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Mortgage What if should allow calculating a lump sum AND extra principal

oboecil66

I always pay extra principal every month and the "what if" tool allows me to see my estimated early payoff date. But now I received a bonus and want to estimate the impact of paying a one-time lump sum amount AND continue to pay the extra principal every month. All I can do right now is pay the lump sum, wait for it to be processed, update Quicken, and THEN see the new payoff date with the extra principal each month. It's a bit annoying because my lump sum amount is flexible and it would be great to know what the best lump sum amount is based on payoff date.

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Comments

Tom Young

"All I can do right now is pay the lump sum, wait for it to be processed, update Quicken, and THEN see the new payoff date with the extra principal each month."

Is this a "downloading loan" where you make the payment through your Quicken checking Account, wait a while for the lender to process the payment and then a day or two later send the updated principal balance to the Quicken loan Account? It sounds like that might be the case since if the loan Account was a non-downloading Account the second you made the payment in the checking Account the loan Account would be updated.