How to pay interest only on student loan that requires no payment
Simply put, I'd like to schedule a payment to go to two loans at the same institution; have no problem if that requires two transactions. Transferring from Quicken 5 left me with a lot a adjusting to do; but I now have two loans detailing the current balances.
I am paying enough monthly to stay ahead of the interest's accruing. In Quicken I could schedule this payment in the calendar. It seems that I cannot show it as a recurring reminder payment in Moneydance . . . though I can manually enter it as such month-to-month. Additionally, when setting up the account from 'Edit Account' I see no way to force a set payment into INTEREST for example, and setting a Payment Reminder (Actions tab) simply is ignored on close.
Looking for a simple way to auto list that I'm paying 175.00 monthly and that it goes to interest at school 1 (75.00) and interest at school 2 (100.00). Both have different apr's so I've covered that in the loan setup page as well as covering the interest categories associated.
It seemed so simple. . . .
Thanks
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1 Posted by Ben Spencer on 24 Jun, 2012 08:18 PM
Since you only want to make an interest only payment you can just create a regular transaction reminder for the transactions.
To create a transaction reminder select Tools->Reminders and click the new transaction reminder button.
Ben Spencer
Moneydance Support
System closed this discussion on 31 Mar, 2015 03:48 PM.