(Canadian
user since '92, STILL using QM2007)Loan Amortization in Quicken for Mac (333 Legacy Votes)
Quicken Community
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Add Loan Amortization! I can't believe this function is missing in a financial management software system! I've been a Quicken Windows user for years and I can't believe the Mac version was designed without the ability to track loan principal and interest. Please add this function!!!
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Agreed! This is an important function.0
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I also wish this tool was available. Seems nuts to have to go to Excel to run an amortization!1
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We're working our way through the list of top vote getters on the mac compare site. http://bit.ly/1RdCWGa. We added 12-Month Budgets in 2016 and now we're turning our attention to the other top vote getters which include customizable reports and loans. Can you provide more details about what you want with this feature. Is it to be able to do manual entry of mortgage payments and have the principle and interest split automatically calculated or what if analysis on loans to figure out pay off dates, etc. It's interesting that one person's loan amortization feature is not the same as the next guys.0
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I would like it to operate similar to quicken for windows. I occasionally make extra principle payments and would like it to calculate no principle/interest payments.Quicken Marcus said:We're working our way through the list of top vote getters on the mac compare site. http://bit.ly/1RdCWGa. We added 12-Month Budgets in 2016 and now we're turning our attention to the other top vote getters which include customizable reports and loans. Can you provide more details about what you want with this feature. Is it to be able to do manual entry of mortgage payments and have the principle and interest split automatically calculated or what if analysis on loans to figure out pay off dates, etc. It's interesting that one person's loan amortization feature is not the same as the next guys.
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Really....you want to know what loan amortization is>>>>> I want the program to automatically calculate and enter the correct interest and principal payment each month like it does in Quicken for windows. It is absolutely crazy that this feature is not part of the program every other major program, including Quicken for windows and older versions for Mac includes this basic and necessary accounting feature.1
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Marcus, my two cents: follow the iterative approach you started with when creating this next-generation Mac product. Start with the basics, and then add the bells and whistles later if users ask for more. Don't spend 12 months designing the Mercedes when 90% of users will be happy to have the Ford.Quicken Marcus said:We're working our way through the list of top vote getters on the mac compare site. http://bit.ly/1RdCWGa. We added 12-Month Budgets in 2016 and now we're turning our attention to the other top vote getters which include customizable reports and loans. Can you provide more details about what you want with this feature. Is it to be able to do manual entry of mortgage payments and have the principle and interest split automatically calculated or what if analysis on loans to figure out pay off dates, etc. It's interesting that one person's loan amortization feature is not the same as the next guys.
Quicken Mac Subscription • Quicken user since 19930 -
I agree with jacobs. Just get the function in there. I want automatic tracking of principal and interest so I don't have to log in to my online accounts and look at the interest and principal every month. Yes, payoff date should be easy enough to add to show. Quicken Windows setup worked fine when I had it.Quicken Marcus said:We're working our way through the list of top vote getters on the mac compare site. http://bit.ly/1RdCWGa. We added 12-Month Budgets in 2016 and now we're turning our attention to the other top vote getters which include customizable reports and loans. Can you provide more details about what you want with this feature. Is it to be able to do manual entry of mortgage payments and have the principle and interest split automatically calculated or what if analysis on loans to figure out pay off dates, etc. It's interesting that one person's loan amortization feature is not the same as the next guys.
