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Equal capital component loans

I've just taken out a 2-year loan to cover my son's college fees, and the bank tells me each monthly installment will contain a fixed capital component (loan amount/24) plus a variable interest component based on the decreasing balance outstanding.
Has anyone any ideas on how to set up a loan like this in Quicken W2019 Deluxe?
At the moment I'm editing each payment split line manually to make the capital component equal with the balance going to interest.
Thanks in advance for any help/suggestions.
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Comments

  • NotACPANotACPA SuperUser ✭✭✭✭✭
    I think that the action that you've identified is the only one possible.  Q is good at handling traditional, fully amortized, fixed rate "monthly" loans.  Such as a traditional mortgage.
    But this strange hybrid that your bank has issued is something that I've never previously heard of.
    What bank issued the loan?
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • volvogirlvolvogirl SuperUser ✭✭✭✭
    So each month the total payment will be different?  That is weird.  Well if the balance goes down then I guess each payment will be less than the one before?  I sure would double check that with the bank and your paperwork.  
  • Vimal IndrasomaVimal Indrasoma Member ✭✭
    Sorry, I've been off-line for some time.
    Yes, those are the terms of the loan - and the same goes for another one that I took out to upgrade my solar panels.
    Guess it's something new they same up with.
    Thanks for looking!
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