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Categories for Mortgage Loans

Trying Quicken to see if feature set is measurable compared to last time I used it. In process of setting up accounts, notably a mortgage, and it seems as if I can only populate 4 categories for loan itemization. I need more. Am I missing something? This screws up the loan creation as the payment excess goes to principal which is not the case.

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Answers

  • J_Mike
    J_Mike SuperUser ✭✭✭✭✭
    Looking at my scheduled payment, there are fields for:
    Principal
    Interest
    Extra Principal
    Upto 4 addition; user defined fields.

    Total of 7 fields (splits) - 3 fixed. 4 user defined.
    QWin & QMac (Deluxe) Subscription
    Quicken user since 1991

  • UKR
    UKR SuperUser ✭✭✭✭✭
    AFAIK, four category splits in a monthly loan payment transaction is all you need, usually in this order:
    1. principal transfer to loan account
    2. interest
    3. additional principal, if any, as transfer to loan account
    4. escrow withheld, if any, as transfer to an escrow account register
    Payments made by mortgage company for taxes, PMI, homeowner insurance, etc. are recorded as separate transactions in Escrow account register.
  • PepperMTB
    PepperMTB Member
    That is a curious process to set up an escrow account register. I prefer to assign items to headline categories such as taxes, insurance, mortgage interest, etc. In my case, I have an escrow shortage and would simply like to add that category. I'm not certain I know how to set up an escrow account if I cannot assign another line.
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