Every debt on one line of years
Cards, loans, car finance and the mortgage, each drawn from today to the month it would be cleared at what you pay now. Interest is worked out month by month on the balance that remains, at each facility's own rate, so a card at 24.9% and a loan at 7.9% run down at very different speeds.
Alongside it, what the interest costs you each day, which is often the figure that changes how a balance feels.
What paying more changes
Add an amount each month and CoreFi works out where it goes and what it saves. Pointed at the highest rate first (the avalanche) it saves the most interest; pointed at the smallest balance first (the snowball) it clears whole debts soonest. Both are shown, with the months and the pounds each one saves.
For a mortgage, the same question is how many years an overpayment takes off the term and how much interest it saves, before any early repayment charge your lender sets.
Questions
What is the difference between the avalanche and the snowball?
The avalanche pays extra towards the highest interest rate first, which costs the least interest overall. The snowball pays the smallest balance first, which clears individual debts sooner. CoreFi shows both with your own balances.
Does it include my mortgage?
Yes, as its own line, with what an overpayment would take off the term. Check your mortgage terms for any limit on overpayments or early repayment charges before making one.
See your own money this way
CoreFi works this out from your own accounts, alongside everything else you own and owe. Join the waitlist and we will email you when it opens.
No spam. One email when it opens, and you can leave the list at any time.