Dear Torrid Support:
I need a little coaching on how to show what happens when the mortgage pays
off. Is there some way to enter the outstanding balance, the payment, and
the interest rate show that available cash increases in the year the payoff
happens?
Please let me know.
Thanks,
Tony D.
To model a mortgage, we don't track equity or amortization. You CAN however model what happens after a mortgage is paid off for example. Say a couple is retiring but won't pay off mortgage until 3 years into retirement. Say their mortgage is $1000 a month or $12,000 annually. Then on the Special Expenses screen, enter the mortgage as an expense, value $12,000, starting at retirement age 65, for duration 3 years. Once that 3 years is up, the program is modeling their reduced expenses...