<topic sku="dlxbiz" tNum="287178" author="leighanw" xmlns="x-schema:hhTopicSchema.xml"><index><title>Learn about the Loans & Debt page in the Lifetime Planner</title><category>lifeplan</category><klink type="cncpt">Tell me about the Loans & Debt page in the Lifetime Planner</klink></index>
<content>
<p>On the <emph>Loans & Debt</emph> page, you can keep track of loans you already have as well as loans you plan to take out. These loans will be included in your lifetime plan's forecasts. The top half of this page lists:</p>
<ul>
<li><emph>Loans not in your debt reduction plan.</emph> These include most low-interest loans and loans with a scheduled end date, such as your home mortgage.</li>
<li><emph>Loans in your debt reduction plan.</emph> These may include high-interest loans and any debt without a scheduled end date, including credit card and line-of-credit debt.</li>
</ul>
<p>When you click an item in the top half of the page, Money shows its details in the bottom half. On the <emph>Loans & Debt</emph> page, you can:</p>
<ul>
<li>Add current or future loans.</li>
<li>Change the details of an existing loan.</li>
<li>Delete a loan.</li>
<li>Review current information on each loan.</li>
</ul>
</content>
<footer>
<extend>
<tease>How do I view the <emph>Loans & Debt</emph> page?</tease>
<reveal>
<ol>
<li>On the <emph>Planner</emph> menu, click <emph>Lifetime Planner</emph>.</li>
<li>In the left pane, click <emph>Loans & Debt</emph>.</li>
</ol>
</reveal>
</extend>
<extend>
<tease>How does Money calculate the current loan or debt balance?</tease>
<reveal>
Assuming you're paying on schedule for a given loan or other debt, Money uses the account register amount for this loan. If that's not available, Money uses the last date in the account register and the loan's payment schedule to determine the loan balance.
</reveal>
</extend>
<extend>
<tease>Should I enter loans borrowed by my partner or someone else?</tease>
<reveal>
<p>Yes, if you and your partner share finances. Don't enter your children's loans or loans for other family members. Otherwise, the forecasts of your finances will not be accurate.</p>
</reveal>
</extend>
<extend>
<tease>How do I enter other loan fees?</tease>
<reveal>
<p>For forecasting purposes, Money uses only the loan and interest. Other fees are ignored. If you want to include large loan fees in your long-term forecast, you'll need to enter them as expenses:</p>
<ul>
<li>Enter fees such as insurance or tax reserves that end when you sell your house in the New Loan Account wizard. <alink type="prcdr" href="Createaloanaccount.xml"/> You can also enter the fees in the Change Loan wizard. <alink type="prcdr" href="ChangeLoanaccountinformation.xml"/></li>
<li>Enter other one-time fees as special expenses. <alink type="prcdr" href="addanewonetimeexpensetomyplan.xml"/></li>
<li>Enter other recurring fees as part of your living expenses. <alink type="prcdr" href="Definemycurrentannuallivingexpenses.xml"/></li>
</ul>
</reveal>
</extend>
<extend>
<tease>How can I compare two loans I'm considering?</tease>
<reveal>
<p>Use the Loan Comparison worksheet. Near the upper left, click <emph>Home</emph>. In the <emph>Choose a view</emph> box, click <emph>House</emph>. Under <emph>Financing Homes</emph>, click <emph>Calculate the costs of a loan or compare two loans</emph>.</p>