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Absolutely same view here, Marcus. I'm glad you're paying attention to this, but this isn't some "check the votes on the forum and put it on the future features list" thing. This is table stakes - the very first thing Quicken needs after bank accounts. It applies to EVERYONE who has a mortgage, car loan, student loan, etc. Please do not spend a minute thinking about what this feature needs to include. Go look at Quicken for Windows and replicate what it does. 80/20 rule. Get the basics right. When I create a loan, I should be able to tell Quicken the principal, interest rate and term (number of months) and monthly payment. It should then calculate out how much of each payment will go to principal vs. interest, a split that will change every month as the principal balance drops, and let me set the payment up as a recurring monthly transaction. End of story. That gets the ball over the net. I don't calculate a payoff balance every month. If I have to call the bank for that, it's not big deal. I DO make a payment every month. Marcus, If I sound a little agitated about this, I am. I am still running Quicken for Windows under Parallels on my Mac because Q for Mac can't amortize a loan. It is a HUGE pain in the ****. By that I mean that yesterday, I upgraded fromYosemite to El Cap. That took 2 hours. I spent another 4 hours trying to get Parallels to work under El Cap. Still not working. The only reason I'm doing any of that is that Quicken for Mac can't amortize a loan. This is BASIC, BASIC, BASIC. Please go show this thread to the Product Owner. Do it now. I'm serious. Please add this feature ASAP. Top of the stack.1
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I just got an email awarding me 75 points for the comment above. Really? I do not want "points." I want the application to do the basic stuff it needs to do so that I can use it. Can I trade in my points for that?!?!?Dan Wallace said:Absolutely same view here, Marcus. I'm glad you're paying attention to this, but this isn't some "check the votes on the forum and put it on the future features list" thing. This is table stakes - the very first thing Quicken needs after bank accounts. It applies to EVERYONE who has a mortgage, car loan, student loan, etc. Please do not spend a minute thinking about what this feature needs to include. Go look at Quicken for Windows and replicate what it does. 80/20 rule. Get the basics right. When I create a loan, I should be able to tell Quicken the principal, interest rate and term (number of months) and monthly payment. It should then calculate out how much of each payment will go to principal vs. interest, a split that will change every month as the principal balance drops, and let me set the payment up as a recurring monthly transaction. End of story. That gets the ball over the net. I don't calculate a payoff balance every month. If I have to call the bank for that, it's not big deal. I DO make a payment every month. Marcus, If I sound a little agitated about this, I am. I am still running Quicken for Windows under Parallels on my Mac because Q for Mac can't amortize a loan. It is a HUGE pain in the ****. By that I mean that yesterday, I upgraded fromYosemite to El Cap. That took 2 hours. I spent another 4 hours trying to get Parallels to work under El Cap. Still not working. The only reason I'm doing any of that is that Quicken for Mac can't amortize a loan. This is BASIC, BASIC, BASIC. Please go show this thread to the Product Owner. Do it now. I'm serious. Please add this feature ASAP. Top of the stack.
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That's the stupid "game-ification" of the Get Satisfaction platform this site is hosted on. It has nothing to do with Quicken. I find it a very inappropriate feature for a support forum; people do not come here to socialize or have ongoing conversations, so awarding points for more posting makes no sense to me. And, I assume, the points are meaningless anyway. Sigh.Dan Wallace said:Absolutely same view here, Marcus. I'm glad you're paying attention to this, but this isn't some "check the votes on the forum and put it on the future features list" thing. This is table stakes - the very first thing Quicken needs after bank accounts. It applies to EVERYONE who has a mortgage, car loan, student loan, etc. Please do not spend a minute thinking about what this feature needs to include. Go look at Quicken for Windows and replicate what it does. 80/20 rule. Get the basics right. When I create a loan, I should be able to tell Quicken the principal, interest rate and term (number of months) and monthly payment. It should then calculate out how much of each payment will go to principal vs. interest, a split that will change every month as the principal balance drops, and let me set the payment up as a recurring monthly transaction. End of story. That gets the ball over the net. I don't calculate a payoff balance every month. If I have to call the bank for that, it's not big deal. I DO make a payment every month. Marcus, If I sound a little agitated about this, I am. I am still running Quicken for Windows under Parallels on my Mac because Q for Mac can't amortize a loan. It is a HUGE pain in the ****. By that I mean that yesterday, I upgraded fromYosemite to El Cap. That took 2 hours. I spent another 4 hours trying to get Parallels to work under El Cap. Still not working. The only reason I'm doing any of that is that Quicken for Mac can't amortize a loan. This is BASIC, BASIC, BASIC. Please go show this thread to the Product Owner. Do it now. I'm serious. Please add this feature ASAP. Top of the stack.
