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Lifetime planner and debt reduction plan

h stansfield

I have my home mortgage in the debt reduction plan, and am making extra mortgage payments, with the plan to have the mortgage paid off in another 30 months (end of 2028). I'm also working on the lifetime planner (I think the potential of the simulator graphs is great). Note: I do not include any credit card accounts in the debt reduction plan because I pay them off in full, every month, and have for years.

When I put the debt reduction plan into the lifetime planner, while removing the mortgage loan from the lifetime planner, it fails. When I look at the annual bar graphs, it takes 'this year's' "special payment" amount (the debt reduction payment) and extends it forever into the future, rather than have it vanish at the end of 2028.

The only way I can make the lifetime planner sort of work is to exclude the debt reduction plan, include the mortgage loan, and define a balloon payment in 12/28 to payoff.

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Comments

mshiggins

@h stansfield are your payments of extra principal the same amount each month and are the extra principal payments included with your regular mortgage payments? If so, one workaround is to skip the Debt Reduction Plan and just increase your mortgage payment in Quicken to the amount that includes the extra principal.

Boatnmaniac

https://community.quicken.com/discussion/comment/20551007#Comment_20551007

I actually think this might actually be the best way of doing it because when the extra principal is added (preferably as a separate line item to the Loan Reminder) not only will it be accurately captured in the Lifetime Planner but Quicken will then take it into consideration when it recalculates the amortization and payoff schedules. And that means the interest amounts will change which would then would be captured in the tax reports (Tax Schedule, Tax Summary, Schedule A) and in Tax Planner as well as in Lifetime Planner.