
Debt payoff tracking app for variable rate loan?
I've seen some people recommend undebt.it for managing debt payoff, but it looks like it cannot accommodate a variable interest rate loan. It seems it can only do an initial promo rate followed by a one-time rate change, as with an introductory credit card scenario.
I need something that can handle an ongoing variable rate like I have with my HELOC. Does anyone know of a debt payoff app or site that includes this option? Undebt.it looks great otherwise, but I want something that can address my whole picture accurately. Thanks!
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Is it a floating rate or does it change on regular intervals? If it floats, then you really won't be able to do anything about it. If it changes on regular intervals, you're just going to have to update your plan everytime the rate changes. Either way, a program like that can't make an accurate prediction with unknown future interest rates.
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I've got it set up and I'm going to try just updating the rate each month when I get the statement. When I looked at my HELOC details, the max rate is far above the current rate and the historical rates for the last decade. I'm worried putting in such a huge rate will throw off the figures too much to be useful. Perhaps I'll update my findings here as I go, in case someone else ends up with this question.