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Loan Term - 40 year Max? [updated title] (5 Legacy Votes)

Hi All,

Am I doing something wrong or is it that when setting up a loan, the maximum Loan Term must be no more than 40 years?  I have a loan with a 47 year term that I'd like to model but it doesn't seem to be an option.

Thanks
Rob
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  • Quicken HaroldQuicken Harold Alumni ✭✭✭✭
    edited April 2018
    Hi Rob, appreciate your question.

    Yes, that is true, you cannot setup a loan for more than 40 years..  I just experimented in my Quicken and got this response:
    image

    I can submit as a request for a future version of Quicken..

    Also, I have changed the type of this post so that users can look at and vote for this..

    Respectfully,
    ~ Quicken Harold.
    Quicken Harold
    Community Moderator
  • UnknownUnknown Member
    edited September 2018
    :-)  Yup, that would be the one :-)  So much for having super long term mortgages setup.  I was surprised that I hadn't run across the question when searching previously.  Maybe I'm the only one that needs this LOL.

    Thanks for confirming.

    -Rob
  • UKRUKR SuperUser ✭✭✭✭✭
    edited May 10

    :-)  Yup, that would be the one :-)  So much for having super long term mortgages setup.  I was surprised that I hadn't run across the question when searching previously.  Maybe I'm the only one that needs this LOL.

    Thanks for confirming.

    -Rob

    Shudder ... 47 years ... I'm just trying to wrap my head around the amount of interest you would be paying over 47 years.
    How much would that be? 2, 3, 4 times the amount of the loan, depending on interest rate?
    No wonder the mortgage companies are so filthy rich.
  • UnknownUnknown Member
    edited November 2019

    :-)  Yup, that would be the one :-)  So much for having super long term mortgages setup.  I was surprised that I hadn't run across the question when searching previously.  Maybe I'm the only one that needs this LOL.

    Thanks for confirming.

    -Rob

    Might have borrowed from a family trust, at a concessional rate, and the interest returned is to the benefit of the next generation. But you're the expert. Regards
  • UnknownUnknown Member
    edited November 2019

    :-)  Yup, that would be the one :-)  So much for having super long term mortgages setup.  I was surprised that I hadn't run across the question when searching previously.  Maybe I'm the only one that needs this LOL.

    Thanks for confirming.

    -Rob

    @ Bob Kuhnle: Here are two links which might help you model your long mortgage. The Google sheets version: (https://sites.google.com/site/spreadsheets/spreadsheet-categories/financial-sheets/mortgage-amortiza...) can be downloaded and definitely allows modification to include a 47 year term.

    I have not tried the MS Excel version, but it should also allow a longer term. Excel here: ( https://templates.office.com/en-us/Loan-amortization-schedule-TM10073881 )
    Regards
  • UnknownUnknown Member
    edited November 2019

    :-)  Yup, that would be the one :-)  So much for having super long term mortgages setup.  I was surprised that I hadn't run across the question when searching previously.  Maybe I'm the only one that needs this LOL.

    Thanks for confirming.

    -Rob

    Unable to modify the Excel model beyond 40 yrs.  However,  from the Google Sheets modeler at the first (Google) link above, a $ 200,000 loan for 47 years with a 5 % annual interest rate,(and 12 payments of approx $ 922 monthly per year, no extra principal payments, first payment assumed due 4/1/2018,) is paid off 3/1/2065, with cumulative interest paid of about $ 320,000.  image
  • UKRUKR SuperUser ✭✭✭✭✭
    edited November 2019

    :-)  Yup, that would be the one :-)  So much for having super long term mortgages setup.  I was surprised that I hadn't run across the question when searching previously.  Maybe I'm the only one that needs this LOL.

    Thanks for confirming.

    -Rob

    Now here's a loan that I would pay off as fast as possible!
    Paying 320,000 in interest over the entire life of the loan for 200,000 borrowed is ridiculous!
    Imagine what you could do with all the money you don't have to pay in interest if you pay off early.


    OTOH, changing Quicken to allow for longer term loans sounds like a good idea to me.

  • UnknownUnknown Member
    edited November 2019

    :-)  Yup, that would be the one :-)  So much for having super long term mortgages setup.  I was surprised that I hadn't run across the question when searching previously.  Maybe I'm the only one that needs this LOL.

    Thanks for confirming.

    -Rob

    The tool at the Sheets link above allows the borrower to run a scenario or several to see the impact of making extra principal payments in any month to shorten the loan pay -off date and reduce life-of-loan outlay on INTEREST (corrected). Regards
  • Quicken_NatalieQuicken_Natalie Moderator mod
    Hello All,

    This Idea seems to have fallen stagnant and due to the age of the request and lack of User Votes/Comments, it will be archived within the next 7 business days.

    If you would like to see this Idea kept alive and considered for possible future implementation in Quicken, be sure to add your vote and a comment explaining how this Idea would be beneficial for you.

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    Thank you,

    Quicken Community Support Team

     
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