Setting up adjustable rate loan in Quicken for Mac

My bank changed the interest rate charged on my home loan but I cannot find a way to update the new rate in Quicken. A drop down list next to the interest rate shows "Fixed" and this cannot be changed (greyed out).

Tried setting up a new loan that supports adjustable rate, but all the loans have this option greyed out.

I am using Quicken Deluxe for Mac, Subscription
Tagged:

Answers

  • garysmith87
    garysmith87 Member ✭✭✭✭
    Backup your data file first.

    Then, what happens if you just manually change the rate to the current rate?  Does the amortization schedule of principal and interest change accordingly?

    I'm seeing what you're seeing. There seems to be no way to setup a loan aside from a "fixed" rate.  

    That certainly seems to be quite strange that Quicken doesn't allow for other types of adjustable rate loans.  
  • Turu
    Turu Member
    If I manually change the rate it applies retrospectively. It's as if the rate was applied from day 1. The alternative could be to set a new rate, a new starting balance and adjust the remaining number of payments but that is a very longwinded way of doing it and makes it difficult to reconcile with bank as interest calculations prior to adjustment would not make sense. It certainly is strange. Was this option ever enabled?