Quicken Mac Subscription • Quicken user since 19930 -
Absolutely agree, Jacobs. It only serves to piss me off. Marcus, where are you? Why have you not responded to those of us who have made a very clear, straightforward request for a very simple, much needed feature?!?!Dan Wallace said:Absolutely same view here, Marcus. I'm glad you're paying attention to this, but this isn't some "check the votes on the forum and put it on the future features list" thing. This is table stakes - the very first thing Quicken needs after bank accounts. It applies to EVERYONE who has a mortgage, car loan, student loan, etc. Please do not spend a minute thinking about what this feature needs to include. Go look at Quicken for Windows and replicate what it does. 80/20 rule. Get the basics right. When I create a loan, I should be able to tell Quicken the principal, interest rate and term (number of months) and monthly payment. It should then calculate out how much of each payment will go to principal vs. interest, a split that will change every month as the principal balance drops, and let me set the payment up as a recurring monthly transaction. End of story. That gets the ball over the net. I don't calculate a payoff balance every month. If I have to call the bank for that, it's not big deal. I DO make a payment every month. Marcus, If I sound a little agitated about this, I am. I am still running Quicken for Windows under Parallels on my Mac because Q for Mac can't amortize a loan. It is a HUGE pain in the ****. By that I mean that yesterday, I upgraded fromYosemite to El Cap. That took 2 hours. I spent another 4 hours trying to get Parallels to work under El Cap. Still not working. The only reason I'm doing any of that is that Quicken for Mac can't amortize a loan. This is BASIC, BASIC, BASIC. Please go show this thread to the Product Owner. Do it now. I'm serious. Please add this feature ASAP. Top of the stack.
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Marcus? Marcus?0
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Agree this feature is required; I spent time on this site prior to going over to the MAC version so I was aware this feature was not available. Going to one of the templates in Notebook will solve this in the short term until the feature is integrated into QM.Kathleen Kane said:Agreed! This is an important function.
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Yes, replicate what is available in QWDan Wallace said:Absolutely same view here, Marcus. I'm glad you're paying attention to this, but this isn't some "check the votes on the forum and put it on the future features list" thing. This is table stakes - the very first thing Quicken needs after bank accounts. It applies to EVERYONE who has a mortgage, car loan, student loan, etc. Please do not spend a minute thinking about what this feature needs to include. Go look at Quicken for Windows and replicate what it does. 80/20 rule. Get the basics right. When I create a loan, I should be able to tell Quicken the principal, interest rate and term (number of months) and monthly payment. It should then calculate out how much of each payment will go to principal vs. interest, a split that will change every month as the principal balance drops, and let me set the payment up as a recurring monthly transaction. End of story. That gets the ball over the net. I don't calculate a payoff balance every month. If I have to call the bank for that, it's not big deal. I DO make a payment every month. Marcus, If I sound a little agitated about this, I am. I am still running Quicken for Windows under Parallels on my Mac because Q for Mac can't amortize a loan. It is a HUGE pain in the ****. By that I mean that yesterday, I upgraded fromYosemite to El Cap. That took 2 hours. I spent another 4 hours trying to get Parallels to work under El Cap. Still not working. The only reason I'm doing any of that is that Quicken for Mac can't amortize a loan. This is BASIC, BASIC, BASIC. Please go show this thread to the Product Owner. Do it now. I'm serious. Please add this feature ASAP. Top of the stack.
