Home Forums how-to Set up early payoff of mortgage

Viewing 4 reply threads
  • Author
    Posts
    • #462
      Blairski
      Participant

      Hello,

      Another thing I am not sure if it is correct. It has to do with home property. What you should see on the screen shot below is my home to be paid off by 2023. I am not sure why the negative value isn’t progressing to zero gradually. I am not paying off $215,376 in the last year. Makes me feel I have input something wrong.

      screenshot of home property early payoff

      Thanks,

      Blair

    • #464
      darrowk
      Participant

      Hi Blair, unfortunately I’m not able to see your screenshot, which makes this hard to diagnose. (Maybe David can help us debug that.)

      Meanwhile, I just did a simple test of a PropertyEvent with early payoff and it seemed to work as expected. The Home Loan went down gradually, then went to zero in the year of the payoff.

      I’m wondering if you have an explicit End Year set on that PropertyEvent? That means the house is being sold in that year, vs. being held indefinitely. (We need to document that better, and I’ve made a note of it.) Try setting End Year to unending if that’s the problem.

      My simple test:

      Start Year: 2008, this is the year the house is purchased
      End Year: unending
      Purchase Price: 250000
      Financed: 80%
      APR: 4%
      Mortgage: 30, need this for amortization even if being payed off early
      Early Payoff Year: 2023

    • #468
      Blairski
      Participant
    • #469
      Blairski
      Participant

      Try the link above to a file hosting site. It worked for me.

      • This reply was modified 3 years, 2 months ago by Blairski.
    • #471
      darrowk
      Participant

      Ok Blair, that worked, I can see your screen now.

      What I’m seeing looks like the sale of a home, not an early payoff. That the Home Property column goes to zero in 2023 means you no longer own the asset. Typically this would happen if you set an End Year on the PropertyEvent, instead of or in addition to an Early Payoff Year. The End Year is used as the year when the property is sold. Try setting End Year to unending if that’s the problem.

      If that doesn’t get you going, the next step would be to send us a screen shot of your input data for that Home event. Also please confirm that early payoff is your intention, because your starting message above says “I am not paying off $215,376 in the last year.” Thanks.

      • This reply was modified 3 years, 1 month ago by darrowk.
      • This reply was modified 3 years, 1 month ago by darrowk.
Viewing 4 reply threads
  • You must be logged in to reply to this topic.