How to change loan information in Money

This article describes how to change loan information after a loan has been set up in Microsoft Money.

To change loan information, use the appropriate method for your version of Money.

Note To change the Loan Payment frequency, close the existing loan, and then create a new loan that has the correct payment frequency. Use a Loan Balance that has the date when the payment frequency changed.

Alternatively, in the Loan account click New, and then select Make an Extra Payment. Then, modify the principle and the interest amounts as needed.

For help with closing an accoutn and createing a new loan, see the Help file in Money.

Microsoft Money 2000 or later versions

1. Click Account List.
2. Right-click the loan that you want to change, and then click See Account Settings. In earlier versions of Money, right-click the loan that you want to change, and then click Details.
3. On the Account Details screen, click Change Loan Terms or Update Interest Rate to make changes to the loan information as needed.
   
   Note Use the Update Interest Rate option to change the interest rate for an Adjustable Rate Loan (ARM).
4. When you are finished making changes, click Done.

Microsoft Money 99 and Microsoft Money 98

1. On the navigation bar, click Accounts.
2. Right-click the loan that you want to change, and then click Go to Details.
3. In Account Details, click Change Loan Info in the left pane.
4. Click Next in the Change Loan Wizard until you find the information you want to change.
   
   In the Change Loan Wizard you can change any of the following information:
   • Other fees (fees other than payment and interest)
   • Interest rate (This is useful for changing an adjustable rate loan)
   • Other Loan Information
5. After you finish making changes to the loan information, click Next, and then click Finish.

Money 97

1. On the Contents screen, click Account Manager.
2. On the Account Manager screen, click the loan that you want to change, and then click Account Details.
3. On the Account Details screen, click Change Loan Information.
4. Click Next in the Change Loan Wizard until you find the information you want to change.
   
   In the Change Loan Wizard you can change any of the following information:
   • Other fees (that is, fees other than payment and interest)
   • Interest rate (This is useful for changing an adjustable rate loan)
   • Loan balance
   • Loan name
   • Who payments are made to or received from
   • How interest is calculated
   • Remaining length of loan
   • Payment amount
   • Balloon amount
   • Payment category or sub-category
5. After you make the necessary changes to the loan information, click Next, and then click Done.

For more information, click the following article number to view the article in the Microsoft Knowledge Base: