Setting Up a House Loan
I am a "senior citizen" who is getting a little confused.
I have Classic Deluxe.
When setting up a house mortgage/loan, does the program, after entering the monthly payment does the program automatically breakdown the amount in to escrow, interest and principle or do I manually compute that then enter it?
Answers
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I'm not familiar with QCan … but in QUS the "Loan Wizard" does calculate the Principal/Interest amortization for the loan and once you add any additional components of the payment, it remembers those for the next payment.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP0 -
Once you've set up a loan, complete with interest rate, outstanding balance, payment amount, etc. Quicken will automatically calculate principle and interest and assign the appropriate amounts to the respective categories. I've never had a mortgage escrow situation, so I haven't attempted to set that up.
You can find a discussion of setting up an Escrow account in Quicken for a mortage here:
https://www.reddit.com/r/quicken/comments/15hnbae/how_do_you_set_up_your_mortgage/
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Hello @Jack Y,
We haven't heard back from you in a while. Do you still need assistance?
Did the information provided by our SuperUsers above help get you set up?Check back and let us know! Thank you.
-Quicken Anja
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Hello again,
Checking in once more before this thread is closed.
Let us know if you still need assistance.Thank you!
-Quicken Anja
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Hello again,
Due to the lack of response, I went ahead and closed this post.
If you still require assistance, please feel free to start a new post.
Thank you!
-Quicken Anja
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