You can track several different types of loans with Quicken, including loans with balloon payments or loans with zero interest. You can easily pay ahead on the loan principal and have Quicken recalculate your payment schedule for you. When tax time rolls around, you can determine easily exactly how much interest you paid during the year. Click a link below for a brief overview of the topics covered in this section.
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 liability 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.
If the loan you set up in Quicken has a variable interest rate, at some point the rate will change. When you change the rate in Quicken, the scheduled payment amount also changes.
To ensure that the payment schedule is updated accurately, adjust the interest rate at any time between your last payment at the old rate and the time your next payment at the new rate is due.
If you plan to refinance a loan you've been tracking in Quicken, you need to set up a new loan and pay off the old loan.
You can delete the old loan if you want, but that removes all information about it from your Quicken data file. This means you can't include it in reports.