After you create your debt reduction plan, Quicken makes it easy to see what would happen if you changed your monthly payment amount, made a onetime payment on top of your regular monthly payment, or changed the order in which you paid off your debts. As you experiment, keep in mind that Quicken will not replace your current debt reduction plan unless you tell it to. So feel free to play around!
- Click the Planning tab.
- Click the Debt Reduction button.
- Choose Plan Actions > Explore other plan options.
The graph displays the total amount of your debt, and when you will be debt free. The green line projects the result of following your Current Plan; the blue line projects the result of following your Alternative Plan, which you will create in this window. Note that all amounts are rounded up to the nearest dollar.
- Change your monthly payment amount
Move the slider to see the effect of making a different monthly payment on your debt. You can also type an amount if you'd like. Remember, this is the cumulative amount you want to pay on your debts. As you experiment, the graph changes to project a new payoff date. The total amount of interest you will pay is also updated.
- Make a onetime payment on top of your regular payment
If you want to accelerate your plan, enter an immediate onetime payment amount to make towards your debt. As you experiment, the graph changes to project a new payoff date. The total amount of interest you will pay is also updated.
- Change the payoff order of your debts
Click Change Order to see the effect of paying off your debts in a different order. To learn more, see Change the payoff order.
- Replace your Current Plan with your Alternative Plan
To replace your current plan with your new plan, click Update My Plan. Quicken updates your payment schedule and lists the new amounts to pay on each debt, month by month.
