Scheduled Mortgage Payment

mafcutler

I'm using a Mortgage Loan account for the first time in Quicken for Mac. I can see the breakdown between the interest and principal on the Payment Schedule for each next payment. I can't see how to set up my mortgage payment automatically with these amounts prefilled. Is there a way to schedule my monthly mortgage payment so that it automatically splits the payment into the correct amounts for the interest and principal?

jacobs

Yes, Quicken can schedule each monthly payment with the split for interest and principal (and, optionally, escrow). Here's a sample loan account setup screen:



Note that on the right side, it shows the split between principal and interest for the next payment. When you press the Continue button, you come to this screen:

You must click the radio button for "Detailed Reminder" to create not only the scheduled monthly transaction, but the scheduled transaction with the split. 

Please post back if this clarifies it or if you're still struggling with some aspect of the loan set-up.