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

Jreno2012
Jreno2012 Member
edited July 2022 in Feature Requests

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

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201 votes

In Review · Last Updated

This Idea has been submitted to the Product Team for review!

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Comments

  • Coach Paco
    Coach Paco Moderator admin

    @Jreno2012 Great suggestion!

  • rkratt1987
    rkratt1987 Unconfirmed, Member

    USAA had a really great debt calculator that showed you how much you need to pay on your debt in an "avalanche" effect in order to pay debt off quickly. Unfortunately, they will be getting rid of this feature. I was looking for a suitable replacement, but this is apparently not it.

  • Coach Paco
    Coach Paco Moderator admin

    @rkratt1987 Great suggestion!

  • @Coach Paco Any updates on this feature? I could've really used it recently!
  • Coach Paco
    Coach Paco Moderator admin
    @SimplifineHowareyou
    We're still looking to add this to our roadmap of future features but still no eta if this will be implemented but with the amount of positive votes on this post I can see it being added in the future :smile:
  • jondehen
    jondehen Member ✭✭
    @Coach Paco
    Version two of this feature could combine multiple accounts together instead of just using a single account.  I see two uses for this:
    1. Combine multiple credit cards together to target paying off overall debt.  IE: Add these three card's balances together, and a goal is to pay off X amount per month (or to reach X amount by date)
    2. Combine multiple retirement accounts together to target an amount to reach by a certain year.  This might help people see what they need to be saving to hit retirement?  Or perhaps this feature is too advanced for Simplifi, since it should also most likely calculate interest rates, etc.
  • nthoendel
    nthoendel Member ✭✭
    edited December 2021
    It would be nice to have something similar to the Savings goal for loan payoffs, as nice as saving is my current goal is to pay off my student loans ASAP.
  • user4805
    user4805 Member
    edited March 2022
    I would like to propose that you create debt payoff goals similar to the savings goals.  This way an account like a credit card or equity line can be tracked against a goal and progress could be measured.  It would show up on the dashboard and have all the features of the savings goals but for debt pay.  I know it would help people to visualize their progress. 
  • EverittCL
    EverittCL Member
    edited July 2022
    Add more debt payoff tracker features like the original Quicken program! A payoff calculator and a way to view all of your debt and what various payoff methods look like to help you reach your goal of becoming debt free!
  • Hello! New to forum and so I apologize if already suggested, but would it be possible to implement a payoff goal system/setup similar to that already available in the Mint web app (I realize, or if I remember correctly, Quicken and Intuit are no longer associated)?

    I.e., using the balances pulled in for each liability and, if necessary, manually inputting the interest rate and current monthly payments, and then lumping them together... for example, pay off credit cards. Then entering how much you believe you'll have available to put toward that debt (say $600/mo) or how quickly you'd like to pay it off. Then from there, it provides a goal with break down of where to apply money first (usually focused on those debts with highest interest rates first) and how much to apply there, then other debts, until eventually $0.

    Thanks, love the app! 
  • RobWilk
    RobWilk Superuser ✭✭✭✭✭
    edited July 2022
    It's been a while, but quicken had a debt payoff calculator, which i believed used the account's apr field.  To the best of my knowledge, Simplifi does not store the current APR anywhere.

    I would like to suggest it adds that field as a prerequisite to enabling this feature.

    I might like a field that toggles 'rewards' if the credit card has rewards or not.

    And then provide some kind of non-alphabetical account sorting and instead sorting by APR on the dashboard, perhaps with a little icon that indicates the card has rewards.

    -Rob


    Rob Wilkens

  • this!! please!! I would love to have this as a simplifi feature, able to sync debts and payments with my account data.

    a special ask: please include a “promotional APR” feature, where you can enter a time period that a promotion APR is active on the account (0% to whatever reduced rate). I’ve only ever seen this feature on ONE snowball calculator and that’s the one I’ve used for a decade. 

    my main finance goal atm is to get out of debt. I have been searching for years for a smart snowball calculator. I would really love simplifi to be the solution!
  • Upvote for this feature!
  • MoLaufy
    MoLaufy Member

    Another vote for this. it's hard to see the full financial picture without a tracker like this. It'd be a huge help.

  • kendallsg
    kendallsg Member

    Any updates about this feature request?

  • GIJosh
    GIJosh Member
    edited July 2023

    [removed] Any updates? This request is > 2 years old, and still not in the product. I'm sure many like myself are looking at other products that include this functionality.

  • Coach Natalie
    Coach Natalie Administrator, Moderator admin

    Hello All,

    At this time, there are no further updates on this request. As soon as any news becomes available, we'll be sure to update this post accordingly.

    Thanks!

    -Coach Natalie

  • darren_woods
    darren_woods Member

    I would like this feature as well.

  • MoLaufy
    MoLaufy Member

    Please please please give us a tab where we can track debt payment more clearly. Your "Goals" section has been so helpful in my savings goals, but debt payment could REALLY benefit from it's own tab where we can watch it move towards 0, pick a method of debt repayment, see how long it'll take to reach out goal, get rewarded for staying on track, etc.

    Thank you!

  • MoLaufy
    MoLaufy Member
    edited September 2023

    Please please please. This is the only missing feature! Student loans are back, Simplifi. We could really use the feature.

  • bump Please please please. This is the only missing feature! Student loans are back, Simplifi. We could really use the feature.

  • Came here to also chime in and say I would love this feature. I'm in the process of transitioning all of my data from Mint (R.I.P.) and they had this feature. I used it to successfully pay off several cards using the snowball method. Please add this option to Simplifi.

  • Please!

  • RobWilk
    RobWilk Superuser ✭✭✭✭✭
    edited November 2023

    This has 109 votes, may be similar:

    (scroll to first message on the below page - edit: it seems you have to click the date to see the post):


    Rob Wilkens