Debt Payoff

Debt Payoff turns what your bank already knows about your cards and loans — balance, rate, minimum, last payment — into a plan: when each is clear, what the interest is costing, and where an extra dollar goes furthest.

What you see

• Your debts: what you owe, what you pay a month, what the interest costs a month and in all, and years to debt-free.
• Owed, then and to come: the last year from your transactions, then each debt down to zero.
• Which first: highest rate first, with what each costs a month.
• Every debt: rate, owed, payment, minimum and when it is clear, flagged when a payment is the minimum or does not cover the interest.
• Where your payments went: interest against what paid the balance down, month by month, and minimum vs what you pay.

Set up in two minutes

1. Pick the bank your cards or loans are with. You can connect one right there in the install.
2. Install. BankSync sets up a Debts table your bank keeps current (balance, rate, minimum, last payment), an Accounts table with every balance, your Transactions, a sync each morning and the dashboard.
3. Want to see what paying more does? Set a Planned payment on a debt in the Debts table: the dates and interest move with it.
4. Switch on the monthly note if you would like what you owe on the 1st.

Good to know

• Only debts your bank reports as cards or loans with their rate are planned. A card, loan or line of credit it reports only a balance for (an auto loan or HELOC often) is counted in what you owe and drawn, but not planned: it says “No rate from your bank”. A mortgage is listed under Every debt but left out of the plan and its totals: Net Worth tracks your home.
• The plan assumes the same payment and rate every month; a card’s minimum often falls as the balance does, so “at the minimum” is at today’s minimum.
• History is rebuilt from the debt accounts’ transactions: it reaches as far back as your bank sends them, and a month nothing moved on a debt keeps its balance (a debt with no transactions synced is drawn level).
• A payment that does not cover the month’s interest never clears the debt, and the dashboard says so.
• Totals and the balances chart add the currency most of what you owe is in; a debt in another currency is listed in its own, not added.
• The monthly note arrives on the 1st at 08:00 your time, and only after you switch it on.