Mortgage "What if I paid extra in principal per payment Monthly?" for period of time

Alshub07070

Is it possible to have Mortgage "What if I paid extra in principal per payment Monthly?" for period of time?  Like - I would want to pay extra principal for a year (or several months) and see how it will affect my mortgage.

mshiggins

It's not currently possible to model a period of extra payments that is different than the length of time it takes to pay off the debt using the Debt Reduction Planner or the loan account What If tool. The options are pay a one time extra amount or pay a fixed additional amount for the remainder of the payment schedule.



A couple of ideas on how you might estimate the impact of a limited set of additional payments:



Add up the amount of extra principal you would pay over the course of your additional payment period and enter that amount as a one time additional payment in the Debt Reduction Planner or loan account what if tool.



Create a reminder for the extra principal payments for the period you want to pay extra amounts and use Projected Balances to see the impact of the additional payments over time.



Create a reminder for the extra principal payments for the period you want to pay extra amounts and use Show Reminders in the loan account register to see the impact of the additional payments on the loan balance.