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Quicken Home, Business and Rental 2018 for Windows mortgage payment calculation incorrect

MJB

I added a Rental Property Mortgage in Quicken and the monthly payment calculated by Quicken is incorrect.

Details of the loan:
Amount of loan $132,000
Interest Rate (fixed) 5%
Term 30 Years

Quicken Principal & Interest payment amount $708.60

Mortgage company payment required $708.61
Other 3rd party payment calculators arrive at $708.61

I know the difference is only $0.01 per month, but over time it adds up

Help!

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Comments

Quicken Harold

Hi MJB, appreciate your question.

I just ran the same formula and got the same result with Quicken Premier 2018 for Windows:

Although, I also did the same on Quicken Premier 2018 for Mac and got the right numbers:

I will submit this up to Development to see if they can get this fixed.

Thanks for letting us know.

Respectfully,
~ Quicken Harold.

QWIN-12639

MJB

Hi Harold,

Thanks for the response. Looking forward to the fix. Once a fix is provided, how will I fix existing loan and payments made?

Regards,
Michael

Michael Jones

you should be able to go to the schedule reminder and edit it to add the extra penny. That SHOULD update the payment schedule on the loan as well. Otherwise, if you want it 'perfect', you'll have to set up a new loan and transfer the transactions.

Make a backup and try playing around with it to see if you can get what you want before you make a final decision.

mshiggins

From C. D. Bales:

I just tested with Q2017 and Q2014 (both are Windows versions). Both compute a payment amount of $708.60.

I also used the Navy Federal Credit Union mortgage loan calculator, and it too computed a payment of $708.60.

Not sure why the difference exists - also not sure the evidence so far proves that $708.60 is incorrect.

Did you compare the payment schedule created by Quicken against the payment schedule created by your lender to see where the $.01 was going (principal or interest)?

You can override the Quicken computed loan payment amount in the loan setup process (which, by default, applies the difference to the principal payment amount). If that's where your financial institution is putting the extra $.01, that might take care of your problem.

Michael Jones

I'd venture to say it's a rounding problem of some sort. Here is what Excel gives for the payment to 5 decimal places: $708.60454