Page 1 of 1

Mortgage paid off

Posted: Wed Feb 12, 2020 4:43 pm
by rsn010
In the future, our vacation home will be paid off saving us about $111,000 per year. I have input this as misc income on the expected date to the end of plan since it is an annual savings. Is this the best way to handle? If so, I assume that I can model an early payoff in the same manner. Thx.

Re: Mortgage paid off

Posted: Wed Feb 12, 2020 5:43 pm
by jimr
Using an extra income cash flow to track an expense going away seems like a roundabout way to handle that.

If I'm understanding you correctly, it might be clearer to deduct the annual mortgage amount from your overall annual retirement expenses, then trck the mortgage expense separately using an "other expense" cash flow in additional inputs that starts at retirement and ends when you expect to pay off the mortgage.

Re: Mortgage paid off

Posted: Thu Feb 27, 2020 3:35 am
by Tanker_62
Thanks for the explanation, I'm not the OP but I'm finishing to pay off my mortgage in September this year, so I'm in a similar situation.