Quicken Set Up For Variable APR Interest Only Loan? Anything New?

Question

Newbie Q community user…

Windows 10 Pro

After Community Search last relevant post was 2021? This is a very common loan (I'm sure) for many Quicken users.

Best,

Robin

NotACPA · Accepted Answer

For an Interest only loan, since there's no amortization of the loan amount, just record the total loan amount and then record the monthly payments as interest expense.

Q can't predict how the payment is going to change, so you'll just have to wait until you get the monthly bill, although you might (for prediction of cash need purposes) "guesstimate" next month's bill based upon this month's.

Robin Owen · Accepted Answer

Thank You NotACPA! (end of your name reminds me of Anacapa Island off Santa Barbara! Channel Islands… Good surfing and diving! I know, I know CPA no ACPA 🤣)