Loan Payment Amount Difference

I created a new loan and the quicken calculated payment amount is different from the bank amount. Setting up the account Quicken is adding that difference to the principle. Although the amount is small ($0.25) it will still not correspond to the bank account. Why the difference and how do I fix it?

Answers

  • jr7107jr7107 SuperUser ✭✭✭✭
    I can only guess it is something to do with the rounding of the amortization schedule. Was this loan newly created in Q? Did the bank provide a schedule of payment and terms? Perhaps a fractional percentage missed in the input?

    I have had this issue before, I fixed it I think by recreating the loan. It was a while ago.
    Quicken user since 1994.
    Quicken Forum/Community Contributor since 2005.
  • gw1500segw1500se Member ✭✭
    I figured it was a rounding error but Quicken needs a way to provide the information per the bank and reconcile any difference at the end of the loan. It was a loan newly created in both. No payments have yet been made. I don't have a schedule from the bank just the monthly payment amount, initial principle and rate.
  • jr7107jr7107 SuperUser ✭✭✭✭
    In the "Edit Loan Details" there is a place to show the Loan Schedule, can you request from the bank and see if you can identify where it is? Also can you tweak the interest rate fractionally or the principal to attempt to get the correct number? I recall thinking you can modify the P&I payment number when setting up the loan?
    Quicken user since 1994.
    Quicken Forum/Community Contributor since 2005.
  • gw1500segw1500se Member ✭✭
    I'll have to do that. Thanks.
  • NotACPANotACPA SuperUser ✭✭✭✭✭
    What type of loan is this? 
    Because, Q can only accurately calculate a "monthly interest" loan, such as a traditional mortgage.
    Most other loans are "daily interest" and the payment split (AKA the amortization) depends greatly upon what day the lender posted the payment ... and Q has no way of knowing that.
    Q user since DOS version 5
    Now running Quicken Windows Subscription,  Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
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