Debt Repayment Options

Snap offers you a few debt repayment options.  You can edit the debt repayment information on the Debts page or on the Planning page after you have set up the loan.
Option 1: Edit monthly payments on the Debts page
It is on the Debts page that you set up the initial information about the loan.  If you wish to change the monthly repayment of the loan you can make the change in the Monthly column shown below. This will change the client's regular payment.

Option 2: Edit annual payments on the Planning page

If you determine that it is wise for your client to pay their debt (e.g. mortgage) faster, you can also modify their regular payment on the Planning page for one year or multiple years and re-pay the debt faster.
1. Click the blue value under the Amount Paid column for the year you wish to change the debt repayment.

In this example, the house has been linked to this mortgage and in the year of the house sale, the mortgage is automatically being paid off. That is why the 4th year shows a higher amount paid.

If the client is intending to pay off the mortgage more quickly, you can click on the value under the Amount Paid column and adjust it. For example, here we show that they are planning to accelerate the payments starting next year.  We entered $16,000 for the amount paid for the next 2 years.   Click here for more information about editing values on the Planning page.

This feature is especially helpful if you are trying to pay off the entire mortgage in one year.   You don't need to calculate the exact amount due with interest. Simply enter a larger amount and that amount will be automatically adjusted by the software to the actual amount due.

In this example, we can enter $45,000 in the second row to replace the $16,000 that is currently there.  Once we click Run Scenario to update the calculations, you will see the software has updated the $45,000 value entered to $39,467 which is the actual amount due by the end of the year.

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