How to log an Interest only payment on a mortgage

FEMP

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

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

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.

NotACPA

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

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.

FEMP

Thank you for these, however, the amount does not show up on the Mortgate account - should it?

NotACPA

FEMP said:

Thank you for these, however, the amount does not show up on the Mortgate account - should it?

For an interest only loan, there IS no reduction in the mortgage amount ... until you start making Principal payments also.  At that time you'll need the Mortgage Wizard to calculate the Amortization (Principal and Interest split) of the loan.