What is the latest on loan amortization?

Caprice

I just read a recap from 2017. I too just updated from 2007. I have rental property and I want to see my mortgage balances.

jacobs

I don't know exactly what you asked about when you spoke to Quicken Support, but this functionality is nearly three years old. This is from the Quicken 2017 release notes:

Version 4.5 (4/2017)

This release brings several new features and bug fixes. One of these additions is the new Loan feature.

NEW: The new loan feature improves tracking of mortgages and other types of loans.

• Connected loan accounts will now correctly report the remaining loan principal. Before, Quicken would add transactions from the loan provider which many times included both principal and interest, throwing off the actual balance.
• After entering specific loan details, a scheduled transaction can be created to accurately report monthly principal and interest payments. The scheduled transaction will change each month based on the calculated loan amortization table.
• Graphically see how much principal and interest will be paid on your loan, current and estimated payoff dates and the proportion of your payment that goes toward principal and other line items.
• See what your loan provider reports to Quicken to make sure your payment has been received.
• Expanded list of loan providers including Quicken Loans.
• Review all loans together using the new Debt view.

I suggest you experiment a bit for yourself by creating a new loan account in Quicken. (You can later delete this dummy loan account, or if you prefer, make a copy of your Quicken file first and conduct your experimentation with the copy.)


On the subsequent Add Mortgage Account screen, just click Continue twice to bypass linking to your mortgage lender. Proceed to enter your balance of as a specific date, and then follow the instruction to enter your loan terms and specifics.

jacobs

Loan amortization was added to Quicken back in 2017. If you just updated to the current Quicken Mac, then you have loan capabilities in your Quicken Mac.

Caprice

I have 2020 Deluxe for Mac and it doesn't do it. Since I converted it last summer, it doesn't decrease the the interest .

jacobs

It definitely does it you have it configured correctly. You might want to post the specifics of your loan setup and maybe someone here can help you figure out what’s wrong.

Caprice

Please explain to me in more detail what you mean. I've talked to support and they told me the amortization doesn't work

jacobs

I don't know exactly what you asked about when you spoke to Quicken Support, but this functionality is nearly three years old. This is from the Quicken 2017 release notes:

Version 4.5 (4/2017)

This release brings several new features and bug fixes. One of these additions is the new Loan feature.

NEW: The new loan feature improves tracking of mortgages and other types of loans.

• Connected loan accounts will now correctly report the remaining loan principal. Before, Quicken would add transactions from the loan provider which many times included both principal and interest, throwing off the actual balance.
• After entering specific loan details, a scheduled transaction can be created to accurately report monthly principal and interest payments. The scheduled transaction will change each month based on the calculated loan amortization table.
• Graphically see how much principal and interest will be paid on your loan, current and estimated payoff dates and the proportion of your payment that goes toward principal and other line items.
• See what your loan provider reports to Quicken to make sure your payment has been received.
• Expanded list of loan providers including Quicken Loans.
• Review all loans together using the new Debt view.

I suggest you experiment a bit for yourself by creating a new loan account in Quicken. (You can later delete this dummy loan account, or if you prefer, make a copy of your Quicken file first and conduct your experimentation with the copy.)


On the subsequent Add Mortgage Account screen, just click Continue twice to bypass linking to your mortgage lender. Proceed to enter your balance of as a specific date, and then follow the instruction to enter your loan terms and specifics.