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How To Setup or Edit My Loan Payments

Updated: 5/23/2012 | Article ID: GEN82492

Setup your loan in Quicken

Use Loan Setup to add a new Quicken account to track your new or existing loan. You can track loans for money you've borrowed or money you've lent.

When you set up a loan for money you've borrowed, Quicken asks for basic information about your loan, such as the amount owed, length of the loan, interest rate, and payment method. Then Quicken creates a loan account to track how much you owe. If you are taking out a loan to purchase something that has significant resale value, such as a house, Quicken's house account type will also create an asset account to track that resale value.

Edit an existing loan or loans already setup in Quicken

There are multiple ways to navigate to your loans in Quicken. You can choose the loan on the left side in the Account bar or under the Property & Debt menu bar or Property & Debt tab. You can choose which ever path is easiest for you or follow the steps below.

  1. Click the Property & Debt tab, and then click the Debt button.
  2. Click the Loan and Debt Options drop-down menu on the right, then select Loan Details.
  3. If you have multiple loans and the correct loan did not come up, you can choose a different loan to edit by clicking Choose Loan... at the bottom of the View Loans, select the appropriate loan.
  4. Finally, click Edit Loan.

Details about the loan you are able to edit here are:

  • Opening Date
  • Original Balance
  • Original Length
  • Compound Period
  • Payment Period
  • Balloon Information
  • Current Balance
  • Payment Information (amount, date due, and interest rate*)

*If your interest rate changes and you would like to keep track of the change instead of simply changing it, select the Rate Changes... button on the Loan Summary instead.

Edit loan payment information

There are multiple ways to navigate to your loans in Quicken. You can choose the loan on the left side in the Account bar or under the Property & Debt menu bar or Property & Debt tab. You can choose which ever path is easiest for you or follow the steps below.

  1. Click the Property & Debt tab, and then click the Debt button.
  2. Click the Loan and Debt Options drop-down menu on the right, then select Loan Details.
  3. If you have multiple loans and the correct loan did not come up, you can choose a different loan to edit by clicking Choose Loan... at the bottom of the View Loans, select the appropriate loan.
  4. Finally, click Edit Payment....

If at any point details about your loan payment or payment transaction information changes, you can make those edits here, which includes:

  • Interest Rate*
  • Payment amount
  • Payee
  • Payment Date
  • The ability to make an instant payment within Quicken.

*If your interest rate changes and you would like to keep track of the change instead of simply changing it, select the Rate Changes... button on the Loan Summary instead.

Make a loan payment

There are multiple ways to navigate to your loans in Quicken. You can choose the loan on the left side in the Account bar or under the Property & Debt menu bar or Property & Debt tab. You can choose which ever path is easiest for you or follow the steps below.

  1. Click the Property & Debt tab, and then click the Debt button.
  2. Click the Loan and Debt Options drop-down menu on the right, then select Loan Details.
  3. If you have multiple loans and the correct loan did not come up, you can choose a different loan to edit by clicking Choose Loan... at the bottom of the View Loans, select the appropriate loan.
  4. Finally, click Make Payment....

You can choose to make a regular scheduled payment or an extra payment on your loan.

Change loan rates

There are multiple ways to navigate to your loans in Quicken. You can choose the loan on the left side in the Account bar or under the Property & Debt menu bar or Property & Debt tab. You can choose which ever path is easiest for you or follow the steps below.

  1. Click the Property & Debt tab, and then click the Debt button.
  2. Click the Loan and Debt Options drop-down menu on the right, then select Loan Details.
  3. If you have multiple loans and the correct loan did not come up, you can choose a different loan to edit by clicking Choose Loan... at the bottom of the View Loans, select the appropriate loan.
  4. Finally, click Rate Changes....

You can change the interest rate, principal and interest payment amounts of your loan by either editing your loan payment or editing your payment information (above), although that overrides your current rate and payment amount, but does not keep historical track of this information. If you would like to keep a historical record:

  • Click on New to enter a new rate, payment amount and effective date.
  • Click Edit to edit any of the historical entries.
  • Click Delete to remove any historical rate and payment information.
 
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