Once you have added your loan, you can add terms to it so that you can track different aspects of your loan.
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Add details about the loan.
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A few of the fields are required (as noted below). You don’t have to add the others, but the feature will not track the balance and information properly.
Loan Details
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Loan terms include essential details such as the original loan amount, current balance, loan duration, and payment frequency. You can also add extra principal payments, escrow amounts, and other associated fees. Setting up loan terms correctly helps you manage payments efficiently and ensures that scheduled transactions reflect the correct amounts.
After adding a loan, you must enter its terms to track key details like the loan balance, interest rate, payment schedule, and additional charges. This ensures accurate financial tracking and allows the system to calculate your remaining balance, principal, and interest payments. You typically enter this information when you create the account, but if any details are missing, you can complete them by following the instructions below.
Enter loan details
The loan details section includes fundamental information about your loan, such as the balance, term length, and interest rate. Some fields are required to ensure accurate tracking.
Select the loan account you want to edit from the sidebar.
If the loan terms are incomplete, you will see the Loans screen. Select Add Loan Terms.
Enter the loan details.
Some fields are required for accurate tracking.
Loan details
Loan type – Select or update the loan type. (Required)
Original balance – Enter the initial loan amount excluding interest. (Required)
Current balance – Enter the latest balance. (Required)
Loan length – Choose a term and time increment:
Years
Months
Weeks
Payments
Interest
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rate –
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Enter the agreed-upon
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rate
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from your loan documents.
Select the compounding period:
None
Daily
Monthly
Semi-annually
Annually
First
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payment date – Enter the date of your first payment.
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To track by the final payment
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, select
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Maturity Date instead.
Maturity
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date –
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Enter the final payment date
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(or use the
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First Payment Date if unknown).
Compounding
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period – Select
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how often interest is calculated.
Payment
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schedule – Choose how often payments are due. (Default: Monthly)
Define loan payments
In this section, you define how and when payments are
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Loan Payment
- Frequency – The frequency by which you will pay your loan, this may be different than your Payment Schedule if you plan to make multiple payments.
- Principal – The principal is the amount of money that applies to your loan balance, reducing what you owe. Quicken will generate this number.
- Loan Interest – The interest payment is the amount of money you pay to the loan provider (it does not reduce how much you owe). Quicken generates this number.
- Add extra principal, tax, escrow, etc. – There are two parts to this section.
- Extra Principal - At first glance, you will notice the Extra Principal. If you plan to pay extra toward the principal, enter it here.
- + Click the + button to add additional information for things like associated regular fees and charges for your loan. This can include things like insurance, PMI, escrow, and fees. You can add up to four, and you can remove them if you don’t need them (or if you double enter something).
- Total – The total represents your regular loan payment. At first, you may find that your total is off by a little bit (usually by a penny or two). You can fix that by changing the amount here. Click on the pencil and change the number to your actual payment. Quicken will automatically update the fields above to make the calculations work.
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Select the account from which payments will be made and what kind of reminder you would like.
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Click Finish to add your loan terms and details.
Related topics
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made. The payment schedule, principal, and interest amounts are essential for tracking your loan’s progress.
Payment frequency – Select how often you plan to make payments. This may differ from the Payment Schedule if you make multiple payments per period.
Principal – The portion of the payment that reduces your loan balance. (Auto-calculated)
Interest – The portion of the payment that goes to the lender. (Auto-calculated)
Additional payments and charges
If your loan includes additional fees, such as escrow, insurance, or PMI, you can add them here.
Extra principal payments – Enter additional payments toward the principal.
Additional charges – Click + to add recurring charges, such as:
Insurance
PMI
Escrow
Other fees
(You can add up to four charges and remove any unnecessary ones.)
Total payment – Displays your full loan payment.
If the total is slightly off (by a cent or two), click the pencil icon to adjust it manually. The system will recalculate the amounts.
Click Continue.
Select the account for loan payments.
Choose a reminder type.
Select payment and reminders
You can set up reminders to help track loan payments and ensure they are recorded properly. Choose a reminder type based on your preferences.
Pay from – Choose the account used for loan payments.
Reminder type – Select how to track your payments:
Payment total only – Schedules a transaction for the full payment but does not split principal and interest.
Detailed reminder – Schedules a split transaction for principal, interest, and additional charges. Future transactions update automatically based on the remaining balance.
No reminder – No scheduled reminders. Use this if you have automatic payments.
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Click Finish to save your loan terms.