I'm trying to create an open office spreadsheet to calculate paying off debt asap. I've never hand any kind of classes on spreadsheets, just create what I need as I go. My debt payoff spreadsheet is beyond what I know how to do. This is a useful tool but also a challenge playing with and learning more about spreadsheets.
Here is how I'm trying to get it to work:
I enter an interest rate of all my debts, a minimum payment and a balance.
I want to have set amount that I will use to pay off the debt.
So, there is a row of balances, the next row is a row of payments
The row of payments pays the minimum balance on each account except the highest interest account gets the extra payment.
If the next scheduled payment is greater than the account balance, it calculates to pay the balance plus interest.
After a balance is paid off, it automatically applies all the extra money to the next highest interest rate account.
Example
House Car Credit
6% 7% 12% 50,000 20,000 5,000 Pay per month $1200 500 400 100 Minimum Payments 500 400 300 Calculate Payment to make 49,900 19,780 4,780 Previous balance + Interest - Payment (not actual calculations here but will be on spreadsheet) 500 400 300 Calculate Payment to make 49,800 19,560 4,560 Previous balance + Interest - Payment (not actual calculations here but will be on spreadsheet)......
500 400 300 Calculate Payment to make 48,540 16,470 230 Previous balance + Interest - Payment (not actual calculations here but will be on spreadsheet) 500 465 235 Calculate Payment to make It calculated balance plus interest for last payment, put excess on next 48,250 16,230 0.00 Previous balance + Interest - Payment (not actual calculations here but will be on spreadsheet) 500 700 0.00 pays minimum on house and remaining budget on highest interest that carries a balance 48,050 15,710 0.00 Previous balance + Interest - Payment (not actual calculations here but will be on spreadsheet)I have most of this working except automatically shifting the money over to the next highest interest account, currently I'm making payment changes manually except the payoff. =IF(balance>payment;pay normal; pay bal + interest)
I need to add something like: IF(highest interest rate with >0 balance; pay remainder; pay minimum)
The usefulness of this comes in seeing the effect of making additional purchases versus waiting.
RogerN