Currently, there is only the option to add monthly minimum payments for debts. This leads to an inaccurate debt payoff estimate and projected interest for loans which are paid on a biweekly schedule, such as cars, mortgages, etc.
This should be live too now! Open your debt goal, tap the pencil, and next to Minimum Payment you’ll find a new Paid picker: Monthly, Twice a month, Every 2 weeks, Every 2 weeks (accelerated) or Weekly. Set it to how the loan is paid and type the minimum and your payment as what goes out each time, not a monthly total. The payoff date, projected interest and the payoff plan convert it from there.
For a car loan at $250 every two weeks, that’s about three years off the old estimate. Thanks for the push on this one :)
Log in to comment and vote
Comments2
team@waypointbudget
Oct 29
Hello @OptoGuy117!
This should be live too now! Open your debt goal, tap the pencil, and next to Minimum Payment you’ll find a new Paid picker: Monthly, Twice a month, Every 2 weeks, Every 2 weeks (accelerated) or Weekly. Set it to how the loan is paid and type the minimum and your payment as what goes out each time, not a monthly total. The payoff date, projected interest and the payoff plan convert it from there.
For a car loan at $250 every two weeks, that’s about three years off the old estimate. Thanks for the push on this one :)
OptoGuy117
Oct 29
Thank you for your hard work!