How do I Track a Refinanced Loan?

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  1. Select the Property & Debt tab on the darker gray menu bar just below the main menu bar.
  2. Under the Property Options drop-down menu on the right, select Add a new Loan.... (If you do not see the Property & Debt menu, select View > Classic Menus.)
  3. Click New.
  4. Set up your new loan.
  5. Open the liability account register for the new loan.

    Quicken's Loan Setup has created the opening balance of this liability account as a transfer from the loan.

  6. Select the Opening Balance transaction.
  7. Click Split.
  8. In the Split Transaction dialog:
    • Enter the payoff balance of the old loan as a transfer to the liability account for the old loan. The old loan account should now have a balance of $0.00
    • Enter the mortgage interest you paid when closing out the old loan. Be sure to use the same category for interest that you used with the old loan.
    • Enter the refinance fee.
    • If you are refinancing in order to withdraw some cash as equity, enter the equity amount as a transfer to your checking (or other applicable) account. (Optional)
  9. Click OK to close the Split Transaction dialog.
  10. Press the ENTER key to save your opening balance changes.
  • Example
    This example transaction uses... This example amount:
    New loan $70,330
    Old loan $40,000
    Interest for payoff of amount $300
    Recording fees $30
    Cash from equity $30,000

    Following steps 1 through 4 in the procedure above, the opening balance in the liability account for the new example loan would be $70,330.

    Continuing with steps 4 through 7, you would enter these lines in the Split Transaction dialog:

    Category Amount
    Transfer to liability account of old loan $40,000
    Mortgage Int (or personalized category name you have been using for this purpose) $300
    Bank Charge (or personalized category name you have been using for the purpose of recording mortgage related fees) $30
    Transfer to the account in which you want to deposit the equity (Optional) $30,000
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