Is there any easy way to model making a very occasional, but significant (up to 10% of balance), extra payment of principal on a mortgage?

I plan to retire in approx 3 years and want to model refinancing my mortgage at that time (after having made extra payments during those years). I don't see how to do that in ESP. The primary home section asks for current mortgage and has a section for a change of primary home which assumes selling the current home and buying a new one. But that is not what I want to model. I want the program to reflect my current mortgage but then model refinancing it 3 years out at retirement. How?

Hi,

I'm trying to model a move, including selling my current house and using the proceeds as a balloon payment on a new house mortgage. If I put down a 20% down payment on the Change of Home panel amortized over 15 years, that will get reflected in the housing report. If I increase the the down payment to reflect a balloon payment, the housing report will show a lower mortgage payment, but still over 15 years, whereas in reality a balloon payment will shorten the duration of the mortgage period, but not the contractual monthly payment.

I rolled my information over to 2016 and notice that the annual mortgage payment in the housing report does not equal my monthly mortgage payment x12. It's approximately $1000 less than it should be by my calculation. Note that I did update the mortgage information with mortgage balance and years remaining.

TIA for reply.

How can ESPlanner be used to model the impact of extra monthly principal payments for a home mortgage on living standard?

If I have a lump sum business payout that will allow me to pay off my mortgage five years from now, how can I accurately reflect that in the software?

I can't get this to work or find instructions on how to do it. I want to examine the scenario of selling a property (not my home) in 2016, use the proceeds to payoff the mortgage concurrently, and use the remaining proceeds to pay down a mortgage on a second property. I enter 2016 in item 8 of the real estate general form and the program does sell the property that year. However, I can't seem to get it to payoff the mortgage concurrently with the sales. If I make no change to the mortgage tab, the program appears to continue paying the mortgage for the remaining 22 years.

When making the entry for the monthly payment, is the figure to be supplied there principal and interest only? I am thinking it is since taxes and insurance are accounted for elsewhere.

I currently have about $57K in mortgage. In about 4 years, I plan to take a reverse mortgage, using the proceeds to pay off the mortgage and then spending the remainder as needed. How should this be entered? I thought of just using special expenditures and special receipts, but that doesn't eliminate the monthly mortgage payment I have today. I also thought of using First Change in home by showing the sale and subsequent purchase of a new home with no loan. Please advise. Also, is there a way to model using a monthly payment from the reverse mortgage provider vs.