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Chapter 7. Manage Your Credit Cards and ... > Mortgage Setup (Mac) - Pg. 79

Manage Your Credit Cards and Mortgage 79 In the Transaction section, choose the payment Type (Payment or Print Check), and enter the Payee. Check that the Next Payment Date and Category for Interest are correct, then click OK. In the Account Bar, you can see that the asset (House) and liability (House Loan) accounts have been created. The asset account shows the current value of your home. The liability account, which is a negative number, shows how much you currently owe on your mortgage, and the total shows your home equity. Mortgage Setup (Mac) To set up your mortgage account, Quicken needs information about the terms of the loan and the lender. Then Quicken creates the loan payment schedule and liability account. As you make loan payments, Quicken keeps track of the balance of the loan's principal, and of how much you have paid in interest. On the Mac, Quicken steps you through creating a loan with an assistant. Begin by choosing Lists > Loans. The Loans window appears. Click the New button. The Loan Interview dialog appears.