In Quicken 2017 Premier, why isn't the mortgage loan amount decreasing with each payment to the mort

Unknown
Unknown Member
edited October 2018 in Investing (Windows)
In Quicken 2017 Premier, why isn't the mortgage loan amount decreasing with each payment to the mortgage company?  The program apparently tracks the dates of the payments, but the amount of the payment is not making the "loan details page" change at all. 

For example, I bought a house in December.  In Quicken 2017 Premier, I set up the mortgage loan program and it is tracking that payments are made.  However, the loan amount has not decreased.  All the details of the loan are correct; however, the problems is that the "details" page still shows the "principle amount paid" unchanged from the moment the loan was originated. 

Comments

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited October 2018
    Take a snapshot of that mortgage payment, as shown in your banking account.  Show the split transaction details ... and we can explain your error to you.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Unknown
    Unknown Member
    edited May 2017
    Do you download transactions from your mortgage company?

    Or did you set up your mortgage loan manually?

    Manual setup of loans is preferable because the data downloaded is not reliable and you have ZERO control on editing that loan.  Also, if this is a traditional fixed rate loan, Quicken will automatically amortize the loan for principal and interest.  And you can add other escrow amounts for such things as taxes, insurance, PMI etc.  

    My advice?  Delete the downloaded account and set this up manually.  You will have to go back to December and re-enter all the mortgage payments however from Payment 1 thru what you have paid to date.  
  • Unknown
    Unknown Member
    edited May 2017
    ok I'll try a couple screenshots. 
    One will show the loan details.  
    The next shows the payment details.
    Although the "next due" shows June,
    the mortgage balance paid has remained unchanged.

    The third shows the split entries into the accounting software.

    Note:   Although the bank downloads only the total amount drafted, I must manually enter the split items for my record keeping. 
    imageimage

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    image
  • Unknown
    Unknown Member
    edited May 2017
    Re-read my previous post.

    It won't matter if you manually enter the splits or not.  Downloading from your mortgage company IS the problem.

    Re-add the loan as a manual loan.  Make sure you add a Bill Reminder at the end of the "Loan Wizard" process.  

    Then re-adjust the line items in your checking account to coincide with the proper split line items for the new manual loan.

    Then delete the "old" already entered loan.

    Since your loan is only from December 1 there are only six transactions to "fix".  Shouldn't be too much of a hassle to do so. 
  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
    edited January 2018
    The principle portion of your payment is being applied to a Quicken "Category", (something that would show up as an "expense" on a spending report),  it's not being applied to the mortgage "Account".  That first line should read "[Mortgage Loan XX7140]"
  • Unknown
    Unknown Member
    edited October 2018
    WOW!! 

    Thank you, Tom Young, SuperUser!

    That was the problem!

    Much thanks for the problem solved.

    I really should have known that solution, this is my third version of Quicken, and as soon as I read your response, I thought how foolish I was.

    Thank you, again!
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    edited May 2017

    WOW!! 

    Thank you, Tom Young, SuperUser!

    That was the problem!

    Much thanks for the problem solved.

    I really should have known that solution, this is my third version of Quicken, and as soon as I read your response, I thought how foolish I was.

    Thank you, again!

    ALSO, that 3rd line of the split CAN NOT be blank.  You MUST use another transfer to the Loan account on that line ... even if the amount is $0.

    Its a quirk that Q requires this ... but your escrow amount won't be recorded properly as you have the transaction.

    AND, your escrow should be an account (not an Expense category) also.  It's something that you own, much like a forced savings account.  Then, expenses such as PMI, home insurance, real estate taxes, etc. are expensed out of that Escrow account.  Only your mortgage interest is an Expense.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Unknown
    Unknown Member
    edited September 2018
    I have a similar problem.  I finally upgraded to 2017 Premier from a previous version.  I added a mortgage and car loan.  I had a car loan in a previous version (I think it was 2000 Deluxe).  In the previous version, I could download my transactions from my bank and it would automatically adjust the car loan.  I just want to download my payments and have my balance properly adjusted.  I don't want to have to manually "Make a payment" for my loans.

