What if scenario-Loans (edited to include topic)
Options
sj82davek
Member ✭✭
Using What-if to add $100 to principle payment each month yields same result as making a one-time payment of $100
0
Best Answer
-
Hello sj82davek,
Thank you for bringing this issue to the attention of the Community, although I apologize you have not yet received a response.
What version/release of Quicken are you using? You can find that by going to Help>About Quicken. Also, please see this FAQ for details on adding more information to your post so that other Community members are best able to assist you.
I was unable to reproduce this behavior when utilizing the What-If Planning Debt Reduction Tool for my loan tracked in Quicken. Before adding anything to the What-If scenario, my monthly payment is $242 and I see that I will be free of this debt in November of 2023:
When adding $100 to my monthly payment, increasing it to $342, I was given a total of $361 that I'd save in interest and was also shown that I would be free of this debt several months early, in August of 2022:
I then added an extra one-time payment of $100 in addition to the increased monthly payment and saw a $16 increase to my interest savings, for a total of $377. However, that does not appear to be enough to deduct any time from the loan:
To cover all possible scenarios, I then changed my monthly payment back to the original $242, but kept the one-time payment of $100 in place, and am now shown that I will save $23 in interest, however, it again appears to not be enough to deduct any time from the loan:
Is this similar to what's displayed when making customizations to your loan using this feature? If not, would you mind providing more details on the specific results you are receiving instead?
Thank you,
Quicken Natalie
5
Answers
-
Hello sj82davek,
Thank you for bringing this issue to the attention of the Community, although I apologize you have not yet received a response.
What version/release of Quicken are you using? You can find that by going to Help>About Quicken. Also, please see this FAQ for details on adding more information to your post so that other Community members are best able to assist you.
I was unable to reproduce this behavior when utilizing the What-If Planning Debt Reduction Tool for my loan tracked in Quicken. Before adding anything to the What-If scenario, my monthly payment is $242 and I see that I will be free of this debt in November of 2023:
When adding $100 to my monthly payment, increasing it to $342, I was given a total of $361 that I'd save in interest and was also shown that I would be free of this debt several months early, in August of 2022:
I then added an extra one-time payment of $100 in addition to the increased monthly payment and saw a $16 increase to my interest savings, for a total of $377. However, that does not appear to be enough to deduct any time from the loan:
To cover all possible scenarios, I then changed my monthly payment back to the original $242, but kept the one-time payment of $100 in place, and am now shown that I will save $23 in interest, however, it again appears to not be enough to deduct any time from the loan:
Is this similar to what's displayed when making customizations to your loan using this feature? If not, would you mind providing more details on the specific results you are receiving instead?
Thank you,
Quicken Natalie
5
This discussion has been closed.