Debt Payoff:
know your debt-free date
Enter your debts once. The plan shows the smartest order to pay them, an honest debt-free date, and exactly how much faster you finish when you add a little extra each month.
01 What it does
- A debt-free date from your real numbers.
- The order to attack your debts — Snowball or Avalanche.
- A simulator — add $X/month, see how much sooner you finish.
- Projected interest — what the debt costs you overall.
You always pay the minimum on every debt. The spare money goes to one priority debt until it's gone — then that freed-up payment cascades onto the next. That snowballing is what makes you debt-free years sooner.
Every debt you add here is mirrored into Net Worth as a liability — matched by the entry, not the name. You enter each debt once, here, and it shows up on both trackers without double-typing.
Paying it down on a plan (credit cards, loans)? → Debt Payoff (it shows up in Net Worth automatically). Just owe it with no payoff plan (mortgage, taxes, money owed to a person)? → Net Worth. So don't put a mortgage here — it would wreck the debt-free date.
02 Add your debts
Tap + Add a debt and fill four fields per debt:
| Field | Means | Example |
|---|---|---|
| Debt name | Anything you'll recognize | “Credit Card” |
| Balance | What you owe now | $6,000 |
| APR % | Yearly interest rate | 26% |
| Min payment | Smallest monthly payment | $150 |
Your debts live in one single list, ranked #1, #2, #3 by payoff order. Tap any row to edit it; tap the small ✕ to delete it (we'll ask you to confirm first). There's no drag-to-reorder and no separate list to manage — the order is set automatically by the plan you pick.
03 Snowball vs Avalanche
Both pay every minimum and throw the spare money at one debt at a time. They differ only in which debt is first.
❄️ Snowball
Smallest balance first.
Fast early wins → motivation. Knock out a whole debt quickly and keep momentum.
🏔️ Avalanche
Highest APR first.
Mathematically cheapest. Kill the most expensive interest first → pay the least overall.
Worked example — these three debts
| Debt | Balance | APR | Min |
|---|---|---|---|
| Credit Card | $6,000 | 26% | $150 |
| Store Card | $2,500 | 22% | $75 |
| Car Loan | $1,200 | 4% | $40 |
| Total | $9,700 | — | $265 |
Snowball order: Car Loan → Store Card → Credit Card.
Avalanche order: Credit Card (26%) → Store Card (22%) → Car Loan (4%).
Here the two plans are exact opposites — your biggest balance is also your highest APR — so Avalanche pulls clearly ahead.
04 “But I can't pay only one debt!”
Right — and you don't. Every debt always gets its minimum. Only the spare money (your extra + freed-up minimums) is aimed at the priority debt.
Budget = all minimums ($265) + your extra ($300) = $565/month, fixed.
🏔️ Avalanche — Month 1
| Store Card | min $75 |
| Car Loan | min $40 |
| Credit Card (target) | $150 + $300 = $450 |
| Total | $565 |
When Credit Card clears, its $150 + $300 (= $450) cascade onto Store Card.
❄️ Snowball — Month 1
| Store Card | min $75 |
| Car Loan (target) | $40 + $300 = $340 |
| Credit Card | min $150 |
| Total | $565 |
Car Loan ($1,200) clears fast → quick win, then cascades onto Store Card.
05 Read the comparison
| Snowball | free April 2028 |
| Avalanche | free March 2028 |
| Avalanche saves | $434 · 1 mo |
| +$300/mo | 45 mo sooner · save $5,728 |
- “Avalanche saves $434 · 1 mo” — interest (and time) saved by choosing Avalanche instead of Snowball. It's a real win here because your highest-APR debt is also your biggest balance (Credit Card, $6,000 @ 26%), so killing it first stops the most expensive interest.
- “+$300/mo → 45 mo sooner · save $5,728” — a different comparison: paying $300 extra vs nothing extra. That's the single biggest lever you control.
Slide Extra $/month up and watch the debt-free date jump earlier. That's your fastest lever.
06 The trend graph
The chart plots your total balance over time — one point per day you change your numbers. It's a record of what you entered, not the future projection.
The line goes down as you come back over the weeks and record lower balances as you pay. If you add a debt, it ticks up. That falling line is your progress.
07 Free vs Premium
- Add one debt and see its real result.
- Try the calculation with your own number.
- Track all your debts together with rollover.
- Snowball vs Avalanche + extra-payment simulator.
- Progress over time and your living debt-free date.
Quick start
- Open My Money → Debt Payoff.
- Add each debt: name, balance, APR, minimum payment.
- Type an Extra $/month you could add.
- Pick Avalanche to pay the least, or Snowball for quick wins.
- Pay every minimum, send the spare cash to #1.
- Come back monthly and lower each balance — watch the trend fall.