Baby Step 2

For the snowball effect I have been doing it manually but today found a great forumla that helps. Check it out and let me know what you think.

I found the calculator from
http://www.vertex42.com/Calculators/debt-reduction-calculator.html

Tags: 2, baby, debt, free, step

Attachments:

debt-reduction-calculator_v1_10.xls, 1.2 MB

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Permalink Reply by William on August 27, 2008 at 10:40pm: That's awesome!

I plugged in my numbers, and assuming I was able to start baby step #2 on 9/1/08, paid an extra $90/mo towards debt (above the minimum payments), and didn't have any emergencies, I would be debt free, aside from the house, in exactly 4 years. I would have all but the car and 2nd mortgage paid off in just 2 years, and it would only take me 5 months to have the first credit card paid off.

This is an awesome tool. I need to show it to my wife.; ▶ Reply to This

Permalink Reply by Joe Ingersoll on September 2, 2008 at 7:59am: I finally got a chance to sit down and take a look at this tool over the weekend. It's great!

Thanks for posting Eric!; ▶ Reply to This

Permalink Reply by William on September 2, 2008 at 5:47pm: I think that spreadsheet would make a good addition to the Resources page.; ▶ Reply to This