The other method doesn't require readjusting the loan every month. Once you
define the new p+i payment, Money will define the new loan term and you will
be "good to go" until you want to change the amount of extra principal
again.

"komobu" <curranpg[at]gmail.com> wrote in message
news:1161907564.823574.232240[at]m7g2000cwm.googlegroups.com...
- quote -

Thanks Dick;

That makes more sense to me than completely re-adjusting the loan every
month. I'll check it out.

Take Care
Pat

I can't speak for what Money can do by getting data from the FI, but I doubt
that figuring out what you have as scheduled payments is included.

If all you want to do is to adjust each payment, or the scheduled payment
series, by adding extra principal to the transaction(s), there's a way to do
that as well. I didn't provide this because you said you wanted Money to be
able to tell you when the new payoff will be adjusted for all of your
payments being higher.

The way to add extra principal is to edit the payments or the payment series
to add an additional split to the Loan Payment computes Principal Transfer
and [interest expense] lines. The additional line is category Principal
Transfer (Money will only allow and will assume the target account of the
Loan Payment) in the amount of the additional principal payment. Done. But
the scheduled Loan Payment series will still think it's as long as just the
first Principal Transfer amount would run it out for. Every time you edit
the series, however, this number will get recalculated based on the then-
balance of the loan so eventually the end date for the series and the
reality of the more rapidly declining loan balance will converge.

I hope this makes sense.

"komobu" <curranpg[at]gmail.com> wrote in message
news:1161836910.361824.4270[at]h48g2000cwc.googlegroups.com...
- quote -

Hi;

Thanks for your time answering my posts....I do appreciate it.

What I was expecting as far as extra principal goes, was the program to
log onto my mortgage website, obtain my outstanding balance, and then
recalculate the pay-off date based on the scheduled payments being made
for the rest of the loan. This could also be accomplished without going
to a website. There could simply be an additional field for extra
principal. When you place dollars in that field, the program would then
recalculate the length of the loan. I heard that an older version of MS
Money actually had an "Extra Principal" expence category. I havent been
able to locate that in MS Money 2007.

Pat

Dick Watson wrote:
- quote -

How much easier could it get? You think the thought and Money reacts?

"komobu" <curranpg[at]gmail.com> wrote in message
news:1161807967.028067.189720[at]k70g2000cwa.googlegroups.com...
- quote -

Thanks! Seems like there should be an easier way!!!
Dick Watson wrote:
- quote -

If you want the whole loan recalculated, you will have go to the loan
account settings and change the loan terms. Specify interest rate and the
new PI amount (old amount plus your extra principal amount) but leave length
blank.

"komobu" <curranpg[at]gmail.com> wrote in message
news:1161779586.252752.102820[at]f16g2000cwb.googlegroups.com...
- quote -

I am using MS Money Delux 2007. I have a mortgage payment of 625 a
month. Every month I pay at least 200 extra towards the principal. I
have been doing this since 1993. How do I add the extra principal to
the calculated payment and get the loan to re adjust itself for the
sooner payoff?

Thanks
Pat