Quick Start
Get your mortgage tracking set up in under 5 minutes.
This guide walks you through adding your first loan and seeing your complete payoff timeline. By the end, you'll understand your current mortgage position and know exactly when you'll be debt-free.
What you'll accomplish:
Set up your loan with current details
See your complete payment schedule
View your payoff date and total interest
Understand your Dashboard cards
Time required: 5 minutes
Before You Begin
Grab your most recent mortgage statement. You'll need:
Current principal balance
Interest rate (annual percentage)
Monthly payment amount
Loan start date (or original loan amount)
Don't have your statement handy? Call your mortgage lender to get all info before proceeding
Step 1: Choose Your Loan Type
When you first open PayOff Pro, you'll see two options:
New Mortgage Choose this if you're:
Exploring loan options before buying
Planning a future purchase
Testing different loan scenarios
Existing Loan Choose this if you're:
Already making mortgage payments
Taking over an existing mortgage
Refinancing a current loan
For this guide, we'll set up an existing loan (the most common scenario).
Tap "Existing Loan" to continue.
Step 2: Enter Your Loan Details
You'll see a clean form with four main fields. Here's what to enter and where to find each number on your statement:
Current Balance
What it is: The principal you still owe (not including upcoming interest).
Where to find it: Look for "Principal Balance" or "Current Balance" on your statement.
Enter this amount in the Current Balance field.
Interest Rate
What it is: Your annual interest rate as a percentage.
Where to find it: Listed as "Interest Rate" or "APR" near the top of your statement. Typically between 3% and 7% for recent mortgages.
Enter just the number (e.g., "5.625" not "5.625%"). PayOff Pro adds the % symbol automatically.
Monthly Payment
What it is: Your regular monthly principal + interest payment (not including taxes or insurance).
Where to find it: Look for "Principal & Interest" amount. Don't include escrow amounts for taxes or insurance—just the amount going to your loan.
Important: If your statement shows a total payment including taxes and insurance, subtract those amounts to get just the principal + interest portion.
Enter this amount (e.g., "2175.98").
Loan Start Date
What it is: The month and year you first started making payments on this loan.
Where to find it: Listed as "Loan Date," "Origination Date," or "First Payment Date" on your statement. If refinanced, use the refinance date, not your original mortgage date.
Tap the calendar icon to select the month and year.
Review Your Entries
Before continuing, double-check:
✓ Balance matches your statement exactly
✓ Interest rate includes decimals (e.g., 5.625, not just 5)
✓ Monthly payment is principal + interest only
✓ Start date reflects when payments began on this loan
Tap "Continue" when ready.
Step 3: Review Your Calculation
PayOff Pro calculates your complete loan schedule instantly. You'll see a confirmation screen showing:
Original Loan Amount PayOff Pro works backward from your current balance, payment, and rate to calculate how much you originally borrowed. This should match your loan documents.
Payments Remaining How many more payments until you're debt-free (at current payment rate).
Total Interest (Original Schedule) Total interest you'll pay over the full loan term if you only make required payments.
Does this look right? Compare the original loan amount to your loan documents. If it matches (within a few dollars), your setup is correct.
Step 4: Explore Your Dashboard
Congratulations! Your loan is set up. You'll land on the Dashboard with three key cards:
Current Balance Card
Shows your current financial position:
Current Balance: What you still owe
Monthly Payment Amount
Interest
Payoff Date in Years and Months.
Monthly Payment Card
Shows this month's payment breakdown:
Payment Amount: Your required monthly payment
To Interest: Amount paid to lender
Extra Payments: Any additional amounts you've added
Notice: Early in your loan, more goes to interest. Later, more goes to principal. This is normal amortization behavior.
Principal Progress Card
Shows your path to debt freedom:
Percentage Paid: How much you've conquered
Remaining: Balance on your loan.
How much you have saved in years, assuming you made extra payments from inception of the loan.
Step 5: View Your Payment Schedule
Tap the "Schedule" tab at the bottom of the screen.
You'll see every single payment from now until your loan is paid off:
Month and year for each payment
Principal and interest breakdown
Remaining balance after each payment
Extra payments you've added (if any)
Scroll down to see the transformation: watch as interest amounts shrink and principal amounts grow over time.
Why this matters: Understanding this schedule helps you see why extra payments early in your loan have such powerful impact—you're fighting less interest, so more money attacks principal directly.
What You've Accomplished
In just 5 minutes or less, you've:
✓ Set up your complete loan in PayOff Pro
✓ Verified your payoff timeline
✓ Explored your Dashboard cards
✓ Seen your complete payment schedule
Your loan data is now tracking. Every month, you can update your balance to reflect payments made and see your progress toward debt freedom.
Next Steps: Unlock More Power
Now that your loan is set up, try these features:
Add Your First Extra Payment — Time: 2 minutes Record an additional payment beyond your required amount and watch your payoff date move closer. Learn how →
Run a What-If Scenario — Time: 3 minutes Test different payment strategies without affecting your actual loan data. See what happens if you add $100, $200, or $500 per month. Try What-If mode →
Understand Your Interest Savings — Time: 5 minutes Learn exactly how extra payments save money and why paying extra early in your loan multiplies your savings. See the math →
Export Your Schedule — Time: 1 minute Save your complete amortization schedule as a CSV file for your records or financial planning. Export guide →
Tips for Success
Update Monthly
After each mortgage payment, update your current balance in PayOff Pro. This keeps your projections accurate and lets you see real progress month by month.
To update: Dashboard > Loan Balance Card > Tap Edit icon > Enter new balance
Track Extra Payments Immediately
Added extra principal to your payment? Record it in PayOff Pro right away. Even $50 makes a difference—tracking shows the cumulative power of consistency.
To add: Extra Payments tab > Tap + button > Enter amount and date
Use What-If Before Committing
Before making a large extra payment, test it in What-If mode. See the exact impact on your payoff date and interest savings. Make informed decisions with real numbers.
To test: What-If tab > Add hypothetical payment > Review results
Celebrate Milestones
PayOff Pro tracks nine milestone achievements from 1% to 100% principal paid. Check your progress regularly—seeing your advancement builds momentum toward debt freedom.
To view: Dashboard > Principal Progress Card > View Milestones
Common Questions
My payoff date seems different from my lender's. Why?
Likely reasons:
Your lender may include escrow (property taxes, insurance) in their projections
Different rounding methods can cause small variations
Your lender might project extra payments you haven't entered yet
Solution: Verify your balance, rate, and payment match exactly. PayOff Pro uses standard amortization formulas—if your inputs match your statement, calculations should align within a few dollars.
Can I track multiple mortgages or loans?
Currently: PayOff Pro tracks one loan at a time. This keeps the interface focused and simple.
Workaround: You can delete your current loan and add a different one, or use What-If scenarios to compare different loan strategies.
Do I need to connect to my bank?
No. PayOff Pro never connects to external services. All data stays on your iPhone. You enter information manually, which gives you complete control and privacy.
Is my financial data safe?
Absolutely. PayOff Pro stores all loan information locally on your iPhone. Nothing is uploaded to servers. No account is required. Your mortgage details never leave your device.
Learn more: Privacy & Data Security →
You're Ready!
Your loan is set up and tracking. Now you can:
Monitor your progress month by month
Add extra payments and see instant impact
Test different payoff strategies
Understand exactly where your money goes
Your journey to debt freedom starts with understanding. PayOff Pro gives you the clarity to make confident financial decisions.
Last Updated: 2025-10-16 Guide Version: 1.0 App Version: PayOff Pro v1.0
Last updated