There are two ways to model paying off your mortgage early.

  1. Increase your total monthly payments toward your mortgage

  2. Make a lump sum withdrawal (PlannerPlus feature)

Increase your total monthly payments

NewRetirement automatically calculates your mortgage payment based on your mortgage balance and interest entered. Any amount beyond the calculated interest payment will be applied toward the principal.

  1. Go to My Plan > Home & Real Estate.

  2. Increase the monthly payment

  3. PlannerPlus members can go to the Expense Projection chart on Insights > Income & Savings to see the year mortgage payments will end.

  4. Repeat steps 2 & 3 until your mortgage is paid off at your desired goal.

Make a lump-sum withdrawal to fund your mortgage paydown.

You can apply funds from a withdrawal towards mortgages. Any amount in addition to your monthly mortgage payment will be applied toward the principal.

  1. Go to My Plan > Withdrawals.

  2. Select which account will fund the payment

  3. Select the account or disbursement that will receive the payment (e.g., Primary Home Mortgage)

  4. Enter the amount for payment

  5. Enter the year "You" when you make the payment (even if the payment is towards your spouse's account).

  6. PlannerPlus members can go to the Expense Projection chart on Insights > Income & Savings to see the year mortgage payments will end.

  7. Repeat steps 2 & 3 until your mortgage is paid off at your desired goal.

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