Debt payoff

Open Debt payoff in the app to add your debts and build a payoff plan.

Add a debt

Choose Add a debt and enter:

• Name and Type: credit card, personal loan, student loan, car loan, medical bill, buy now pay later or other.
• Current balance.
• Interest rate (APR %). Use 0 for a debt with no interest.
• Minimum payment. Use 0 if there's none.
• Due day of the month.

Free includes up to 2 debts. Plus has no limit.

Choose an order

Under Your payoff plan, choose the Order:

• Avalanche: the highest APR first. This is designed to pay the least interest.
• Snowball: the smallest balance first. You pay off your first debt sooner.
• Custom: the order you set.

Then set Extra each month: the amount you can pay on top of all the minimums.

Every month, each debt gets its minimum, and the extra goes to the first debt in the order. When a debt is paid off, its minimum rolls into the next one, so your monthly total stays the same.

Read the plan

The plan shows:

• Your debt-free month.
• What you owe today, the number of payments to go and the interest on the way.
• How much less interest you pay than with minimums only.
• The month each debt is paid off.
• Compare the orders: avalanche, snowball and minimums only side by side, with the debt-free date, total interest and the first debt gone. A chart shows your total debt by month for each.
• A month-by-month schedule with each payment and what's left owing.

Minimum below the monthly interest

If a debt's minimum payment is less than a month of interest on its balance, you'll see a warning. On minimum payments alone, that balance would never go down. Check the minimum on your statement, or put extra toward that debt.

On your calendar

Each debt's payment is placed on the calendar on its due day, with the amount your payoff plan puts on it that month. Safe to spend already includes these payments. Don't also add your debts as bills, or they'll be counted twice.

Monthly check-ins (Plus)

With Plus, you can track your real progress:

1. Once a month, open Debt payoff and find Monthly check-in.
2. Enter each balance from your latest statement. Paid-off debts go to zero.
3. Choose Save check-in.

The Progress chart compares your actual total debt at each check-in with the planned balance. It also shows whether your projected debt-free date has moved. Check-ins are stored in your browser with the rest of your plan.

How the math works

Each month, every open debt is charged its APR divided by 12 on its balance, then receives its payment. This is arithmetic on your numbers, not advice. Lenders usually compound interest daily and may change your minimum payment, so your statements will differ slightly from the plan. Update your balances with a check-in to keep the plan close to reality.

Want to compare orders without an account? Try the snowball vs avalanche calculator or the debt-free date calculator.