Payback Machine
Premium Feature
The Payback Machine is a premium feature. Upgrade to unlock debt payoff planning and interest tracking.
The Payback Machine helps you create a plan to become debt-free. It shows exactly what your debt is costing you and calculates the fastest path to paying it off.
Overview
If you have credit accounts (credit cards, lines of credit, loans), the Payback Machine provides:
- Total debt overview across all accounts
- Daily interest cost - see debt accumulating in real-time
- Payoff strategies to minimize interest or maximize quick wins
- Extra payment calculator to see the impact of paying more
Features
Debt Summary
At a glance, see:
- Total owed across all accounts
- Debt-free date - when you'll be done paying
- Total interest you'll pay
- Daily interest cost - how much debt costs you each day
Strategy Selection
Choose your payoff approach:
Save the Most (Avalanche)
Pay off high-interest debt first:
- Minimizes total interest paid
- Mathematically optimal
- Best for disciplined payers
Quick Wins (Snowball)
Pay off smallest balances first:
- Clears accounts faster
- Builds momentum and motivation
- Great for staying motivated
Balanced (Hybrid)
A mix of both strategies:
- Some quick wins for motivation
- Some interest savings
- Good middle ground
Extra Payment Calculator
See the impact of paying extra each month:
- Slide to adjust from $0 to $500 extra
- See how much interest you'd save
- See how much faster you'd be debt-free
Even small extra payments can make a big difference over time.
Payoff Order
A prioritized list showing:
- Which account to focus on first
- Monthly payment for each account
- Months until each account is paid off
- Interest cost for each account
The first account in the list is marked "Start here" - focus your extra payments there.
How It Works
Account Detection
The Payback Machine uses your credit accounts:
- Credit cards
- Lines of credit
- Personal loans
Set up accounts in the Accounts section with:
- Current balance
- Interest rate
- Minimum payment
Calculations
The system calculates:
- Minimum payments to all accounts
- Extra payment allocation based on your chosen strategy
- Interest accumulation over time
- Payoff timeline for each account
Strategy Comparison
See all three strategies side by side:
- Total interest paid for each
- Months to payoff for each
- Choose based on your priorities
Setting Up Accounts
For the Payback Machine to work, you need credit accounts:
- Go to Accounts in the main menu
- Add your credit accounts
- Enter balance, interest rate, and minimum payment
- Return to the Payback Machine to see your plan
Required Information
For each account:
| Field | Description |
|---|---|
| Account Name | Your name for the account |
| Current Balance | How much you owe |
| Interest Rate | APR (annual percentage rate) |
| Minimum Payment | Monthly minimum due |
Recommendations
The Payback Machine provides personalized tips:
- Balance transfer opportunities
- Payment timing optimization
- Account consolidation suggestions
- Extra payment recommendations
Example: Paying Off Credit Cards
Let's say you have:
- Card A: $5,000 at 19.99% APR, $100 minimum
- Card B: $2,000 at 24.99% APR, $50 minimum
- Card C: $500 at 12.99% APR, $25 minimum
Avalanche Strategy (Save the Most): Pay Card B first (highest rate), then Card A, then Card C.
Snowball Strategy (Quick Wins): Pay Card C first (smallest balance), then Card B, then Card A.
The Payback Machine calculates:
- Exactly how much interest you'll pay with each strategy
- When you'll be debt-free
- The payoff order and monthly payments
Daily Interest Reality Check
One of the most powerful features is the daily interest display:
- See how much interest accumulates every single day
- Understand the true cost of carrying debt
- Motivate yourself to pay down balances faster
For example: $7,500 in credit card debt at 20% APR costs about $4.11 per day in interest.
Premium Features
With the Payback Machine, you get:
| Feature | Description |
|---|---|
| Strategy Comparison | See all three strategies side by side |
| Extra Payment Calculator | Model the impact of paying more |
| Daily Interest Tracking | See debt cost accumulating |
| Prioritized Payoff Order | Know exactly where to focus |
| Personalized Recommendations | AI-powered tips for your situation |
No Debt? Great!
If you don't have any credit accounts, you'll see a congratulatory message. Keep up the great financial management!
Next Steps
- Add credit accounts in Accounts to use the Payback Machine
- Review Insights for your overall financial picture
- Try What-If Scenarios to model paying off debt faster