Mortgage Tracking


This is such a basic need that I'm sure I'm missing something obvious. I'm just setting up Quicken so there's a lot of chaos to get the historic transactions to be accurate.

I'm connected to Wells Fargo, which has both my checking and my personal mortgage accounts. The download has the payments coming out of checking (correct) but then they are INCREASING the amount of my mortgage (presumably since it's a debit from checking it has to be a credit elsewhere?). I don't see any place where I can break out interest vs. principal and have it reduce the mortgage only by the principal amount. I assumed that Quicken would have some amortization process that would make this incredibly simple. What am I missing?


  • UKR
    UKR SuperUser ✭✭✭✭✭

    However you created the mortgage account in Quicken, it needs to have a negative balance since you're owing money to WF.
    Be sure the account's Opening Balance transaction is a negative amount that matches the mortgage statement on that day. Done correctly, your payment transactions will reduce loan balance towards zero.

    When starting from scratch it might be best to set up mortgage accounts (or car loans) as "offline (manual)" accounts in Quicken, starting with the next monthly payment due. Keep them offline for the duration of the loan even if the bank offers download capability.
    The account setup process will generate a Scheduled Reminder for the monthly payment with Split details for the principal amount, interest and (optional) Escrow withholdings.

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
    edited May 2023

    @critter7901, Have you accidentally set up your Mtg acct as other than a Liability/debt/Loan type of acct. Because transferring money from an asset acct (checking) to another asset would cause the balance in the 2nd acct to go up.

    Do TOOLS, Acct List and click EDIT adjacent to your mortgage acct to see what "Account type" the mtg is

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

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