How do I change the interest rate for a loan?

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.

1. Click Adjustable-rate Loans.
2. Click Add New Rate.
3. In the Loan Rate Changes dialog, click New.
4. In the Effective Date field, enter the effective date for the rate change.
5. In the Interest Rate field, enter the new interest rate. If you adjust only the interest rate, Quicken uses the new rate to recalculate your payment amount without changing the length of the loan.
6. In the Payment field, enter a new amount (principal + interest only) for your regular loan payment. (Optional)
   • What happens when I adjust this amount?
     If you change the regular payment amount, Quicken adjusts the length of the loan.
7. Click OK.

You might need to do this if, for example, you entered an incorrect or imprecise interest rate when you first set up the loan.

1. In the Interest Rate field, enter the new rate.
2. Click OK.
   • What happens now?
     Quicken calculates a new payment amount using this new interest rate. The length of the loan doesn't change. If you change the regular payment, however, Quicken changes the length of the loan to correspond to the new payment.