How to deal with extra principal payments that start a couple years after the start of the loan?

Will Fiveash

I have a question regarding a mortgage I've been tracking in Quicken for Mac. The situation is that at the beginning of 2016 I refinanced my mortgage so that's the date I'm using for the loan/payment terms for the mortgage account. Then, in 2018, I started paying an additional $800 to pay off the principal faster. What's the best way to setup a Quicken mortgage account to deal with this scenario?

Quicken_Natalie

Hello @Will Feavish,

Thank you for taking the time to share your question with the Community, although I apologize that you have not yet received a response.

What version/release of Quicken are you using? You can find that by going to Quicken>About Quicken. 

Additionally, are you tracking your mortgage using a Loan or a Liability Type account in Quicken? You can determine this by going to Accounts>Settings, with the account highlighted on the left. 

A Loan account will allow you to enter your Loan and Payment Terms and will track the loan accordingly.

There is a "What If" tab that gives you the ability to enter different scenarios and view the effect that they would have on your loan. However, this does not change the amortization schedule for the loan, it is intended for scenarios only.

If you'd like to incorporate the extra payments into the actual Payment Schedule, you can do so by selecting "Edit Loan and Payment Terms", while in the Loan account. You can then add this information to the "Extra Principal" field in the right-hand column and then click "Save".



For more information regarding Loan Management in Quicken for Mac, please see this Support Article.

Thank you,

Quicken Natalie 

Will Fiveash

The problem is that the Extra Principal setting does not include support for the date when I started making extra principal payments.