50 Year Mortgages in Quicken for Windows

UKR

Someone in Washington proposed making mortgages available with a 50 year term.

So I tried to set up an offline mortgage account with a 50 year duration. I wanted to see how much interest I would have to pay over the term of the loan.

Surprise, surprise … the loan setup wizard only allowed for a term of 40 years.

Can that be changed, please?
I mean, knowing how fast things can change in Washington these days, Quicken should be able to handle 50 year mortgages … or even longer terms.
Let's be ahead of the curve and support it while the government and the banks are still thinking about it.

BTW, this should also apply to Quicken Mac.

The Property & Debt tab's Loan Calculator has no problems calculating for terms > 30 years but doesn't give a total amount of interest paid.

Quicken Anja

Hello @UKR,

Thanks for posting!

I went ahead and changed your post to an Idea so other users who have the same or a similar request can vote on it. As for requesting this on Mac, it would be best to create a separate Idea post in the Mac Ideas category (as I'm sure you know).

Please be sure to add your own vote as well.

Thank you!

UKR

https://community.quicken.com/discussion/comment/20521730#Comment_20521730

Thanks for turning this change request into an Idea. I will be sure to ask about this in the Mac categories.

As far as this request is concerned, I was hoping we could be a little more proactive and get this change implemented before the first customer requests come in, reporting a Problem: Cannot add a new 50+ year mortgage account

Let's be ahead of the curve for once and not let the request rot in the Ideas jail until, a few years from now, it has collected a few more votes.

Thanks for your consideration
UKR

Jim_Harman

Note that in the 1990s, 100 year mortgages were popular in Japan. I think the idea was to minimize monthly payments and also reduce inheritance taxes by passing on the debt along with the asset to future generations.

Quicken Anja

https://community.quicken.com/discussion/comment/20521776#Comment_20521776

Thanks, UKR—I will pass along your post internally as well!

Chris_QPW

https://community.quicken.com/discussion/comment/20521787#Comment_20521787

I'm sure the whole point for the 50-year mortgage in the US is to "make houses affordable"/reduce monthly payments. I find it really ironic that a person with an interest only loan (for some period of time) can answer this question as yes "Do you own your home?", and this would pretty much be another example of that.

Interesting running the numbers.

30-year fixed interest loan with about the current interest rate. The amount of interest paid on a $400,000 loan is $369,201.61.

Change that to 50 years: $687,860.47.

Quicken Anja

@UKR—just letting you know that I updated the status of this Idea to Under Consideration as I got the "OK" to create a ticket to submit it to our Product and Development team for further review.

Thank you!