Debt Payoff helps you make a plan to be debt-free. It looks at your debts, compares a few ways to pay them off, sets up the monthly payments for you, and shows your progress along the way.
Overview
If you have more than one debt (credit cards, car loans, student loans), Debt Payoff helps you find a plan that gets you to $0 sooner and costs less in interest. It works by pointing any extra money you can spare at one debt at a time.
What it does
- Compares four approaches. See how long each one takes and how much interest you’d pay
- Sets up your payments. Creates the monthly transfers to each debt for you
- Shows your progress. Notices your payments and keeps your plan up to date
- Adjusts when life changes. Recalculates if you pay more or less than planned
Getting Started
Click Debt Payoff in the navigation. You’ll see your debt accounts with their balances, interest rates, and minimum payments.
Step 1: Check your debt accounts
Debt Payoff uses the loan and mortgage accounts you’ve already added. Credit cards are left out by default; you can include them in the Debt Payoff settings. For each debt, make sure these are filled in:
| Detail | Where to set it | Why it matters |
|---|---|---|
| Balance | Comes from your transactions automatically | How much you owe today |
| Interest rate (APR) | Account settings | Used to work out interest costs and the best order |
| Minimum payment | Account settings | The amount you need to pay each month |
You can edit interest rates and minimum payments right in Debt Payoff or in each account’s settings.
Step 2: Choose your extra payment
The plan works best with an extra payment: money beyond your minimum payments that you can put toward debt each month.
Even $50 to $100 extra a month can shorten your timeline a lot and save hundreds (or thousands) in interest.
Enter your extra amount in Extra each month. Pick an amount you can keep up. $100 every month does more than $300 you can only manage once.
Step 3: Compare the options
There are four ways to decide which debt gets your extra money first.
The Four Approaches
Snowball (smallest balance first)
Pay off your smallest debt first, no matter the interest rate. When it’s gone, its payment moves on to the next debt, so your payments grow like a snowball.
Good for: people who like quick wins. Seeing a debt disappear keeps you going.
Keep in mind: you may pay a bit more interest overall.
Avalanche (highest interest first)
Pay off the debt with the highest interest rate first. This usually costs the least in interest.
Good for: saving the most money overall.
Keep in mind: if your highest-rate debt is also your biggest, it can take a while before the first one is paid off.
Most interest first
Pay off the debt that costs you the most interest in dollars each month (balance × rate).
Good for: a mix of big low-rate debts and small high-rate debts.
Keep in mind: it’s similar to Avalanche but can pick a different order when balances are very different.
Free up cash fastest
Pay off the debts that free up a monthly payment soonest. Each one you finish leaves more room in your monthly budget.
Good for: when money is tight month to month and you want breathing room.
Keep in mind: it may not save the most interest.
One-Time Extra Payments
Expecting a tax refund or a bonus you’d like to put toward debt? In the monthly payment schedule, click any payment to add a one-time extra payment for that month. You’ll see right away how it changes your debt-free date.
Comparing Your Options
You’ll see the approaches side by side:
- Debt-free by: when you’d be done
- Total interest: how much interest you’d pay over the whole plan
- The order you’ll pay them off: which debt is finished first, second, and so on
There’s no wrong choice. The best plan is the one you’ll stick with. If you want quick wins, try Snowball. To save the most money, try Avalanche. If you need breathing room, try Free up cash fastest.
Using Your Plan
Once you’ve picked an approach:
- Click Use this plan
- Choose the account your payments will come from (usually checking)
- Confirm
What happens next
Debt Payoff adds scheduled transfers to your transactions:
- One transfer per debt per month, from your checking account to each debt
- Amounts follow your plan (minimum payments plus your extra money, pointed at the right debt)
- They show up in the Scheduled section of your transactions
- With Show upcoming bills turned on, you can see the payments coming up weeks ahead
Important: If you already have repeating payments set up for these debts (like a monthly car loan payment), turn those off after you start the plan so you don’t pay twice. Your plan takes over those payments.
Tracking Your Progress
After you start your plan, your progress updates on its own.
Your progress
| What you see | What it means |
|---|---|
| Total debt | What you still owe across all the debts in your plan |
| Debt-free by | When you’re on track to be done |
| Interest saved | How much less interest you’ll pay than with minimum payments only |
| Status | Whether you’re ahead, on track, or behind your plan |
Progress by debt
For each debt you’ll see:
- Current vs Projected balance: where you are vs where the plan expected
- Variance: how far ahead or behind you are
- Payments made vs expected
Payments are matched automatically
Payments to your debt accounts are noticed on their own:
- Transfers from checking to a debt are matched right away
- Bank sync payments are matched after they come in
- Payments you enter yourself on a debt account are matched too
When a payment is matched, your progress updates. If the amount was different from the plan, the rest of the plan adjusts.
When Things Change
You paid extra
Nice! Your extra payment is picked up and the rest of the plan adjusts to your new balances.
A payment didn’t happen
If a scheduled payment date passes and no payment shows up, you’ll see a reminder. If you did pay, link the payment to the plan. If not, you can dismiss the reminder.
Changing your plan
You can switch approaches or change your extra amount any time:
- Click Stop using this plan
- Change the approach or the extra amount
- Click Use this plan again
Payments you’ve already made stay in your transactions. Only future scheduled payments change.
Stopping a Plan
To start over or stop:
- Click Stop using this plan
- Future scheduled payments are removed
- Past payments (entered or cleared) stay in your transactions
- Progress tracking starts fresh
You can start a new plan any time.
Tips
Start with accurate numbers
Double-check interest rates and minimum payments. Small mistakes add up over months.
Stay steady
Plans work best when payments happen on time. Keep enough in your checking account for the scheduled transfers.
Check in once a month
A quick look at your progress each month keeps you motivated and catches problems early.
Enjoy each payoff
When a debt is paid off, its payment moves on to the next one. That’s why the plan speeds up over time.
Common Questions
”Can I switch approaches partway through?”
Yes. Stop the current plan and start a new one. Your past payments stay.
”What if I can pay more than planned?”
Raise your extra amount and start the plan again. It recalculates from your current balances.
”Do I have to enter payments myself?”
No. If your accounts are connected with bank sync, payments are matched automatically. Transfers between your accounts are matched too. You only need to enter payments yourself for accounts that aren’t connected.
”What happens when a debt is paid off?”
It shows as Paid off in your progress, and its payment is added to your extra money for the next debt.
”Can I include my mortgage?”
Yes. Keep in mind that mortgage interest may be tax-deductible. The plan only looks at the math, not taxes.
”What about repeating payments I already set up?”
If you have repeating payments for these debts, turn them off after you start the plan. The plan creates its own payments, and keeping both would pay twice.
Next Steps
- Check that your debts have the right interest rates and minimum payments
- Decide how much extra you can put toward debt each month
- Compare the approaches and pick one that fits you
- Click Use this plan and let the payments get scheduled
- Check your progress as payments go through
A plan turns a pile of debt into clear steps with a finish line you can see.