How do I change my loan payment?
When you set up your loan you also set up your monthly payment. At that time your payment may have included additional fees (such as private mortgage insurance), or perhaps no additional money applied towards principal. As your situation changes, you might want to make changes to that initial loan payment. Here's how:
- Open the loan account that you want to change the loan payment for.
- If necessary, click the Payment Details button.
- Next to the Monthly Payment amount at the top of the window, click edit and make changes as necessary.
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- In the Next Payment Due field, verify or change the date on which your next payment is due.
- In the Principal and Interest fields, verify the amounts for the next payment. If the amounts are incorrect, you'll need to edit the loan terms to make a change.
- In the Other field, if your loan payment includes more than just principal and interest (for example, escrow fees or Private Mortgage Insurance), click (Edit) and enter the total of the amounts.
- In the Extra Principal Paid field, enter any additional money you want to apply to your loan balance each period.
- Click Payment Options and make changes as necessary.
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- Select Loan Reminder to have Quicken track your loan payment with your other bills on the Bills tab.
- Select Memorized Payee to enter the loan payment in the register yourself (QuickFill will help you easily enter the payment).
- Click Edit Loan Reminder and make changes as necessary.
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- You won't see this option if you haven't set up a loan reminder. To tell Quicken that you want to start using a loan reminder, click Payment Options (in this dialog) and then choose Loan Reminder.
- To learn more, see Change a loan reminder.
