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I seem to have so many questions about paying a mortgage on a rental property and splitting the payment into part principle and part interest. And can that principle payment be linked to a debt (mortgage) account to pay the balance down?
Anyone with a tutorial, a step by step or maybe a video to watch to help me through this? Thank you
Also, does Quicken have an amortization table abilities with early payment adjustment?
Anyone with a tutorial, a step by step or maybe a video to watch to help me through this? Thank you
Also, does Quicken have an amortization table abilities with early payment adjustment?
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Best Answer
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Tom Young SuperUser ✭✭✭✭✭
This is Quicken's step by step process:If you use Quicken's loan "wizard" properly then Quicken will prepare a proper amortization schedule and split the payments properly between principal (loan pay down) and interest. Quicken can also handle "extra" principal payments made with regularly scheduled mortgage loan payments.
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Answers
I am adding multiple rental properties and I thought the tag system was helpful in that area. Nevertheless, thank you so much for the help so far.