Payoff month for a $100 balance is showing up >30 years in the debt planner spreadsheet

Google Sheets
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1

In the debt planner sheets I get a random red >30 years marker in the paid off month and an 86,000 in interest. What am I doing wrong?

2

Essentially that means that your budgeted debt pay down cannot retire the listed debts in less than three years. This can be because the loans are too great & expensive to service or because the payment is insufficient.

Have a look at this demo sheet to see how the Debt Planner looks when it is working.

Randy

3

Hi Randy,

I get what you are saying but still have an issue with the >30 years payoff. The debt is $3,062 and minimum payment if $200. Interest rate 14.2%. No matter what I enter for the payoff, the >30 years payoff remains. Thanks for your assistance. I have updated the template and re-entered information with the same issue.

4

Just a guess, but if I divide the total amount ($3,062) by the interest rate (14.2%) I get $215 - I’m wondering if there is some bug/error/nuance with the template that the minimum payment that you set in the sheet can’t be less than the amount you’d owe to interest each month. So try setting the minimum payment in the sheet to something greater than $200 and see if it will calculate your payoff date as less than 30 years.