Money doesn't like scheduled debt in the debt reduction planner. If you want
to pay extra, revise the loan by using the 'Change Loan Terms' button on the
details page. Check the 'Other Fees' button on the next page. After entering
the effective date, click another 'Other Fees' button.

Add a line to the details with a category of 'Principal Transfer'. That's a
hidden 'special' category that won't show in the drop-down box until you
type it in. Enter the amount of the extra principal payment and complete the
changes. After doing the above, go to the account register, Analyze Loan,
View Loan Amortization Schedule. The revised payment will be reflected in
the principal and the loan duration will be reduced accordingly.

I know of no way to calculate automatically how much extra to pay in order
to close the loan in a certain period of time. You probably could simply
revise the loan by reducing duration to your desired time, but that would
make the principal look obligatory. Maybe you could do that to find out how
much it would take, then revert to the bank's figures but add the extra
principal as I outline above.

If you have credit card or revolving debt, it's likely to have a higher
interest rate. It's nuts to pay extra on your secured loan before you've
poured everything you can into the higher-priced unsecured/revolving loan.
--
Chris Cowles,
Gainesville, FL


"Sam" <anonymous[at]discussions.microsoft.com> wrote in message
news:121201c47b64$20f57600$a601280a[at]phx.gbl...
- quote -

Hello ... I set up an automobile loan in November, 2003 on
my Money 2004 software. It is a 5 year auto loan. I
recorded the payments (we use a major online bank system)
without any difficulty. The problem is how this loan is
handled in the budget. It is listed under "Special" and I
am unable to modify the budgeted amount. If I set-up the
auto loan under the "Debt Reduction Planner", the budgeted
amount does show but is incorrect ... the total of the 12
monthly payments does not agree with the budgeted loan
amount. In addition, when using the "Debt Reduction
Planner", the budgeted amount for this auto loan in my
budget changes after I make a payment. This is a regular
installament loan. I am using Windows 2000 Pro and all
Windows and Money updates are applied. Thanks.