General - 8. How does DueMinder calculate payments? I have checked my statements and the payments and balances seem to be off by a couple dollars here and there from what DueMinder tells me.

8. How does DueMinder calculate payments? I have checked my statements and the payments and balances seem to be off by a couple dollars here and there from what DueMinder tells me.

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Answer

DueMinder estimates future payments using a model of a typical issuer billing algorithm. Fees are calculated using a daily compounded interest method based on the interest rate you enter for an account and/or loan. The minimum payment is calculated using the “Percent Payment” field on the account. Because the payment calculations are estimates, you should update interest rates, minimum payment information, and balances in DueMinder on a monthly basis. You must always follow your agreement with the lender, regardless of the predictions in DueMinder.

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Newsflash

DueMinder's Debt Manager is currently in Beta Testing. This means that major features are complete, and that testing continues by a large group of real users. We are on schedule for a fully operational, General Availability release Feb 1, 2009.

Current development news:

- Notifications are now enabled (payment notifications, periodic account summary)
- Account Summary includes kicker amount and principle payment efficiency
- Bug fixing continues
- Work on documentation continues

Steps to DueMinder

Create a plan
Enter Account Info

Commit to a payment
Consolidated view
Recommends payments

Play 'what-if' scenarios
DueMinder sends reminders
Debt Free in 5-7 Years!