I took out a home equity loan in 2014 with a 15 year term and I was wondering how I could incorporate it on my Mac Quicken account file.
I had (off and on again) been handling this through manual splits, splitting the payment between an equity account, a declining principal account, and a home interest expense.
The expiration of the loan was schedule to end in November of 2029, but recently I've begun sending additional principal of $350 per month as part of my monthly payment.
I set up a new loan account and it appears to want a fixed monthly principal addition and a fixed escrow amount - but if I enter the current $350 extra principal and the current escrow amount, the home equity loan tells me there's a problem because the loans should've already been paid off.
A long term mortgage is more like a journal than a fixed, static thing.
As time goes on, your property tax and insurance go up boosting your escrow. As you become more prosperous and near the end of the loan term, you want to add principal to just finally get rid of the loan.
Is there a way to set the escrow amounts at various times during the loan, or change the extra principal amount at will?
Also, I screwed up somewhere sometime and the home equity principal account was somehow under Credit Cards as a Line of Credit account - is there a way to change that into a Mortgage account?
— Thanks, Verne
