Add a debt payoff calculator/goal [edited] (4 Merged Votes)
Comments
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Bump. This is an essential feature — please add.
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echoing all of the above. I just signed up for Simplifi and was shocked to see debt payoff plans are not a feature.
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In the goal section of the website, there should be a way to add a debt pay off goal for student loan accounts, mortgage accounts, and credit card accounts.
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Vote for the existing request:
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Simplifi User Since Nov 2023
Minter 2014-2023
Questionable Excel before 2014 to present
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I don't understand how Simplifi currently uses the GOALS. To me it's all about the balance and linking multiple accounts. People might want a net worth goal, certain loan goals, saving goals or more. In Mint, it just looked at how the balance was growing and if it was projected to hit the goal (meaning ahead or behind desired schedule).
Can we please change it so this is easier in Simplifi? It's way too manual right now. I use some of my interest money towards my goals and that can fluctuate every month so just using the total balance and from multiple accounts would "simplify the Simplifi" Goals. ;-)
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I would love to see this feature as well. Starting off 2024 with a goal of reducing debt, and would love a tool that let me do all I need in one place. Especially seeing how my debt payoff goals affect my overall budget so I know I'm not being overly ambitious and wrecking my budget.
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Would love to see this feature, for me it's a core requirement of any personal finance application. Honestly my first assumption when I couldn't find how to add a goal to pay off a credit card was that I just didn't understand how to use Simplifi,
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I just wanted to add, one of the main appeals of a 'debt payoff goal' feature is being able to set it up with something like a minimum payment, and then be able to see the difference when additional payments are made. A nice incentive/progress tracker that clearly shows how much of a difference your extra efforts have made.
For example, I've paid an extra $500 the last 3 months on my car payment, I want to see that I'm $1500 ahead of my expected loan balance, and maybe even show that the expected payoff date is now March 2025 instead of June 2025.
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I would add that it's more complex than that. I've been doing this for years with my mortgage payment, which has shortened the length of my loan by years.
So ideally it would also account for the interest you're paying and how much less interest you will have to pay (which is the main factor in the length of time to pay off a loan).
Anthony Bopp
Simplifi User Since July 2022Money talks. But all my paycheck ever says is goodbye0 -
I am a long-time Quicken Classic user who recently transitioned to Quicken Simplifi. In the classic version, I frequently utilized the Debt Reduction Planner under the planning section.
However, I was just made aware the Debt Reduction Planner is not part of Quicken Simplifi. This is mandatory for me to move over from classic causing me to pay for two subscriptions.
Thank youAlbert
[Merged Post]
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Your idea is already in review and has over 100 votes. It is better to vote for an existing idea as it increases the chances for consideration.
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Simplifi User Since Nov 2023
Minter 2014-2023
Questionable Excel before 2014 to present
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@ajbopp I completely agree, ideally it would account for interest. I was just trying to use an overly simplified example.
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Would love to be able to set up a debt snowball or Avalanche or other paydown option for paying off debt when viewing and planning monthly budget instead of having to use a seperate app to know how much I need to pay to specific debts to pay them off.
So far, the lack of a debt paydown is the only big disappointment I have but it's big enough to make me debate finding a different budget manager when my yearly subscription is up.
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Any progress on this??
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I need a debt payoff tracker.
Is there an ETA for this feature?
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Agree this is a beneficial enhancement. Something that allows choice of different repayment types (Avalanche, Snowball, Custom, etc). Let you see how quickly making extra payments can get rid of debt faster. Maybe even link to the account on the banking size. Recently started Debt Payoff Planner an Apple app.
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Paying off debt is something we all deal with, yet it's no where to be found on this app. I find debt is often a more painful topic than savings. They coincide and one looms larger in all of us. I've read comments about a 0% apr calculator / early mortgage payoffs / ect.. Each or any of these items would be appriciated, and perhaps a more general tool with timelines, apr% would be a great start.
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Hello again! Checking in. Is this finally in the official pipeline? It would be really awesome to not have to manage separate sets of data.
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Bumping for economic progress
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@Coach Natalie or @Coach Jon, any way we can get this brought back up to the Product team for discussion? This thread has been "In Review" since 2022. A Debt Payoff calculator functionality would extremely helpful for a lot of users, as reflected by the nearly 200 upvotes. I imagine features like:
- Inputs for debt type & name, current owed balance, interest rate, minimum payment and cadence, and extra payments (recurring monthly, one-time on X, Y, & Z dates, etc.), and the ability to run payoff projections that show Interest vs. Principal totals with adjusted inputs. The would could be shown how much extra payments will save them over the bare monthly payment and ideally could drop down a full amortization table for detailed analysis.
- Combined view of various tracked debts with the ability to project common payoff strategies like snowball, avalanche, consolidation, etc.
- Ability to link accounts to each tracked debt for tracking real historical balance trends, particularly shown against an overlayed dotted line hypothetical "vs. minimum payment only from the start of tracking" to reinforce how much the user has saved in interest since starting tracking.
- Integration into Spending Plan to help users budget for their debt payments each month, similar to how contributions to Savings Goals are tied in. Also using the same "you're ahead by $X and Y months on your payoff goal!" functionality that currently is used in Savings Goals could be a helpful motivator.
- Inclusion of a Net Worth view to so users can see how every extra payment onto debt shows up as a positive bump to their net worth (I personally found this visual particularly motivating when chipping away at student debt).
Given that the code already exists for very similar functionality in Savings Goals (progress tracking) and Retirement Planner (the projections/modeling visuals), I'd hope it won't be too big of a lift to reassemble the various components into a dedicated Debt Payoff feature.
Cheers, K.
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a planning tool to reduce debt. Snowball or Avalanche strategy that can link to your accounts.
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If this matches your idea - it already has 187 votes I believe:
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Rob Wilkens0 -
This would be such an easy feature to add and really help out. I currently run a net worth report backwards and filter it so it only shows my credit cards over time, essentially showing my debt over time so I can see my progress in paying things off and stay motivated to get out of debt. You could easily apply this method to other debt and see your progress but they should just implement a report
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