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It should be noted that this feature was available in Quicken 2007 for Mac!! The version that I imported my data from. It is funny that now I have an "Assets & Loans" section under My Accounts that lists my Mortgage and Car loan but they are now broken and can no longer do the basic principal/interest calculations that the previous version of Quicken 2007 for Mac could. Terrible user experience, and terrible response form Quicken, placing 12 month budgets at the top of the pile based purely on user input? Understand letting users vote up features is a great idea, but at some point Quicken needs to put their foot down and prioritize core functionality that is missing, and causing many of their long term users a lot of grief.1
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Chris, I think they're trying to do exactly what you suggest: address the areas users have ranked the highest priority. If more people were clamoring for the (previously absent) budget functionality than the (still absent) loam amortization functionality, it seems reasonable that they did budget before loans.Chris Streeter said:It should be noted that this feature was available in Quicken 2007 for Mac!! The version that I imported my data from. It is funny that now I have an "Assets & Loans" section under My Accounts that lists my Mortgage and Car loan but they are now broken and can no longer do the basic principal/interest calculations that the previous version of Quicken 2007 for Mac could. Terrible user experience, and terrible response form Quicken, placing 12 month budgets at the top of the pile based purely on user input? Understand letting users vote up features is a great idea, but at some point Quicken needs to put their foot down and prioritize core functionality that is missing, and causing many of their long term users a lot of grief.
Aside from that, and agreeing that loan amortization should absolutely be included in the program, its absence shouldn't be causing you as much pain as you're indicating it is. You have your liability/loan account, right? Each each month, you either download or have a scheduled monthly transaction in Quicken for your loan payment. You make that payment a split, with part categorized to interest expense and part transferred to the loan account. Quicken handles all this currently. So the only piece that's missing is the automatic calculation of how much of each month's payment is interest expense versus payment of the loan balance. So what I suggest you do is Google loan amortization schedule and choose one of the many free calculators out there (like this or this). Print your loan schedule or save it as a PDF. Now, each month, all you need to do is open the payment transaction and adjust the split amounts to match your schedule. It takes less than a minute each month. Again, I'm not arguing against Quicken implementing this much-requested functionality -- I'm only trying to show you it's relatively easy to work around until they do.Quicken Mac Subscription • Quicken user since 19930 -
Jacobs...It is also relatively easy to manually keep track of all your bills, payment and deposits. That doesn't make it preferable. I just have a hard time accepting that a function that was previously available, even in the mac version of Quicken, is no longer there. After all, it is a complete pain in the butt to have to adjust every loan split each month. Way more work than say....did I spend more than I expected to this month? I have several loans and mortgages and pay additional principal on each so even a standard amortization schedule printed out would not be simple enough. In the older versions, you input the term, interest rate and original loan amount and when you entered a payment, the program took care of the rest. I think what we are discussing here isn't what we can do to "work around" the problem, we are all intelligent enough to do that, we are discussing the fact that we are passionate about getting this feature into the program and voicing our feelings regarding that.0
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Bump. Marcus.Quicken Marcus said:We're working our way through the list of top vote getters on the mac compare site. http://bit.ly/1RdCWGa. We added 12-Month Budgets in 2016 and now we're turning our attention to the other top vote getters which include customizable reports and loans. Can you provide more details about what you want with this feature. Is it to be able to do manual entry of mortgage payments and have the principle and interest split automatically calculated or what if analysis on loans to figure out pay off dates, etc. It's interesting that one person's loan amortization feature is not the same as the next guys.
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I'd like for it to operate as it does in QM 2007. Scheduled transaction that automatically calculates and inputs right principal and interest. Easy. Let's do that again.Quicken Marcus said:We're working our way through the list of top vote getters on the mac compare site. http://bit.ly/1RdCWGa. We added 12-Month Budgets in 2016 and now we're turning our attention to the other top vote getters which include customizable reports and loans. Can you provide more details about what you want with this feature. Is it to be able to do manual entry of mortgage payments and have the principle and interest split automatically calculated or what if analysis on loans to figure out pay off dates, etc. It's interesting that one person's loan amortization feature is not the same as the next guys.
QMac Subscription - iMac - Quicken Mac user since 19950 -
Bump! Marcus!Quicken Marcus said:We're working our way through the list of top vote getters on the mac compare site. http://bit.ly/1RdCWGa. We added 12-Month Budgets in 2016 and now we're turning our attention to the other top vote getters which include customizable reports and loans. Can you provide more details about what you want with this feature. Is it to be able to do manual entry of mortgage payments and have the principle and interest split automatically calculated or what if analysis on loans to figure out pay off dates, etc. It's interesting that one person's loan amortization feature is not the same as the next guys.
