nav[aria-label="Primary Navigation"] { padding: 0; & ul { list-style: none; width: 100%; display: flex; flex-direction: row; justify-content: start; align-items: start; gap: 30px; padding: 0; & li { margin: 0; } & ul li { list-style: none; } } }

Add a debt payoff calculator/goal/report [edited] (4 Merged Votes)

Jreno2012

It would be helpful if Simplifi added a "payoff debt" feature in goals that would allow analysis using tools like the debt snowball.

Find more posts tagged with

In Review

Feature Request

Status: In Review

Comments

KP_9

@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.

jjroman421

a planning tool to reduce debt. Snowball or Avalanche strategy that can link to your accounts.

RobWilk

If this matches your idea - it already has 187 votes I believe:

[removed link to merged thread]

jifree

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

lowcloud

This was one of my favorite features of the old Quicken program. I'd love to be able to use it again in Simplifi.

RevWiegs

I would like to have the ability to come up with a debt reduction plan in Simplifi….something similar to what is offered in Pocketguard.

Flaviking

in the planning section, id love to see a debt reduction planner.

RobWilk

This has over 200 votes already, i'll ask them to merge your vote with it -

[removed link to merged thread]

KP_9

Been seeing a lot of great discussion about Simplifi improving Savings Goals recently, so I'm dropping by here as well to suggest reimagining more broadly it as "Goals" - inclusive of both Savings Goals and Debt Payoff Goals, which would have the widely-requested features of this thread.

Candice318

I agree this would be beneficial. Understanding how additional payments can impact length of time to pay down. Including credit cards, mortgages, other loans. I currently use Debt Payoff Calculator online and pay for it because it really helps. So I am using both apps every month to balance and track things.

dnolan01

This feature request has been in review since August 2022. Is there any official word on if this is coming? The Retirement Planner is nice but it seems odd to not have any kind of integrated debt payoff calculator/tool by now, especially since Quicken Classic Deluxe has this already…

Dick_Davis

@dnolan01 I do hope there is an answer forth coming for the point you have raised.

Frustrated

https://community.simplifimoney.com/discussion/comment/63309#Comment_63309

Would like to see a reply on this as well

TwelveSilverPennies

I use https://undebt.it/ It would be incredible if Simplifi had at least some of these features! The single biggest reason I started using Simplifi in the first place was to track spending so I could better manage debt reduction.

Aalanek

I just recently purchased a subscription to Simplifi looking to budget better to reduce my debts. I did research and due diligence to find the right budgeting app for me and everywhere I looked said Simplifi was or was close to the best.

[removed competitor mention] has this feature already and to see that people have been asking for this for five years makes me frustrated that I got the subscription.

ebradley2591

How is it competitors have this feature implemented or at least in beta yet this has been in “review” since 2022. This is a key feature to provide in a budget tool especially these days it’s a must. What is the status of this feature? Highly considering moving to a competitor with this feature but would rather not if it is added.

jifree

Still no progress on this very simple request

Wagnerjamie

Having a plan to pay off your debt is an essential tool in financial planning. This feature should definitely be a priority for development to ensure a solid and usable platform from Simplifi. Is there an update on the development time frame?

Rodagave

I would like to have a full debt tracking page where I can see the amounts I owe, the minimum payments, interest rates, ETA for payoffs, due dates, initial debt balance, percentage of debt paid off, etc.

Right now we can access this information individually by going into the account transactions, but I want to access all of my debt in one single page with a nice layout so I can visualize where I stand.