How to setup mortgage so extra principal payments do not recalculate the payment schedule?

Question

Quicken for Windows used to, prior to subscription product (2017 and before) NOT recalculate and change the payment schedule when I made extra principal payments on my mortgage.  How do I setup a mortgage, or change it so that extra principal payments do NOT change the payment schedule?

Frankx · Answer

Hi @gspillman,

Can you give us a little more information so we can understand exactly what the problem is?  One helpful point would be to let us know what it is that is "recalculate(d) and change(s) the payment schedule" - you are talking about mortgage payment reminders?  If not, where are you seeing these "changes"?

Frankx

Chris_QPW · Answer

When you say it is changing the payment schedule, in what way is it changing?

The payment amount and the date shouldn't change, but certainly how much interest vs principal should change.  It certainly did when I had loans years ago.  There would be little point in paying early if you end up having to pay the same amount of interest at the end of the loan.