How Do I: Properly Schedule Extra Principal Payments

1. How do I add future additional principal payments?
2. How do I see when a mortgage is paid off when applying future additional principal payments?

Comments

  • TXShooter
    TXShooter Member ✭✭✭
    Hello? Is there anybody out there? Just not, if you could hear me.... is anyone home?
  • UKR
    UKR SuperUser ✭✭✭✭✭
    Nobody home. Everybody has crawled into their caves and rolled the big rock over the entrance, due to the virus outbreak ... B)
    If your loan is a "manual loan account" in Quicken, not activated for downloading information from the bank:
    To add extra principal payment to an existing loan go into Payment Details, click the Edit loan details button. In the popup you will find a field where to input your additional principal amount. When you save that, the existing Scheduled Reminder for the monthly payment from checking will be updated. The payoff schedule in Loan Details will also be updated to reflect the projected new payoff date.
  • TXShooter
    TXShooter Member ✭✭✭
    UKR said:
    Nobody home. Everybody has crawled into their caves and rolled the big rock over the entrance, due to the virus outbreak ... B)
    If your loan is a "manual loan account" in Quicken, not activated for downloading information from the bank:
    To add extra principal payment to an existing loan go into Payment Details, click the Edit loan details button. In the popup you will find a field where to input your additional principal amount. When you save that, the existing Scheduled Reminder for the monthly payment from checking will be updated. The payoff schedule in Loan Details will also be updated to reflect the projected new payoff date.
    My loan is set up as a manual transfer. But, entering additional principals for future, not immediate transfers, like only the summer months from two months away to 2030... how do you do that?

    How do you see the payoff date for that, and the affected Projected Balance in the winter of 2031?
  • UKR
    UKR SuperUser ✭✭✭✭✭
    Sorry, as with every Scheduled Reminder, you cannot set up a variable payment schedule for future payments.
    The only thing you can do is to edit your payment details before you make the first payment with an additional amount and leave it like that until you decide to change or remove the additional payment amount again several months later.
    And no, sorry again, you can't set this up to see the payoff date for something variable like that.

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