How do I set up Bill Reminder for Mortgage Payment without Escrow being an additional Principal?
TXShooter
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How do I set up Bill Reminders so that the Escrow Transfer is not counted as Additional Principal, which unrealistically shortens the length of the Mortgage and completely blows up my Projected Balances?
There appears to be a serious flaw in how QWD2020 deals with mortgage reminders. Any line entry other than a simple Principal and Interest somehow automatically gets applied as though it were Extra Principal. When that happens, there's no way to truly forecast budgets and Projected Balances.
How do I make this work so that I can effectively and accurately calculate my financial needs when I retire?
Is this a bug, or am I doing something wrong?
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Best Answers
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The additional entries in the loan payment reminder should appear below the third entry in the loan payment reminder split. I suggest using the loan's wizard to properly maintain the loan payment reminder: open the loan, select edit below MONTHLY PAYMENT, select Edit to the right of the Other amount.5
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If you're editing the split in the loan's payment reminder, I suggest using loan's wizard to be safe. Editing the payment reminder directly should also work but you need to be careful as the first three entries in the split are special.TXShooter said:Thank you, @Sherlock.
Your solution solved both questions I have asked on this topic; this one and this otherone.I ended up having to completely delete the mortgage loan and any lingering Bill Reminders for that amount, and recreate it. I followed your directions above and both the one-year projection of the checking account and the Projected Balances line up to the penny. I now have confidence that the next 20/30 years can be forecast with better accuracy.Another question:When making future adjustments to the [Escrow Account] transfer, should I make them in the Monthly Payment of the Loan (edit), or should I make them in Bill Reminders?Again, thank you.5
Answers
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The additional entries in the loan payment reminder should appear below the third entry in the loan payment reminder split. I suggest using the loan's wizard to properly maintain the loan payment reminder: open the loan, select edit below MONTHLY PAYMENT, select Edit to the right of the Other amount.5
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This content has been removed.
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If you're editing the split in the loan's payment reminder, I suggest using loan's wizard to be safe. Editing the payment reminder directly should also work but you need to be careful as the first three entries in the split are special.TXShooter said:Thank you, @Sherlock.
Your solution solved both questions I have asked on this topic; this one and this otherone.I ended up having to completely delete the mortgage loan and any lingering Bill Reminders for that amount, and recreate it. I followed your directions above and both the one-year projection of the checking account and the Projected Balances line up to the penny. I now have confidence that the next 20/30 years can be forecast with better accuracy.Another question:When making future adjustments to the [Escrow Account] transfer, should I make them in the Monthly Payment of the Loan (edit), or should I make them in Bill Reminders?Again, thank you.5
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