Adding loan terms
Once you have added your loan, you can add terms to it so that you can track different aspects of your loan.
- Click the Add Loan Terms button.
Add details about the loan.
- Interest Rate – The agreed-upon interest rate. This should be on the papers you signed for the loan.
- None
- Daily
- Monthly
- Semi-annually
- Annually
- First Payment Date – The date when you will (or did) make your first payment. If you prefer to track the loan by the final payment date, select Maturity Date.
- Maturity Date – The final payment date for your loan. If you don’t know, you can use the First Payment Date.
- Compounding Period – Select the time increment for the period that the interest is calculated.
- Payment Schedule – Select the time increment when payments are due. The default is Monthly since most loans must be paid on a monthly basis.
- 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.
- Click Continue when you are done.
Select the account from which payments will be made and what kind of reminder you would like.
Loan Payment
Click Finish to add your loan terms and details.