    Are there any Tips/tricks/instructions for setting up loans/mortgages in Quicken 2017 Premier?  

    I set these up as downloads from their respective institutions.  Is there any way to automate the process.  I would also like to see a register style history of these payments.

    Is there a way to manually import data.  I am not happy with having to upgrade every couple of years to what I feel is an "Inferior product".  I like the one button upgrade, but I would settle for manually downloading a file from each institution in a browser than importing into Qucken.
  • UKR
    UKR SuperUser ✭✭✭✭✭
    edited June 2017
    Mike said:

    I have a similar problem.  I finally upgraded to 2017 Premier from a previous version.  I added a mortgage and car loan.  I had a car loan in a previous version (I think it was 2000 Deluxe).  In the previous version, I could download my transactions from my bank and it would automatically adjust the car loan.  I just want to download my payments and have my balance properly adjusted.  I don't want to have to manually "Make a payment" for my loans.

    Are there any Tips/tricks/instructions for setting up loans/mortgages in Quicken 2017 Premier?  

    I set these up as downloads from their respective institutions.  Is there any way to automate the process.  I would also like to see a register style history of these payments.

    Is there a way to manually import data.  I am not happy with having to upgrade every couple of years to what I feel is an "Inferior product".  I like the one button upgrade, but I would settle for manually downloading a file from each institution in a browser than importing into Qucken.

    Mike,
    An online-connected
    loan (or mortgage) account does NOT have a transaction register. All data shown
    in the account come from whatever information the bank downloads to you ... if
    this process works at all.

    As a result of this,
    the scheduled payment transaction cannot transfer the amount of principal paid
    into the (non existent) account register and must use a category, usually
    something like Loan:Principal, instead.

    If you want to have
    full control over both the loan account register and the payment transactions
    please take a look at this:

    How to convert back to a manual loan

    https://getsatisfaction.com/quickencommunity/topics/faq-how-do-i-convert-a-loan-account-that-automatically-downloads-transactions-to-a-manual-entry-scheduled-reminder-loan-account

     

  • Unknown
    Unknown Member
    edited June 2017
    Mike said:

    I have a similar problem.  I finally upgraded to 2017 Premier from a previous version.  I added a mortgage and car loan.  I had a car loan in a previous version (I think it was 2000 Deluxe).  In the previous version, I could download my transactions from my bank and it would automatically adjust the car loan.  I just want to download my payments and have my balance properly adjusted.  I don't want to have to manually "Make a payment" for my loans.

    Are there any Tips/tricks/instructions for setting up loans/mortgages in Quicken 2017 Premier?  

    I set these up as downloads from their respective institutions.  Is there any way to automate the process.  I would also like to see a register style history of these payments.

    Is there a way to manually import data.  I am not happy with having to upgrade every couple of years to what I feel is an "Inferior product".  I like the one button upgrade, but I would settle for manually downloading a file from each institution in a browser than importing into Qucken.

    You're not going to get what you'd like in Quicken 2017.  

    Downloaded loans won't get you a register style history of these loans.

    You're not going to like what I have to say, but the preferred way for setting up loans is to set them up as a manual loan and create a Bill Reminder at the end of the "Loan Wizard" process.  

    One click of the button in Bill Reminders will enter the payment (principal and interest).  Not too much of an inconvenience.  Certainly easier than downloading from a website and importing (known as Web Connect).  

    With the "manual" loan method, you'll see exactly what you are looking for.  

    Or, you could just set up your car loan for the "total amount" as a liability and then when you download your transactions, have the transaction as a transfer from your checking account to the liability account.

    This won't get you a principal and interest breakdown, but it will give you a register view of each payment and the remaining balance.

    I think that is how this was done in Quicken 2010...because I don't recollect Quicken handling car loans any better back then than they do now.  
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