Tracking loan fixed rate-term and revolving variable rate portion

SteveM61
SteveM61 Member
edited October 15 in All Things Canadian (Mac)
Hi All, would appreciate any suggestion ... I have a loan with TD Canada Trust that has a fixed term/rate portion and a revolving credit portion.

The variable revolving portion has an account number xxx1 and the fixed rate portion has an account number xxx1-01.

How do I setup those accounts... not a newbie but haven't done this aspect before, Any help would be greatly appreciated. Thanks!!

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Best Answer

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited October 15 Accepted Answer
    There's no way that I know of to set up in one Quicken loan Account what's in effect two different loans.  I think the only way to track this in Quicken is to set up two loan Accounts, one for the traditional mortgage - which is what the "fixed term/rate portion" looks to be - and the other for the revolving line of credit.  I'd set up both Accounts as manual, non-downloading loans even if TD Canada Trust does allow downloads.
    Since TD Canada Trust is tracking each piece of this loan separately it should be clear to you what's going on in each loan so and I'd expect that it would be pretty easy to keep track of transactions manually.  Assuming you're not making dozens and dozens of draws and payments on the revolving credit portion the work burden shouldn't be too onerous.
    The fixed term/fixed rate should be set up using Quicken's loan wizard.  That loan could be handled "in the usual fashion", i.e., payments of principal and interest according to the amortization schedule could be entered in your checking Account by Quicken, properly recording all the elements of the payment.
    Quicken's loan wizard can't possibly track a loan with no fixed pattern of draws, payment and unscheduled interest rate changes so setting up a manual HELOC for the revolving credit loan means that Quicken will, essentially, treat this loan like a credit card.

Answers

  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited October 15 Accepted Answer
    There's no way that I know of to set up in one Quicken loan Account what's in effect two different loans.  I think the only way to track this in Quicken is to set up two loan Accounts, one for the traditional mortgage - which is what the "fixed term/rate portion" looks to be - and the other for the revolving line of credit.  I'd set up both Accounts as manual, non-downloading loans even if TD Canada Trust does allow downloads.
    Since TD Canada Trust is tracking each piece of this loan separately it should be clear to you what's going on in each loan so and I'd expect that it would be pretty easy to keep track of transactions manually.  Assuming you're not making dozens and dozens of draws and payments on the revolving credit portion the work burden shouldn't be too onerous.
    The fixed term/fixed rate should be set up using Quicken's loan wizard.  That loan could be handled "in the usual fashion", i.e., payments of principal and interest according to the amortization schedule could be entered in your checking Account by Quicken, properly recording all the elements of the payment.
    Quicken's loan wizard can't possibly track a loan with no fixed pattern of draws, payment and unscheduled interest rate changes so setting up a manual HELOC for the revolving credit loan means that Quicken will, essentially, treat this loan like a credit card.