Amortization Schedule for Loans
I manually added a loan but I realized that putting in the starting balance and how much I'm paying each month doesn't give me an accurate remaining balance, due to interest on the loan. Having some way to either import an amortization schedule or to input the values right in Simplifi would be amazing. The payment can be shown, and you could split it up by what went towards the principal and what went towards interest.
Comments
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Excellent idea! We've been getting some good feedback on how to use Simplifi to manage assets and capital investments better. Access to an amortization calculator would make it even easier. Thanks for the feedback!
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Big thumbs up for this. With any loan we need the ability to enter an interest rate and monitor principal and interest payments. I have been tracking my mortgage and manually doing balance adjustments every 3 months to keep the account close but this is very cumbersome and not a good work around. PLEASE consider the basics for tracking loans or any other addition you put to this program.0
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Ability for the Mortgage account type to ask for the loan amount, interest rate, compounding schedule, payment schedule etc (and other details) in order to track all details about your mortgage.
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I'd also like the balance of a manual liability account to be automatically adjusted for interest applied.
For example,
If I have a $10k loan with a 5% APR, my payment would be $188.71 for a 5 year loan. I can currently apply my payment transaction to the manual liability account for $188.71, but the ending balance does not take into account the interest applied. After a year, Quicken would show the balance as $7,735.48. In reality, my balance is $8,194.45.
If there were extra fields for an optional APR and rate of interest application (monthly for example) when setting up a manual liability account, the software would be able to determine when and how much to adjust the balance.
Having to look up the new balance each month at the lender's site and then manually adjusting the balance in Quicken takes away from the goal to have all financial accounts easily viewable and hands off in one place. I end up not using manual accounts for this reason and just look on the lender's site. I miss out on a lot of other reporting features and accurate net worth calculations, but I'd rather deal with that than adding a manual book keeping chore each month
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I'd rather deal with that than adding a manual book keeping chore each month
I also wanted to avoid that monthly chore when I had a loan like that. So instead, once a year, I estimated the yearly interest and split my monthly payments as if I was paying 1/12th of that interest each month. Then, at the end of the year, I would just adjust the last payment so that the balance was exactly correct. Rinse and repeat.
For example, if I estimated I would pay $600 in interest for the year, I would split each payment $50 interest and the remainder principle. Then, if it turned out I actually paid $590 interest, I would adjust the December payment to $40 interest, remainder principle.
It was a little off during the year, but a lot less work than checking and changing it every month.
DryHeat
-Quicken Classic (1990-2020), CountAbout (2021-2024), Simplifi (2025-…)0 -
My mortgage company isn't linkable to Simplifi so I've got a manual account for it. I have a recurring transaction from my bank every month, and after the transaction clears, I log in to the mortgage company's website to check the details, and then manually split the transaction into 3 - a Transfer to my manual mortgage account, an expense category for interest, and another expense category for the amount that goes into escrow. (I've thought about setting the escrow up as a manual account also, but didn't try it yet.)
It's only once a month so it's not such a big deal for me.
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