forgot to format the cell lol - thanks so much!! I’m starting the 50/30/20 budget then I’ll come back to this one - thanks again!!
@@TameshaFrazier could you share a screenshot of what your spreadsheet looks like? You might be missing a parentheses somewhere in the formula is my first guess.
hm im not sure if this is a snowball debt calculator. Usually the left over amount after paying off debt 1 will be used towards debt 2 and so forth. This creates a snowball effect and should result in paying down the debt faster. This calculator seems to be determining when your debt will be paid off/interest incur if you paid the minimum payment.
@@sonphung4974 this is a debt snowball spreadsheet and shows how the debt gets paid off faster when you move payments to the next debt once one gets paid off.
I appreciate the updated version with more accurate formulas for the interest rates. This is a really high quality spreadsheet and resource to help people pay off debt. Thanks for sharing it.
You’re welcome! This version of the debt snowball spreadsheet will give people a lot more accuracy to pursue being debt free!
Quick, easy to follow - I prefer making the sheets from scratch as it gives us more control over any changes we make. Cheers from the UK!
@@AlexMoseleyPhD thanks! I’m glad it was nice and simple to set up!
Thank you Jamie😊
@@apriejohn you’re welcome!
I was crying, until I prayed and asked the Lord to help me find a way to get out of debt. I went to some programs people referred to me. I’m a very frugal person, but I’d didn’t have enough debt for anyone’s assistance. I once was blind and now I see! I am so grateful. The only thing I didn’t put on my list was my school loan. But, I’m on my way. Next my weight, but your method took a hundred pound off of my heart. 😊
@@mychalreynolds2233 I’m glad this can help you feel in control of your debt!
Thank you so much, this really helped me a lot.
@@Tyler_LN glad to hear it!
thank you so much for this free tutorial ❤
@@kristinefano7799 you’re welcome! Glad it’s helpful!
Thank you so very much for this!!!❤😊 you help me out a lot!
@@katw4794 you’re welcome! Glad it’s helpful!
Thank you very much for this. It works for me and the Mrs.
Can you make a video or short explaining the formula for interest only loans. Also when I plug in my wife’s school loan $5.7k at 12.5% with a 70 something payment and drag down, the number starts ballooning out of control even it’s only went up 1k in 10 years. What am I missing?
@@Jussomerando677 the student loan total is increasing because of the high interest rate and low minimum payment. If you increase the payment enough to cover the interest, it will go down.
Will you make a video on doing this on an iPad? Not everyone has access to to a laptop or computer. Thanks!
@@easilyartstudio2784 ooo, good question. I will try to do that. I haven’t used my iPad for making videos before so I’ll try to navigate that! Thanks for the suggestion!
How does this work for mortgage, since each monthly payment changes by a few dollars to the principle payment.
@@joepushman4171 great question! Overall I think it would still be pretty accurate and better than nothing. You could look at your amortization schedule to try and get an idea of how much would be going to principal. If I was tracking my mortgage with this debt snowball spreadsheet, I would just use the formula in this video and then every year or so I might look to see how close the remaining balance is to the true amount, then adjust it in my spreadsheet.
@@MrJamieGriffin ok great idea, I was thinking the same. Thank you for the response.
I'm a little confused on how this works with a mortgage payment. I created this and all my debt seems to line up well with my payment schedules however my montage column is showing that I will pay it off about 10 years early, before adding any extra payments. Any idea what I could be doing wrong?
Help please 🙏 what was the complete date formula please? It was hidden from mouse when you said put in 1 but my formula is doing something different 😅
Eg: =EDATE(A3,1)
Also I want to say a big thank you for the video looking forward to sorting this out
@@sarahq8728 that formula looks correct to me! You might need to format how the date looks though to get the same abbreviation as I did in this video.
@@MrJamieGriffin oh you’re right🤦♀️ I forgot to format the cell lol - thanks so much!!
I’m starting the 50/30/20 budget then I’ll come back to this one - thanks again!!
@@sarahq8728 that’s a perfect combination!
Formula keeps coming to error
@@TameshaFrazier could you share a screenshot of what your spreadsheet looks like? You might be missing a parentheses somewhere in the formula is my first guess.
My minimum payment and interest rate keeps growing when i drag down. Can you help?
@@kinoBot1103 could you email me a screenshot so I have a better idea of what you mean. Send it to mrjamiegriffin.pf@gmail.com
hm im not sure if this is a snowball debt calculator. Usually the left over amount after paying off debt 1 will be used towards debt 2 and so forth. This creates a snowball effect and should result in paying down the debt faster. This calculator seems to be determining when your debt will be paid off/interest incur if you paid the minimum payment.
@@sonphung4974 this is a debt snowball spreadsheet and shows how the debt gets paid off faster when you move payments to the next debt once one gets paid off.
This helped me a lot thank you!!!
@@selime123 I’m happy to hear it!