Set up mortgage as a Recurring Transfer or Recurring Bill?
Newbie here.
Each month, I log into my credit union and transfer my mortgage payment from my checking account. From what I have read, this type of payment should be set up as a recurring bill. Is that correct?
Comments
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It all depends on how you want to do it. If you aren't keeping track of the mortgage loan as an account, you can do a recurring payment. If you like you can split it between principal and interest each month. You can set up expense categories for mortgage interest and principal payment.
If you have a separate account set up, e.g, a liability loan called mortgage, you can set up a recurring transfer instead. Then you make a separate entry each month for mortgage interest so you can see how much you actually still owe on the loan. In either case the mortgage interest is an expense. But the transfer part pays down your mortgage.
Steve
Quicken Simplifi (Safari & iOS) Since 2021
Quicken Classic (MacOS) Since 2009
MS Money (1991-2009) and Dollars & Sense (1987-1991)0 -
Adding to what @SRC54 said… If you want to track the different portions of your mortgage payment separately (Principle & Interest, possibly also Taxes & Insurance) you will have to modify the recurring bill payment each time it occurs. This is because Simplifi does not allow split transaction information in a recurring bill.
DryHeat
-Quicken Classic (1990-2020), CountAbout (2021-2024), Simplifi (2025-…)1
