222 Quicken 2008: The Missing Manual
Editing a Loan
Whatever the reason, in the View Loans window (Ctrl+H or Property & Debt
➝ Loans), click Edit Payment to open the Edit Loan Payment dialog box. The steps
for changing the values in this dialog box should be familiar—they’re identical to
adding values in the first place (page 205).
Adjusting a Loan’s Interest Rate
Much as you might want to lower the 8.5 percent rate on your 30-year fixed-rate
mortgage, the Rate Changes button is appropriate only if you borrowed money
with an adjustable-rate loan. When the interest rate changes on one of these loans,
the payment changes along with it. (The potential for a smaller payment is one of
the charms of an adjustable-rate loan, although payments can go up, too.) With
Quicken, you don’t have to do any fancy calculations; just tell the program the new
rate, and it automatically calculates your new payment amount.
Here’s how to change the interest rate and figure out your new payment:
1. In the View Loans window (Ctrl+H or Property & Debt ➝ Loans), make sure
you’ve selected the right loan, and then click Rate Changes.
Quicken opens the Loan Rate Changes window. If the interest rate adjusts, add
a new rate with the date it becomes effective, as shown in Figure 9-14.
Warning: Quicken lets you enter a new rate for any loan. If your loan isn’t an adjustable-rate loan, your
payments won’t match what the lender expects. Be sure you’re looking at the right loan in the View Loans
window before you click Rate Changes.
2. In the Loan Rate Changes window’s menu bar, choose New.
The “Insert an Interest Rate Change” dialog box shown in Figure 9-14 appears,
with boxes for the critical values: the date the change goes into effect, the new
interest rate, and the new amount that you’ll have to pay.
The Loan Rate Changes window lists all the
rates you create, but the only one that
matters is the one you’re currently paying.
You can leave old rates in to see the ups
and downs of an adjustable-rate mortgage
over time. In the window’s menu bar, click
Edit to edit a rate that’s incorrect or has
the wrong effective date. If the list of rates
has grown long, you can highlight the
applicable row, and then click Delete to
remove an older rate that no longer