To work with a loan, you must first set it up in Quicken. When you're finished, open the loan account to work with it, as described below.
- Loan summary
At the top of the window is a summary of your loan. It displays the loan type (such as mortgage or auto), the current loan balance, interest rate, monthly payment, and date on which the next payment is due.
- Loan Details
If necessary, click the Loan Details button at the top of the window. You'll find there:
- The original loan amount, and a visual "thermometer" of your progress towards paying the loan off.
- The origination date, original length, current interest rate, and compounding period.
- A Monthly Payment pie chart and table that shows you what percentage of your most recent loan payment each line item within it represents (things like principal, interest, and so on).
- A Projected Payoff graph that plots your outstanding loan balance over time, and when you will pay the loan off if you continue to make payments as listed in the loan payment schedule. Also displayed is the amount of interest you paid this year, to date, and over the life of the loan (projected).
- Payment Details
If necessary, click the Payment Details button at the top of the window. You'll find there:
- A Monthly Payment pie chart and table that shows you what percentage of your loan payment each line item within it represents (things like principal, interest, and so on). Totals are provided for your most recent loan payment, your year to date loan payments, and your total loan payments over the life of the loan (projected).
- A projected payoff date for your loan assuming you continue to make payments as listed in the loan payment schedule.
- A loan account register (for "disconnected" manual loan accounts only) that shows your payment history and adjustments to your loan balance (increase or decrease) per payment period.
- Equity
If necessary, click the Equity button at the top of the window. You'll find there:
- The current value of the asset secured by the loan. Click Current Value if you need to change the amount.
- The balance remaining on the loan.
- The Net Value (Equity) of the asset. click the amount to view a graph of the value of an asset over time.
- The percent equity (from 0% to 100%) you have in the asset secured by the loan.
- What-If Tool
If necessary, click the What-If Tool button at the top of the window. You'll find there:
- A set of "What-If" fields that lets you experiment making additional payments towards your loan principal. To see the effects of various payment amounts, click the See Resultsbutton.
- A Projected Payoff graph that plots your "Current" and "What-If" loan balances over time.
- A table to the right of the Projected Payoff graph that gives you more detailed information about the differences between your Current and What-If loan schedules. To switch between and compare the two schedules, click Current Schedule and What-If Schedule in the table.
- No changes are made to your existing loan when you use the What-If Tool. If after using the tool you decide you want to make additional payments of principal, you'll need to change your loan payment in Quicken.
- For lending loans (you are the lender and someone is paying you back on an amortized schedule ), the What-If Tool is not available and the button is removed from the Loan window.