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Quicken Mac FAQ: How to set up a mortgage/loan (in QM2015/2016)?

smayer97smayer97 SuperUser, Mac Beta, Canada Beta ✭✭✭✭✭
edited December 2018 in FAQ'S (Mac)
Be aware that QM2015 and QM2016 do not have automatic loan amortization like in QM2007. That feature has not been added back in yet. You will need to calculate the interest and principle for each payment manually or use an online loan calculator. 

Essentially these are the steps:
  • create your loan (liability) account
  • create (or find) a category to track the interest portion of the loan
  • create a repeating payment (Bill Reminder aka scheduled transaction) in your payment account which includes a transfer from your payment account to your loan account and breaks down on separate lines the principle and interest portions
  • when each payment is applied, adjust the principle and interest portions
You will need a source to calculate the interest and pricinple portions of the payment.

Also, I suggest you add your vote for this feature here: https://getsatisfaction.com/quickencommunity/topics/loan-amortization-in-quicken-for-mac-2016 to help guide the priorities of the developers.

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Canadian user since '92, STILL using QM2007)


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