Let’s walk you to how to set up loan payment:
1. Highlight the loan you want to pay and click the Set Up Payment bar to open the Set Up payment window:
2. Payment Information. Loan Manager populates the Payment Information pane automatically for Principal, Interest, & Total, which are taken from the Payment Schedule.
Enter Fess & Charges if there is any. The Escrow field is greyed out because you indicated that there is no escrow payment in the previous blog. Otherwise, it would be filled in automatically.
3. This Payment Is. If the payment is an extra payment instead of regular payment, you have to choose the “An extra payment” option from this drop down menu. Choosing this will set all Principal, Interest, Escrow, & Total to zeroes as an extra payment means amount not in the schedule. You will then have to enter the payment amount accordingly.
4. Payment method. You can either choose Write a check or Enter a Bill option. Once you save your payment in either Write Cheques or Enter Bills window, you will be brought back to Loan Manager window which has a reduced balance as shown below ( after 2 payments):
5. What If Scenarios. This option bar is gives you 5 scenarios to see how the loan if:
• What if I change my payment amount?
• What if I change my interest rate?
• How much will I pay with a new loan?
• What if I refinance my loan?
• Evaluate two new loans
Each scenario will give you different window and option to change. Below is one example if you change the payment amount to $1,000:
