balloon payment date wrong on 5 year loan with biweekly payments

Question

I have a 5 year loan that start 3/31/17, with biweekly payments ("every other week")
 Quicken is putting the balloon due date as 2/16/22 instead of 3/31/22
 I assume it's wrong because it's counting 120 biweekly payments (since there would be 120 semi-monthly payments "twice a month") instead of the correct # of biweekly payments that go all the way through to the end of the 5 year term
 I cannot edit/correct the balloon due date.

Quicken Sarah · Answer

Hello @povertyjetset

Thank you for taking the time to share the details of this issue with the Community, although I apologize that you have not yet received a response.

May I ask, when entering the loan details - which payment schedule was selected?

Twice per month?  Or Every other week?

If the loan payment schedule was set to "Twice per month" please edit the loan details and select "Every other week" instead.

Does the balloon payment due date now show correctly?

If not, does the payment amount field of the Loan Details window show a "Bi-Weekly payment" or Semi-Monthly payment?

Please let us know, thank you.

Sarah

povertyjetset · Answer

forgot to mention this is Quicken 2017 for Windows R19.7, though the problem has been happening for some time