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How do I manage categories for loan payment with extra principal in the payment? (Q Mac)

Tracker
Tracker Member ✭✭
I have been searching the web to find out how to categorize extra principal payment on a loan using Quicken for Mac. I have found how to do it with Quicken in windows (https://www.quicken.com/support/making-additional-prepayments-principal), but that is not useful on Mac.

Thanks,

Will.
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Comments

  • John_M
    John_M Member ✭✭✭✭
    You categorize it the same way as the regular principal payment – by including it as a transfer to your loan account.

    If you mean, "how do I do this?" then try the following:

    Click on your mortgage account and then click on "Edit Loan and Payment Terms." You will see that there is a box on the right side of the screen for "Extra Principal."
  • Tracker
    Tracker Member ✭✭
    Hi John. I know exactly what you are talking about and was able to adjust the payment based on this. I will have to wait until my next payment on 4/2/2020 to see how this works. It adjusted the payment schedule.

    How do I change the categories on past payments to show extra payment values too?
  • John_M
    John_M Member ✭✭✭✭
    I'm not quite sure what your old transactions look like, so I can't say for sure. If you already have the correct mortgage balance and checking account balance, you may not have to do anything. Others on this board may have additional suggestions.

    My bank's mortgage statement always shows the breakdown of P&I for my next payment, so I am able to compare it with the upcoming payment on the mortgage screen (which is shown nicely by the pie chart). I am attaching an example of what it might look like (note that the Transfer amount shown is for the tax escrow payment).

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