Setting up an account to pay down a loan - but now have huge overpayment

svelasquez

- Hi I'm new to Quicken. I added a loan starting in 2015 to the current day. I entered the amunt financed, the date of origin and the interest rate. Within a few dollars, it calculated the correct amount owed and showed the expected date of completion.

Then I went and entered every single payment from the date of origin to the current day. It shows I payed off the account months ago and am now overpaid by >1500.00. If I'm entering the exact data from their reports, why the discrepency?

Ps56k2

How did you set this account up in Quicken ?
What version - Help --> About Quicken

I setup a test manual loan with this screen....
several variables could impact what you are seeing

svelasquez

My version is 2019 R22.12

I entered a manual loan just as you did. The opening date was in 2015, the balance was $4,195.00 at 14.9% X 5 years. That gave me a monthly pmt. of 99.58. My actual payments have been 102.58.

When I entered every single payment from 2015 until now, it shows this loan should have been paid off already and now I'm throwing money at it that isn't owed. I'm quite confused.

Ps56k2

I guess the question is.... why $102.58 vs the correctly calculated $99.58 ?

Where or what was the extra money - a $3 service fee ?

Anyway, looking at my test Quicken loan account, by clicking on the account,
it shows a straight line graph and other numbers for the account details going to zero,
so not sure how or why yours didn't go to zero in the correct time period.

svelasquez

The statement says there is a 3.00 monthly "impound amount." That makes the difference between what they have and what I do. So do I multiply that X 60 payments and change the total amount financed +180.00 or does that throw the entire formula off with interest?