How to use your Payoff Path planner

This guide applies to Commercial Release 1.0 of the downloadable Excel workbook. You can use it in Microsoft Excel or upload it to Google Drive and open it with Google Sheets.

1. Save your own copy

Excel: download the .xlsx file, open it, and use File → Save As before entering your information.

Google Sheets: upload the .xlsx file to Google Drive, right-click it, then choose Open with → Google Sheets. Keep the original download as a backup.

2. Start with the “Start Here” tab

Read the workbook instructions and work through the tabs from left to right. Replace the sample figures with your own information. Input cells are visually distinguished from calculated cells; avoid typing over formula cells.

3. Complete the Debts and Budget tabs

• Use a recent statement to enter each debt name, balance, APR, and minimum payment.
• Enter monthly income, essential spending, bills, and other budget items.
• Use one currency throughout the workbook. The workbook does not convert currencies.

4. Review your payoff plan

Use the Strategy Comparison tab to compare debt avalanche, which prioritizes the highest APR, with debt snowball, which prioritizes the smallest balance. You can also choose Custom on Payoff Plan and assign your own priority on Debts. Enter a sustainable recurring extra payment and, if applicable, one optional one-time payment.

5. Update progress regularly

Use Actual Progress after statements arrive or payments clear. Enter the month-end total balance and payment from your records; the workbook compares actual balance with the projected schedule. Actual lender figures may differ because of daily interest, fees, rate changes, promotional periods, payment allocation rules, and rounding.

Before relying on the results

• Review any workbook checks or warnings before using an estimate.
• Confirm payment instructions and payoff amounts directly with each lender.
• Do not enter account numbers, card numbers, passwords, government identifiers, or banking credentials.
• Save a backup before changing formulas or worksheet structure.

Mortgage and changing-rate limitation

The workbook and online calculator use simplified planning assumptions. Do not use them as mortgage-renewal, qualification, penalty, or lender payoff calculators. Update balances, rates, and payments when terms change, and confirm mortgage scenarios with the lender or an appropriate mortgage calculator.

Important: Payoff Path provides educational estimates only and is not financial, legal, tax, credit, mortgage, or investment advice.