Extra principal payments on a loan

How do I make an extra principal payment for a loan without the reminder changing? Quicken Deluxe for MAC 6.9.0. Mac OS 10.15.7
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Best Answer

  • Jon
    Jon SuperUser, Mac Beta Beta
    edited September 20 Answer ✓
    If you want to add some extra money to your next regularly scheduled payment without changing the scheduled transaction, the easiest way is to go ahead & mark your upcoming payment as paid. Then you can make whatever changes you want without it affecting any future scheduled payments, because at that point it's a stand-alone transaction.

    If you want to make an extra principal payment separately from your normal loan payment, just enter the payment as a transfer from your checking account to your loan account.

    But doing either of these things should change the principal/interest split of future payments, so either way you do it your scheduled payments aren't going to be totally unaffected.
    Quicken Mac subscription. Quicken user since 1990.

Answers

  • Jon
    Jon SuperUser, Mac Beta Beta
    edited September 20 Answer ✓
    If you want to add some extra money to your next regularly scheduled payment without changing the scheduled transaction, the easiest way is to go ahead & mark your upcoming payment as paid. Then you can make whatever changes you want without it affecting any future scheduled payments, because at that point it's a stand-alone transaction.

    If you want to make an extra principal payment separately from your normal loan payment, just enter the payment as a transfer from your checking account to your loan account.

    But doing either of these things should change the principal/interest split of future payments, so either way you do it your scheduled payments aren't going to be totally unaffected.
    Quicken Mac subscription. Quicken user since 1990.
  • lou_garfinkle
    lou_garfinkle Member ✭✭
    I would have to go back and change to the original loan settings after making an extra payment in the scheduled transaction.