Interest only mortgages

It does not appear that the new mortgage feature (which I applaud) does not account for interest only mortgages.  Am I mistaken?  If not, please consider addressing this in a future release.
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  • mshigginsmshiggins SuperUser ✭✭✭✭✭
    edited May 2017
    QWin or QMac?
    Quicken user since Q1999. Currently using QW2017.
    Questions? Check out the  Quicken Windows FAQ list
  • RuegsRuegs Member
    edited May 2017
    QMac
  • TKBaltimoreTKBaltimore Member
    edited May 2017
    I believe this is a similar issue.  I'm using Quicken 2107 4.5.4 for Mac, and I just converted one of my liabilities to a formal mortgage, but Quicken assumed my interest and my principal payments, and I can't change them to be correct. I actually pay significantly more in interest than I do in principal each month... I'm not sure how Quicken made its calculations (principal and interest are almost equal, with principal payment slightly higher), but they're wrong and not editable.
  • NotACPANotACPA SuperUser ✭✭✭✭✭
    edited October 2018
    The amortization feature, in both QM and QW, simply doesn't apply to an Interest only mortgage.

    That because your prin payments, if any, aren't predictable as they are with a traditional mortgage.

    SO, if you make an interest only payment for the month, just direct the entire amount to your Mortgage Interest category.

    If you pay both Int and prin in a single payment, split the transaction and direct the Prin portion to the mortgage loan account as a transfer, and the Int portion to the Mort Int category.

    BTW, I've got an Int only mortgage also, and that's how I handle it.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • RuegsRuegs Member
    edited October 2018
    Thanks for your comment.  QW appears to have more flexibility with this issue.  I have converted the mortgage back to a liability.
  • kmar65kmar65 Member
    edited December 2017
    Ruegs said:

    Thanks for your comment.  QW appears to have more flexibility with this issue.  I have converted the mortgage back to a liability.

    Mind if I ask what the benefit is to calling it a liability?  i cant get Q to track regular mortgage interest properly.
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