Mortgage Account/Loan Account/Liability Account. Which One? (Q Mac)

leeg9
leeg9 Member
I would like to setup a mortgage account in Quicken for MAC 6.4.2. I have made a principal only payment (not on mortgage due date) and in the future will be making additional principal payments on mortgage due dates. I would like to be able to track loan amoritization on Quicken. I have read various comments in the community and am confused if this can be done setting this up as a Mortgage Account. I have seen posts about setting this up as either a Loan or a manual Liability account. Which is correct? I would assume that setting this up as a Mortgage Account would have all the functionality needed, but now I'm not quite sure after reading these posts. Thanks

Comments

  • UKR
    UKR SuperUser ✭✭✭✭✭
    I'm not sure about the capabilities of Q Mac, being a Q Windows user myself, but I've handled a 15-year mortgage in Q Windows with both making unscheduled additional principal payments as well as regular monthly additional principal payments.
    As long as you set up the mortgage account as a "manual" (or "offline") mortgage account, not connected to the mortgage company for transaction downloading, you should be fine. When defined correctly, the loan amortization and payment schedule should match the mortgage statements exactly.
    Use the scheduled reminder transaction to make the regular monthly payments.
    Edit the scheduled transaction when you decide to add a regular monthly extra principal payment to the regular monthly payment.
    To record an unplanned extra principal payment just record it as a transfer from checking to the mortgage account. Quicken will update the payment schedule to reflect the updated balance.
    If you want to experiment, I recommend you create a test file in Quicken and work with it. Set up the mortgage, make payments, both regular and unplanned and review the results. When satisfied, work with your production file and add the mortgage there.
  • Set it up as a mortgage account. On Quicken Mac, you can set it up as a connected account and still have access to your transactions and manually adjust things as needed (this is different from Quicken Windows).