Debt payoff template
Use one row per debt and list the balance, APR, minimum payment and priority order.
Template example
- Debt name
- Current balance
- APR
- Minimum payment
- Payoff priority
Choose your priority rule
For avalanche, rank debts by highest APR first. For snowball, rank debts by smallest balance first.
Set a total monthly payoff amount
Add up all minimum payments, then decide how much extra you can send to the priority debt each month.
Update monthly
Update balances after each statement cycle. Tracking keeps the plan realistic and visible.
Use the calculator after filling the template
Once your debts are organized, use the Debt Payoff Calculator to estimate your payoff date and interest cost.
Calculate your debt payoff plan
Use the free MoneyMath Debt Payoff Calculator to estimate your payoff date, total interest and monthly payment strategy.
Open Debt Payoff Calculator →Related MoneyMath debt guides
Frequently asked questions
What should be included in a debt payoff plan?
Include each balance, APR, minimum payment, due date and payoff priority.
How often should I update the plan?
Monthly is usually enough for most people.
Should I rank by balance or APR?
Rank by APR to save interest or by balance to create faster wins.