Making Additional Prepayments of Your Loan Principal

Overview

You may wish to make addtional payments or prepayment of your loan principal.

If you make an additional prepayment of principal, Quicken recalculates the payment schedule. The term of the loan may be shortened. You can see the new payment schedule in the View Loans dialog.

Instructions

• Make a prepayment with a memorized payee
  
  1. Open the account register you want to use to make the loan payment.
  2. In the Date field, enter the date.
  3. In the Num field, enter the check number. (Optional)
  4. In the Payee field, enter the name of the payee.
  5. In the Payment field, enter the amount of extra principal.
  6. Click OK.
  7. Click Enter.

  Note: The changes you make in Step 5 apply to the current transaction only. You can also change future payments.

• Make a prepayment with a scheduled transaction
  
  1. Open the account register you made the loan payment from.
  2. In the register, select the loan transaction.
  3. Click Split.
  4. In the Amount field, add the amount for the extra principal.
  5. Click Adjust to recalculate the transaction amount.
  6. Click OK.
  7. Click Enter.
• Make an extra payment toward the principal
  
  1. Choose Property & Debt menu > Loans.
  2. Click Choose Loan and select a loan.
  3. Click Make Payment.
  4. Click Extra.
  5. In the Amount field, enter the amount of the payment.
  6. Click Split to assign the payment amount to multiple categories. (Optional)
  7. In the Memo field, enter a memo. (Optional)
  8. In the Number list, select the appropriate option. (Optional)
  9. Click OK.