This will create a Quicken asset account that is linked to your mortgage. Here’s what to do:ġ. Click Add linked asset account, then click House. When you’re done setting up your mortgage, Quicken asks if you’d like to create an asset account to go along with the loan. And you can use the same asset account to record any improvements you make to your home over the years, thereby reducing your tax liability when you sell (more about this in the next section). If you’re tracking a home mortgage (a liability) in Quicken, but not tracking its corresponding home value (an asset) in Quicken, you won’t get a good picture of your true net worth-something that’s pretty important. A home asset account is the Yin to your mortgage Yang. We recommend that you create a home asset account. Click the Help icon if you have questions. Choose Loan and Debt Options > Add a new loan, and fill in the information about your loan. Finally, knowing how much you owe on your house will help you monitor your home equity.ġ.Ĝlick the Property & Debt tab, and then click the Debt button.Ģ.
Digging a bit deeper into your payments, Quicken can also tell you how much interest you’ve paid on your mortgage over the past year, information which you’ll use when you file your taxes. Why? The most basic reason to track your mortgage in Quicken is so you’ll know how much money you owe on your home. Whether you’re just sticking your toes in the water, or you took the plunge long ago, Quicken has the tools you need to evaluate and track your investment.
Owning your own home is one of the great American dreams.
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