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For those who have not, be sure to add your VOTE for this feature by clicking VOTE at the top right of this page. That is one effective way to make your voice count and try to influence the priorities of the developers.
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(Canadian user since '92, STILL using QM2007)0 -
I had been using Quicken 2014 in a VM for the past few years and just decided to get this antic OS X version last night. So far I am getting used to it pretty well, but have to say that I was pretty disappointed when I found out there was no amortization. I only have a few loans (mortgage and car payment), but the idea that I will have to look up the amortization schedule and manually enter the P&I each time seems to be opposite all the other areas that are automated for me in this new version.0
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John, I don't disagree at all -- as I wrote: "loan amortization should absolutely be included in the program." My post on this was only to help people manage the situation until the developers do get it added. For the time being, for many users with a loan or two, it's not terribly hard to record the loans and loan payments without the calculation built in. (You say everyone is intelligent enough to work around the omission, but some people actually don't realize how they can do so.)John Longo said:Jacobs...It is also relatively easy to manually keep track of all your bills, payment and deposits. That doesn't make it preferable. I just have a hard time accepting that a function that was previously available, even in the mac version of Quicken, is no longer there. After all, it is a complete pain in the butt to have to adjust every loan split each month. Way more work than say....did I spend more than I expected to this month? I have several loans and mortgages and pay additional principal on each so even a standard amortization schedule printed out would not be simple enough. In the older versions, you input the term, interest rate and original loan amount and when you entered a payment, the program took care of the rest. I think what we are discussing here isn't what we can do to "work around" the problem, we are all intelligent enough to do that, we are discussing the fact that we are passionate about getting this feature into the program and voicing our feelings regarding that.
The good news is that it seems from the post by product manager Marcus above that this is one of the most-requested features users have been asking for, and they're working on it for a future release.Quicken Mac Subscription • Quicken user since 19930 -
Chris, yes, this is one of the missing features in Quicken Mac that has caused a lot of frustration on the part of users over the past two years. The good news is that it seems from the post by product manager Marcus above that this is one of the most-requested features users have been asking for, and they're working on it for a future release.Chris Kelley said:I had been using Quicken 2014 in a VM for the past few years and just decided to get this antic OS X version last night. So far I am getting used to it pretty well, but have to say that I was pretty disappointed when I found out there was no amortization. I only have a few loans (mortgage and car payment), but the idea that I will have to look up the amortization schedule and manually enter the P&I each time seems to be opposite all the other areas that are automated for me in this new version.
One thing that might help, if you aren't already doing this, is that you can set up a loan payment as a scheduled monthly transaction, with the payment from your checking account split between paying down the liability account and interest expense. Each month, all you need to do is edit the split transaction with the current month's interest and principal amounts. While it's not automated the way it ought to be, it's something most people can do in about a minute each month if you've printed out an amortization schedule, or log into toy loan to see the split amounts. (Again, I'm not suggesting this is the way it should be, just trying to help until they get the functionality added to the program.)Quicken Mac Subscription • Quicken user since 19930 -
Agree, just get it in there, basic loan functions, so we can add them, you can tweak it later. Need it now!Quicken Marcus said:We're working our way through the list of top vote getters on the mac compare site. http://bit.ly/1RdCWGa. We added 12-Month Budgets in 2016 and now we're turning our attention to the other top vote getters which include customizable reports and loans. Can you provide more details about what you want with this feature. Is it to be able to do manual entry of mortgage payments and have the principle and interest split automatically calculated or what if analysis on loans to figure out pay off dates, etc. It's interesting that one person's loan amortization feature is not the same as the next guys.
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Make sure to add your VOTE by clicking VOTE at the top to make your voice count.Quicken Marcus said:We're working our way through the list of top vote getters on the mac compare site. http://bit.ly/1RdCWGa. We added 12-Month Budgets in 2016 and now we're turning our attention to the other top vote getters which include customizable reports and loans. Can you provide more details about what you want with this feature. Is it to be able to do manual entry of mortgage payments and have the principle and interest split automatically calculated or what if analysis on loans to figure out pay off dates, etc. It's interesting that one person's loan amortization feature is not the same as the next guys.
