How Do I: Properly Schedule Extra Principal Payments

TXShooter
TXShooter Member ✭✭✭
in Budgeting and Planning Tools (Windows)
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?

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  • Unknown
    Unknown
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  • UKR
    UKR Quicken Windows Subscription 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.
  • Unknown
    Unknown
    This content has been removed.
  • UKR
    UKR Quicken Windows Subscription 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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