How do you connect a home property to a mortgage account in Quicken for Mac?
How do you connect a home property to a mortgage account in Quicken for Mac?
Answers
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@adesalos Can you expand on what you're trying to do? A mortgage account reflects how much you owe the loan company, with the balance declining with each monthly payment until it reaches zero. Are you trying to set up the monthly entry to have your mortgage payment reduce your loan account? Or are you talking about the actual estimated market value of your home?
Quicken Mac Subscription • Quicken user since 19930 -
the former in this particular case
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You have two basic choices about how to track your loan in Quicken, and while they aren't mutually exclusive, you may find it's not worth trying to do both and get them to agree to the penny: using Quicken to calculate your monthly splits, or downloading from your mortgage provider — if they actually work with Quicken.
If you set up a mortgage loan in Quicken, with all the parameters about the original and current loan amount, the interest rate, next payment date, etc., Quicken will calculate the monthly payment from your checking account, complete with the split between interest expense and the transfer to the loan account for the principal payment amount. (It can also include a split for a transfer to an escrow account for taxes and/or insurance, if that is part of your loan payment.)
I suggest going to Quicken Help on the Quicken app's Help menu, and reading through the pages on loan setup and tracking:
There's actually a pretty good, illustrated narrative there about setting up your loan correctly in Quicken. On the second screen of loan set-up, you specify what checking account the payment is coming from, and be sure to select "Detailed Reminder", which creates a recurring monthly scheduled transaction with the splits in your checking account; this is where you can also enter a transfer to an escrow account, if there is one.
Quicken usually gets it to the penny, but if there's a penny or two off due to rounding or differences in the date of interest calculation, you just need to go into the account every now and then to create an adjusting entry to keep your Quicken account matching your mortgage provider.
You can play around with setting up the loan as a test account in your Quicken file, or even create a new test data file just to play with setting up the loan to make sure it's calculating properly.
Quicken Mac Subscription • Quicken user since 19930
