Enter information about current loans

1. If necessary, click Current loans in the Planner menu to the left.

2. In the Current loans section of the page, click Edit.

3. Click New to add a new loan, if necessary. For more information on setting up a loan, see Set up a loan.

4. Click Payoff if you intend to use a final balloon payment ( Some loan schedules are set up with a "balloon" payment at the end. This final payment is substantially larger than other payments in the schedule, and it pays off the balance of the loan in one lump sum. Balloon loans are sometimes called "partially amortized loans". Loans structured with a balloon payment usually have a lower interest rate or offer other advantages to compensate for the large balloon payment required. ) to pay off your loan. Click Payoff early with one balloon payment on: and enter the date of your final payment.


  • What if I already entered a mortgage in the Asset Accounts dialog?
    If you entered a mortgage in the Asset Accounts dialog, the Lifetime Planner automatically lists it here. It does not mean that the loan is counted twice toward your overall debt. The Lifetime Planner knows there is only one loan for your house, but presents it here so you can have one place to update and track all your loans.
  • Tips about entering loans
    Loan payments include money you borrow from others and expect to repay over periods greater than one year. Loans decrease your net worth.

    • The first time you enter a loan, he Lifetime Planner automatically calculates the periodic payment and current balance amounts.

    • If the loan is for less than a year, do not enter it in the Loans dialog. Instead, enter your loan payments for the loan in the Asset Expenses dialog. Set the duration of the expense to be a multiple-year expense for one year, and then set the expense amount to be the actual monthly payment.

    • If you're entering a loan for a specific asset, enter the loan in the Assets section.

    • If your loan is for a period of months, the Lifetime Planner rounds the loan up to the nearest year. For example, if your loan in Quicken is for 19 months, the Planner rounds it up to 2 years.

    • If you've set up loans in the Debt Reduction Planner, and you've chosen to include loans associated with the Debt Reduction Planner in your overall plan, don't include those loans in this dialog.

    • Loan accounts where you lend money to others cannot be entered. This type of loan is ignored by the Planner and other planning tools. If you have such a loan, enter the payments you receive as other income.
  • General tips
    For general information on filling out the Lifetime Planner, see the Tips topic.

Return to Get started with the Lifetime Planner.