(If you find this reply helpful, please be sure to click "Like", so others will know, thanks.)Have Questions? Help Guide for Quicken for Mac
FAQs: Quicken Mac • Quicken Windows • Quicken Mobile
Add your VOTE to Quicken for Mac Product Ideas
Object to Quicken's business model, using up 25% of your screen? Add your vote here:Quicken should eliminate the LARGE Ad space when a subscription expires
(Canadian user since '92, STILL using QM2007)0 -
My issue when setting this up is that when I looked at my budget for those categories it would show $0 spent. It saw this payment as a transfer to my Asset account to as a bill payed. This makes all loan setup useless if it doesn't show in you budget every month.Chris Kelley said:I had been using Quicken 2014 in a VM for the past few years and just decided to get this antic OS X version last night. So far I am getting used to it pretty well, but have to say that I was pretty disappointed when I found out there was no amortization. I only have a few loans (mortgage and car payment), but the idea that I will have to look up the amortization schedule and manually enter the P&I each time seems to be opposite all the other areas that are automated for me in this new version.
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You're right, but I think the issue you raise here is an issue they need to fix with the budget module. Currently, transfers don't show up in the budget, but clearly people's loan payments are something they want to include in their budget. On the other hand, when you pay your credit card bill from your checking account, that's also a transfer, but not something you'd budget for (because you budgeted for the itemized credit card expenses). So the trick is for Quicken to enable a way for users to include certain types of transfer in the budget but not others. And it gets dicier still when it comes to something like savings. If I set a goal of setting aside $500 a month in savings, and I executive on that by transferring money from my checking account into my brokerage money market account, that's a transfer -- but some people would say it's not an expense, it's a reallocation of money you already have, while others would say their budget isn't useful if they couldn't include in it a way to budget for savings.Chris Kelley said:I had been using Quicken 2014 in a VM for the past few years and just decided to get this antic OS X version last night. So far I am getting used to it pretty well, but have to say that I was pretty disappointed when I found out there was no amortization. I only have a few loans (mortgage and car payment), but the idea that I will have to look up the amortization schedule and manually enter the P&I each time seems to be opposite all the other areas that are automated for me in this new version.
I'm just pointing this out to note that it's not quite as obvious or easy a change as it might at first seem. But hopefully they will add a way to budget for money transfer which are, for budgeting purposes viewed as expenses, even though for financial purposes they are simply transfers of funds that are not expenses.Quicken Mac Subscription • Quicken user since 19930 -
I think the budgeting of transfers was supported in QM2007, but I didn't set up my budgets that way. I just added a category for housing:mortgage to account for the principal and then deducted that amount from the mortgage principal account. I didn't like mixing in the transfers with the budget. This really comes down to a personal preference. Regardless, loan amortization in general is a desperately needed feature I think we all agree on.Chris Kelley said:I had been using Quicken 2014 in a VM for the past few years and just decided to get this antic OS X version last night. So far I am getting used to it pretty well, but have to say that I was pretty disappointed when I found out there was no amortization. I only have a few loans (mortgage and car payment), but the idea that I will have to look up the amortization schedule and manually enter the P&I each time seems to be opposite all the other areas that are automated for me in this new version.
QMac Subscription - iMac - Quicken Mac user since 19950 -
There are easy ways around budgeting for savings. You can have you auto deposit from your employer part of you paycheck directly into savings. Also you can set your income budget for only what you plan to spend not money you have transferred to savings. Not being able to take most peoples largest expenses every month I see as a large oversight.Chris Kelley said:I had been using Quicken 2014 in a VM for the past few years and just decided to get this antic OS X version last night. So far I am getting used to it pretty well, but have to say that I was pretty disappointed when I found out there was no amortization. I only have a few loans (mortgage and car payment), but the idea that I will have to look up the amortization schedule and manually enter the P&I each time seems to be opposite all the other areas that are automated for me in this new version.
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This discussion has been closed.