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Recalculating monthly payments on a 30 year fixed loan.

I created a loan that was started in June of 2017 with the original loan amount and date, 30 year term with a maturity date of 6/2047 and a fixed interest rate . I then manually entered all the payments in 2017-2019 in which some were underpaid so the principal was reduced.

How can I have quicken recalculate the monthly payments so that the last payment in June of 2047 is not ~3xs larger than all the rest?

The payment schedule has retained the original monthly payment. Is there a way I can adjust that? in a different loan, my bank does that each year that I put extra $ against my principal, but then it is a variable rate and the bank must recalculate it each year.

Any suggestions?

Paul
Quicken user since 1997 when Dollars and $ense died.
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Comments

  • Quicken_Tyka
    Quicken_Tyka Moderator mod
    Hello Paul

    Thank you for taking the time to post your issue to the Community, although I apologize that you haven't received a response.

    If you are still needing assistance, please try going to "Edit Loan Details" in the loan account.

    There you will be able to make changes to the loan details and update the monthly payment.

    Let me know how it goes!

    -Quicken Tyka
    ~~~***~~~
  • Hi Tyka,

    I tried that, and it did not seem to make a difference. I must be doing something wrong. I selected loan and payment terms, original balance remains the same, current balance has been adjusted because of the payments made between May 2017 and now, loan length is 30 years, interest-rate unchanged as June 2017, first payment date is set compounding period and payment schedule are monthly and the next payment is showing as Jan 1 2020.

    Closing that and looking at payments, it shows 329 0f 360 payments remaining, payoff date 5/2047.

    The individual is behind in payments so I would like the monthly payments to adjust up. Instead, it remains the same and the last payment is 4 times the rest.

    I tried changing to a higher loan interest rate and it changed the monthly payments but still the last payment was over 2 times all the others. Changing it back and it remained the way it was before.

    What else should I try?
    Quicken user since 1997 when Dollars and $ense died.
  • I should also add, I see a current balance adjustment with today's date. Does that have something to do with today's date vs. the payment date? Interestingly its was lower than the balance based on payments. I adjusted it to the current balance and that made the last payment 6 times the monthly payments that remain unchanged.
    Quicken user since 1997 when Dollars and $ense died.
  • Is my only option to manually try different monthly payments until the last payment is reasonable?
    Quicken user since 1997 when Dollars and $ense died.
  • I am having the same problem with an imported mortgage. I was making monthly payments over and above the required amount paying down my principle. Now that I want to pay less a month because my interest rate haw gone down. I am unable to change my monthly payment no matter what I do. Tried changing everything I could do no avail.
    Quicken user since 1997 when Dollars and $ense died.
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