I'm trying to setup a home equity loan with quicken and I'm not quite sure how to do it. The loan is an open ended line of credit but they bill me for only the interest. Principle is optional, how do I set this up? Quicken combines the I/P on the payment.
"Harry Ratz" wrote
Don't use the Loan Wizard for this. Simply create a new Liability account with the opening balance and date being the same as when you opened the equity loan. Payments of interest only don't affect this account; you just categorize the transaction from whatever account you paid the interest from. Payments of principal are a transfer to your liability account.
You can link this account to your home asset account (if you have one set up) so your equity is accurate.
Set it up as credit card account not linked to a financial institution.
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