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Quicken for Mac 2018: Loan What If screen can't handle extra principal and one-time payments togethe

Andrew B
Andrew B Member ✭✭
Quicken for Mac 2018, 5.5.3, El Capitan 10.11.6

I have just upgraded from Quicken 2015. In the new Edit Loan and Payment Terms screen, I put in all of the relevant numbers for my mortgage, including a $300 extra principal payment I make each month. The graphical display looks correct to me: Original Payoff Oct 2042, Expected Payoff Jan 2027, etc., matching the bank's website.

If I go to the What If tab, it has the $300 principal payment pre-filled and the chart looks the same.

However, if I then change over to 'make a one-time payment', it appears to forget about the extra monthly principal. It tells me a $20K principal payment will ADD 10 months before I pay it off.

What I really want to know is, how will my mortgage be affected if I make an extra one-time payment in addition to what I'm already doing? If it can't tell me that, the tool doesn't actually help me plan at all.

Thanks,
Andrew

Comments

  • John_M
    John_M Member ✭✭✭✭
    edited February 2018
    My suggestion is to just put in the $20,000 payment in the register as of the date you think you want to make the payment. Then go to the loan tool and see what effect it has on your amortization schedule.



    You can vary the date and amount of the extra payment any way you wish. Then, if you decide not to make the payment, you can just delete the transaction. No harm, no foul.
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