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How to Setup Mortgage Loans and Payments in Quicken Essentials

Updated: 8/19/2011 | Article ID: GEN83063

  1. Add an asset account for your home for the purchase price (or current appraised value).
  2. Create a liability account for the mortgage loan with the current loan balance.
  3. If necessary, create any other categories or liability accounts to track escrow/property tax amounts in the loan payment.
  4. You will need to manually calculate how much of the monthly mortgage payment goes to principal, interest, and any other expenses such as a property tax, etc.
  5. Create a scheduled split transaction for the loan payment from respective checking or savings account:
  6. QEM mortage loan

    When you make a payment from the Scheduled Transaction list, it displays in the checking account as:
    QEM mortage loan

    When you post the payment, adjust the principal and interest amounts to match what is posted at your bank.

 
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