Automatically split mortgage payments

gardanni

I defined a mortgage in Quicken…. I entered the principal, term, payment frequency and interest rate, and Quicken can calculate the corresponding interest and principal.

I make payments, from my checking account, and would like Quicken to have them properly categorized as mortgage payments, and properly split between interest and principal.

I would suppose this is easily done, but I have been unable to find clear documentation.

I am new to Quicken and bad with finance, so if there is a solution, please explain as if I were a child!

Many thanks.

jacobs

@gardanni I recently posted a reply with detailed steps and pictures for someone who was trying to set up a lender loan. I'm going to refer you to that post, since a mortgage loan is basically the same thing except you pay rather than earn interest.

https://community.quicken.com/discussion/comment/20471161#Comment_20471161

I suspect you set up the loan correctly on the first screen, but on the second set-up screen, did not specify your checking account and for Quicken to create Detailed Reminders. That setting will create the monthly transaction for you in your checking account, with the split between principal (transfer to the loan account) and interest (expense). all you'll need to do each month is click on the next scheduled transaction and click Paid. 😀

If you're still having trouble after reading that post, reply here and we'll try to help you get set up.