Right now I have a spreadsheet with the loans I have, the interest rates the are each at, and how much I am putting toward each in monthly payments. I then calculate how long each loan will take to pay off individually by using
This works (to my knowledge), but does not take into consideration that when one of the loans is paid off, I would like to take the money I would have spent on that loan and apply it to the next highest interest loan.
Is there a way to apply that sort of logic easily? Or do I have to just determine when each loan would be paid off and have a separate model for when that happens?