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

smayer97smayer97 SuperUser
edited December 2018 in FAQs
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.


(If you find this reply helpful, please be sure to click "Like", so others will know, thanks.)
If you find this reply helpful, please be sure to click "Like", so others will know, thanks.

(STILL using QM2007, Canadian user since '92)
Have Questions? Check out these FAQs:

Comments

  • smayer97smayer97 SuperUser
    edited August 2018
    You can also watch the following video to help: https://www.youtube.com/watch?v=WNoaWmHWPcQ
    (it mentions Quicken Essentials but it equally applies to QM2016)

    Also, if part of your monthly payment goes to an escrow account for real estate taxes, simply add the following (courtesy of @jacobs):
    • Create a new Asset account called Escrow, and enter the current balance in your escrow account. 
    • add a third split line to your monthly transaction for the amount paid to your escrow account: Category=Transfer, Transfer=Escrow Account. 
    • when you get a tax bill that is paid from your escrow account, you'd make an entry in the escrow account with the Payee="My School District" and the Category=Taxes:Property Tax.
    (If you find this reply helpful, please be sure to click "Like", so others will know, thanks.)
    If you find this reply helpful, please be sure to click "Like", so others will know, thanks.

    (STILL using QM2007, Canadian user since '92)
    Have Questions? Check out these FAQs:
  • smayer97smayer97 SuperUser
    edited August 2018
    Reminder to click "Follow" at the top if you want to receive notifications of any replies to this thread. 

    (If you find this reply helpful, please be sure to click "Like", so others will know, thanks.)
    If you find this reply helpful, please be sure to click "Like", so others will know, thanks.

    (STILL using QM2007, Canadian user since '92)
    Have Questions? Check out these FAQs:
  • smayer97smayer97 SuperUser
    edited August 2018
    Since this feature is NOT available in QM2016 you may want to add your VOTE for the feature for Automated Loan Amortization, here: https://getsatisfaction.com/quickencommunity/topics/loan-amortization-in-quicken-for-mac-2016

    Be sure to click on the link above to go there, then click VOTE at the top of THAT page to increase the count and therefore its visibility to the developers.

    If you do not click VOTE at the top of that page, your vote will NOT be counted!

    (If you find this reply helpful, please be sure to click "Like", so others will know, thanks.)
     
    If you find this reply helpful, please be sure to click "Like", so others will know, thanks.

    (STILL using QM2007, Canadian user since '92)
    Have Questions? Check out these FAQs:
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