The Debt Progress sheet gives you a custom analysis for your debt payoff journey. The plan information is intended to be a guide as you start this debt freedom journey. The Accounts to Track table gives you information about recommended monthly payments. The Summary Info areas on the right give you a timeline, nudges about how much your interest is costing you, charts your payment progress, and offers comparison information between the snowball and avalanche payoff methods.
The recommended payments for each debt account in the Accounts to Track table are estimations calculated based on the minimum monthly payment, the monthly interest cost for the debt, and the chosen payoff method. The recommended payment amounts are only intended to reflect what’s necessary to pay off the starting balance of the debt.
Note: These recommended payments do not factor in extra money that might need to be paid in order to cover new purchases made in the current statement period so that new debt is not accumulated.
Debt Freedom Date
This summary box tells you the estimated payoff date for all your tracked debts, how much your debt is costing you in interest each month, and how much interest you’ll pay over the lifetime of your debts with the current plan. The intent of this info is to motivate you to allocate more toward your monthly payment goal so that you end up paying less in interest over the course of your debt payoff period.
Rolling Payment History
The Rolling Payment History chart plots out the sum of estimated payments for all tracked accounts since your Start Month. It’s based on the balance history data for all your tracked accounts. It overlays the payment history on top of your current monthly payment goal so you can see where you met, exceeded, or fell short of your goal for a given month. If you're just starting out with the Debt Progress sheet you won't see any data in this chart until you've made payments (so you've been using it about a month).
Note: if you change your Monthly Payment Goal at the top of the Debt Progress sheet, the baseline for the current monthly goal in this chart will change to reflect this revised goal. The chart does not display previously set monthly goal data. It only reflects the currently set goal.
The scenario comparisons provide a guide for how a revised monthly payment goal or using a different payoff method would affect the total interest paid and/or accelerate debt payoff.
Read what's next: Customizing Your Debt Payoff Plan