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How to Separate Principle and Interest for Mortgages in Budget [edit: Q Mac specific discussion]

I see that the new release now gives the ability to add a mortgage payment in the budget. The question is how to separate principal and interest to separate categories in the budget planning tool. When the payment is made then this will occur at this time, but when comparing to the budget there is no linkage..


  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited August 2021
    [response deleted]
  • Tom, here is what I mean by my question. Refer to the 6.3 Release notes for Quicken for Mac
    Budget Detailed Mortgage Payments

    This has been a long-time requested feature and it's taken far too long to add it. To get to this point we first had to get account filtering to work in budgets. Next, we got transfers working, and now we have the detailed loan payment. The way this works is in the category picker, under the Loan (Detailed Payments) section you will now see your mortgage payments so you can add them to the budget.

    If I select this category to include in a budget, it only provides the gross amount of the payment. I would like to have the payment divided between Principle and Interest. As it stands now, when the budget report does a comparison of the budgeted about and the actual transactions to track principle and interest there are no entries to show the transactions against budget
  • garysmith87
    garysmith87 Member ✭✭✭✭
    In Quicken Mac, BUDGETS, Edit Budget, Select Categories.

    Deselect the Quicken loan name under the category "Loans (Detailed Payments)".

    Select your category for "Mortgage Interest"

    Scroll to the bottom of the list and select the category "TO xxxx", where xxxx is the Quicken name of your loan account.

    This will separate out your mortgage interest and your mortgage principal amounts as distinct budget line items.

    Double check both categories in the Edit Budget area to make sure you have the correct amortized amounts allocated for each monthly payment.
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    Once again, I've overlooked the "Mac" aspect of a question; my response deals with how this is done in Windows Quicken and I have no real understanding of how the Mac is programmed.  I've deleted my answer and hopefully a Mac user will show up to give you an answer.

This discussion has been closed.