Quicken's weekly mortgage loan payment amounts are not correct

I am entering a new mortgage loan into Quicken and the weekly payment amount is not correct - it is off by over $20 a week. How can I get the amount sorted out?
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  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Why don't you tell us what the specifics of that account, as set up in Q are ... and we can  tell you where you went wrong.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Sorry - meant that the weekly payment is off by $2.00 a week.
    The details I have entered are:
    Original balance - $200,000
    Interest rate - 2.49%
    Length - 15 years
    Compounding Period - I put semi-annually
    Payment schedule - weekly

    Quicken calculates my weekly payment to be $334.41, while my actual weekly payment is $332.86

    Any idea why and how to correct the numbers in Quicken?
  • UKR
    UKR SuperUser ✭✭✭✭✭
    May I ask why you're doing weekly payments?
    Many mortgage companies do not credit partial payments to your mortgage account until they have received enough money to cover a full monthly payment plus interest ... and that could explain why your Quicken payment calculations are different from the bank's payment schedule.
  • I’m doing weekly payments because I pay my mortgage on a weekly basis. That is one of the terms of my mortgage.
    Quickens payment amount is different from every other one I’ve looked at.
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Where are you located?  And what Q product are you running?  Because, I've never heard of a "weekly mortgage" in the US.
    Q user since DOS version 5
    Now running Quicken Windows Subscription, Home & Business
    Retired "Certified Information Systems Auditor" & Bank Audit VP
  • Canada - you can opt to pay weekly, bi-weekly, monthly.
    Anyway, my issue is that Quickens calculations are incorrect. Any help with this issue appreciated (using Quicken 2019)
  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Someone Q Canada needs to chime in on this ... because using QW2019 US and inputting your figures into the Loan Calculator, I can't come up with EITHER payment amount that you cite.
    And I couldn't get it to work in Excel either.
    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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