How to enter loan payment to show principal and interest? [Edited for Readability]
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Hal Sloane
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I have been a user of Quicken for many years and have had several mortgages with no problems.
I recently refinanced our mortgage and am experiencing an issue with Quicken accepting and reflecting principle, interest and escrow amounts. Quicken accepts the breakdowns, interest rate, terms ... However, when I posted my first payment in my check register, the entire payment on the liability/mortgage is shown as principle only.
I recently refinanced our mortgage and am experiencing an issue with Quicken accepting and reflecting principle, interest and escrow amounts. Quicken accepts the breakdowns, interest rate, terms ... However, when I posted my first payment in my check register, the entire payment on the liability/mortgage is shown as principle only.
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Answers
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In your loan set-up, you can specify a transfer to an escrow account in the section for additional payments. Here, I'm showing a payment of $150 to an account called Escrow:
Then, on the Bill Reminder tab of lion set-up, be sure you have specified the account you're paying from, and select Detailed Reminder: Track all loan payment details in a split:
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