How can I set up a Note receivable that has level principal payments plus interest?

scott62556

I have a note receivable that has level principal payments plus interest. The interest rate changes every 6 months. I am unable to find a way to set this up in Quicken so that the interest changes each month and the principal always remains the same. The total payment changes each month by the change in the amount of interest.

Tom Young

I don't see any way of setting this up in Quicken using the Quicken loan "wizard."

I guess the way I might approach setting this up would be to establish the loan as a zero interest rate loan, to schedule out the principal payments. Each time the interest rate changes I'd calculate the interest amounts due for the next 6 months using Excel and enter those amounts separately.

UKR

"Note receivable" … isn't that the same as what Quicken for Windows calls a "Lender Loan"?

How to create a Lender loan (Money I lend someone)

Please read https://help.quicken.com/pages/viewpage.action?pageId=3217587

Tom Young

@UKR

""Note receivable" … isn't that the same as what Quicken for Windows calls a "Lender Loan"?"

Yeah, I left that part out figuring the real problem was with the Quicken loan wizard not being able to handle a loan set up in this fashion.

NotACPA

@scott62556, when you say, in your original message that "the principal always remains the same" do you actually mean that the principal component of the payment is constant?

As worded, it suggests that the amount of money owed to you is constant … which would imply a balloon payment when the loan is due.