Mortgage principal/interest mismatch between quicken and the lender

Quicken version: Windows 2019 R18.16 (US).  

I am trying to setup a mortgage-loan account. 

1. There is a slight discrepancy between the "current loan" amount in the lender's statement and the quicken calculations.

2. If I use, lender's current balance, the total payment that is calculated is correct. However, the principal-interest split is slightly different.  

3. Is there any way I can use lender's principal-interest values?

Comments

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    In your checking account, for the payment to your mortgage, what Split lines, in what order, are you using?
    e.g, Split line one has a category of XXX
    Split line two has a category of YYY
    etc.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • I can split the payment at the time of recording a transaction. 

    My question however was about setting up a mortgage-loan account.  At the time of setting up the account, Q asks information about the loan (date-started, original-amount, interest-rate, interest-rate, current-balance etc.) It then calculates monthly payment. The calculated monthly payment is correct say $1120. However the split between principal-interest (e.g. $1000, $120) that Q calculates is different from what the lender's statement indicates ($1001, $119). Probably not a big deal as I could manually split the actual payment when recording. 

  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Sorry that I misunderstood, I focused on your 2nd point.
    If you'd care to disclose the exact numbers, and when the mortgage started, we can try to re-create your issue ... when can lead us to the resolution.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Ah. I was looking at last-payment made and not the NEXT payment that is due..  
    Your suggested exercise helped.  Thanks.
  • Beijing Mac
    Beijing Mac Member ✭✭✭✭
    I've had better luck setting up a loan / mortgage as a manual account and enter the pertinent information that Quicken uses to set up the loan.  as previous poster indicated, when you make the entry from your bank account / checking account, set up with a Split back to that asset and loan.  You can correct these line items in that entry to match the statement from the loan company.  If you are off the first few months, I've found out that Quicken will start to adjust the reminder if you make that entry as a reminder from the loan account.  I've also found out that if you have an ARM, it seems that Quicken and the bank don't totally agree when the bank adjusts the interest rate.  No panic, I just adjust the entry.  My guess is that the bank adjusts the split based on remaining years & remaining balance of the loan and Quicken looks at original term and original loan amount.  It's just part of reconciling and performing QC before tax time....
  • Very useful. thank you - that is how i ended up setting the account. Will see how it goes the next few months, 
This discussion has been closed.