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Author: canuck104 One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 10363  
Subject: Tracking Mortgage Payments Date: 12/27/2009 9:06 AM
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Hello Fellow Quicken Users:

I started using Quicken (2010) a few months ago and have a question as it pertains to mortgage payments, specifically:

I have a mortgage on my home and it shows up under the "Property and Debt" tab as "Home Mortgage". When I make a mortgage payment and the payment hits my checking account, I characterize it as a "Transfer to Home Mortgage" and then do the split between principal and interest in the "Home Mortgage" register.

The problem is that when I do a spending report, the mortgage payment doesn't show up....probably because Quicken sees it as a transfer instead of money spent. I started characterizing the payment as a "transfer" because when I just logged it as a "mortgage payment" my loan balance did not adjust for the payment. So, how do I set this up properly? Any/all help appreciated!

Thanks!
canuck104
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Author: hockeypop Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 9143 of 10363
Subject: Re: Tracking Mortgage Payments Date: 12/27/2009 9:32 AM
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If you go to "Property and Debt", then ""loans, then "new", the wizard should do all the work. When you have set up the asset of your house, be sure to add in closing costs and other major additions, if only to have Quicken keep track of all that when it comes time to sell.

For me, I estimate the value of my home about every year or two and add or subtract the amount necessary to keep the total about the sale price (for net worth computations). I catorize it as depreciation so I can track it and eliminate it when I sell. Others might have a better way.

Hockeypop ... who is going to backup his system next week and upgrade to 2010 .... sigh and thanks to all of you who did it first.

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Author: xSixSigmaMBB Big gold star, 5000 posts Old School Fool CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 9144 of 10363
Subject: Re: Tracking Mortgage Payments Date: 12/27/2009 10:22 AM
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Canuck,

If you use the wizard as was suggested by HockeyPop you'll get the correct setup.

The transaction shouldn't be a full transfer to the Home Mortgage account.

You should write a check from the checking account which will likely have 3 split lines to it.

#1 - Your principal payment which goes to the mortgage account
#2 - Your interest payment which goes to a separate mortgage interest expense
#3 - Your Escrow payment. Some people fully track this. I don't... I just call it escrow as that is too much detail for me.

xSSMBB

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Author: canuck104 One star, 50 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 9148 of 10363
Subject: Re: Tracking Mortgage Payments Date: 12/28/2009 2:36 PM
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Thanks HockeyPop and SixSigma....worked perfectly!

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