If you have entered a credit card or loan into the Net Worth section of the Profile, you will have the option to also input extra debt payments towards those loans via Extra Debt Payment expense cards.
Extra debt payments can be entered into RightCapital within the Expenses section of the Profile (or the Expenses step of the initial data entry process), by clicking Add Expense > Extra Debt Payment:
Please be aware that this option will not appear if there are no loans within the plan.
Extra Debt Payment Data Entry
Click on this card to open a data entry drawer on the right side of your screen, allowing you to input the details:
Amount - the dollar amount of the extra debt payment. If the payment frequency is set to One-time payment, this will be the total amount. If the payment frequency is set to Recurring payments, this will be a monthly amount.
Debt - Choose the credit card or loan within the plan that this payment will be applied to.
Payment frequency - Determine whether this will be a One-time payment, or Recurring payments.
Expense starts - The start year is the first year the expense is included in the plan.
Expense ends - The end year is the final year the expense is included in the plan. If the Payment frequency is set to One-time payment, this field will be hidden.
Additional Information
Extra Debt Payment Cash Flows Location
Extra debt payments can be tracked within the Retirement > Cash Flows > Summary page, by clicking into the Expenses column. Extra debt payments will be added on top of the original payment amount for that year.
The exact location of the extra debt payment depends on the type of loan that is being paid down. The example below shows a large one-time extra debt payment towards a mortgage, found in the Housing column:
Proposing Extra Debt Payments
Adding an extra debt payment card within the Profile > Expenses section will incorporate that payment into the client's Current Plan in the Retirement Analysis module. To propose an extra debt payment, you can add the exact same data entry card using the Action Items.
