home equity line of credit on Quicken for Mac Classic

Amy Sewell
Amy Sewell Member ✭✭✭
in Community Improvement Suggestions

In the "olden days" I could track my home equity line of credit (HELOC) as a mortgage, tracking adjustments in my variable interest rate, payments and draws on the account. Quicken Classic for Mac no longer supports this.

My current option is to choose a "line of credit" under the category of credit cards. I can no longer view the payment schedule or create "what if" scenarios to see how different payment schemes affect the payoff date.

Please bring back the ability to track my HELOC as a mortgage.

Thanks

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  • UKR
    UKR Quicken Windows Subscription SuperUser ✭✭✭✭✭

    A Line of Credit account is not like a mortgage account.
    In a Mortgage account you take out money once and then pay it back on a fixed schedule.
    In a Line of Credit account you can repeatedly take out money and pay it back as needed. In that way, a LOC is exactly like a credit card account. The bank charges interest every month and requests a minimum repayment, or more, as you are able to do.

    In a LOC there is no fixed payment schedule because it's a movable target.

    You can, of course, define a LOC / HELOC as if it was a mortgage if you only make one withdrawal and make monthly fixed payments. But because the bank charges interest based on average monthly balance and when you make payment, the interest amount will always differ from what Quicken calculates for a true mortgage's monthly principal and interest amounts.

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