I’ve had this Vertex42.com link on my blog before without actually ever trying it out. And now that it is a holiday weekend, I have time to try it out (and I linked it back onto my blog).
It is very easy to download and use. Just plug in the numbers and sort as you will… Wha-la!
For approx $79,643.15 of debt, here is what will happen if I payoff by:
- highest to lowest monthly payment: $11,416.24 interest paid
- snowball (Dave Ramsey Method): $12,972.89 interest paid
- Highest to Lowest APR: $11,116.36 interest paid
Either of the 3 methods will be PIF in March 2013.
- 3 Major CC/Auto Loan paid off the end of 2010 (car target date April 2010).
- 1 HELOC PIF end of 2011
- 2 School Loans PIF June 2012 & March 2013
Interesting configurations. My take: I am going with paying the highest payments first. I like the fact that my Auto Loan will be knocked down as one of the first. Especially considering cars depreciated so fast! I am at 65,000 miles on an upside down car loan. It is important to me to knock down that loan in case of the need to sell the car.
Have fun with the spreadsheet! I’d love to hear what order you are paying your debts and why you chose to go that way. 🙂