How to log an Interest only payment on a mortgage

Question

I have a re-financed repayment mortgage set up, however there is a gap before the first payment (principal and interest) is due and therefore I have an interest only payment to make.  How do I log this interest only payment in Quicken so it doesn't think it is a principal payment?

NotACPA · Accepted Answer

In  your checking account, from which you're making that I/O payment, simply use the CATEGORY that you intend to use for all interest on this loan.There's no need to use the Mortgage Wizard, at this time, for this payment, as there's no amortization involved.

UKR · Accepted Answer

Create a Split transaction based on either the Scheduled Reminder for your monthly payments (or the Memorized Payee List entry, depending on which you created during mortgage setup), set the payment amount to the amount of interest due.The Split will look something like this:
Set the amount for lines 1, 3 and 4 to 0.00 and set the amount in line 2 to the amount of interest due.