Entering Principal Only payments for a loan or mortgage

To enter a payment which is against principal only on an amortized loan (such as a car loan or mortgage), you should use the category 'Principal Transfer:'.

The 'Principal Transfer' category may not be listed in the category list, although you can type it in. If you use two dropdowns for categories (see here for the Money 2005 patch to do that), then in the second box, the available (loan) accounts will be listed.

The 'Principal Transfer' category is the one that Microsoft Money usually uses when calculating loan repayments which have the 'Calculated' entry in the bill/deposit entry.

When using this category, the subcategory should be the name of the loan you are making a payment to. See the image below

Category: Loans

Keywords: loan, mortgage, principal

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