Setting Up a House Loan

Jack Y

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?

NotACPA

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.

Arctic Hare

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://community.quicken.com/discussion/7884916/handling-escrow-accounts

https://community.quicken.com/discussion/7880141/mortgage-tracking-principal-interest-escrow

https://www.reddit.com/r/quicken/comments/15hnbae/how_do_you_set_up_your_mortgage/