Adding Specific Lump Sum Debt Payments
To help pay off debt faster a Specific Lump Sum Payment can be added. The Specific Lump Sum Payment doesn’t follow the repayment rules and will be applied to that specific debt as long as there is a balance remaining.
Any value in Blue can be double clicked and a specific override value entered.
The Specific Lump Sum Payment is great if you want to explore how quickly you could pay off your mortgage for example. Your mortgage typically wouldn’t receive extra payments if it has an interest rate below the Interest Rate Threshold, but you can add Specific Lump Sum Payments to see how quickly you could pay off your mortgage.
