PowerPay uses the balance, monthly payment, and annual interest rate for all of the debts in question. The program constructs amortization tables for each debt to determine payment allocations. As a debt is projected to be paid off, that debt's monthly payment is directed to a different debt according to a selected sequence. The debts are paid according to highest interest rate first, lowest balance first, shortest term first, or in a customized order entered into the computer. Total costs and repayment time for debt reduction with power payments are compared to costs and repayment time without power payments.
Users quickly see the impact of various repayment sequences.
PowerPay provides several printouts, all of which can be customized to reflect the name of the institution providing the assistance. The repayment summary compares savings for each creditor. A repayment calendar provides a monthly projection of the dollar amounts going to each creditor. The options comparison gives a quick look at the benefits of each of the repayment alternatives. PowerPay has several additional educational features.