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Accelerating paying off mortgage

Two (somewhat independent) questions:
1. How do you tell ESPlanner you want to accelerate paying off the mortgage? The mortgage may be 15 years but I want to pay it off in 7 and lower my living standard temporarily
2. How do you tell ESPlanner you want to take cash and apply it to the principle on the mortgage? We're looking at buying a new home and about a year later selling the current home. I want the net gain to go towards the new mortgage principle. Doing it in reverse order (sell then buy) results in the wrong taxes and fees.

1

1. You can't, not directly.

If you want to see the effect of paying the mortgage off early, you need to create a new profile with a 7 year mortgage instead of a 15 year mortgage.

2. You can't. Not directly.

You have to model it as selling the new house, selling the existing house and buying a 3rd house with a larger down payment.

Best,

Dick Munroe

2

Hi, On question 2, there is a simpler way, namely enter an amount of regular assets that is smaller by $X, where X is the amount you intend to immediately use to pay down your mortgage and then change your mortgage so that its outstanding value is $X lower. best, Larry