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How to get Quicken to properly calculate mortage payment and keep it right

Quicken for PC. I posted a couple months ago that quicken was calculating my payment based off of 179 months for a 180 month mortgage. Adjusting to 181 months fixed the payment initially, but resetting up the mortgage made the phantom error go away. I'm now attempting to pay for April and the reminder is again showing the wrong payment amount (based on math of an initial 179 month mortgage).

If I open up the edit loan terms dialogue it shows properly, original loan amount, proper months, rate, and balance, but the next amount due is off as if Quicken recalculated the total payment off number of payments left and not initial number of payments (or the original phantom month error returned). It did the proper reminder and amount last month, this month not so good. Viewing the payment schedule it shows a proper amount for last month and the increased amount for all subsequent months.

This seems like a basic calculation, so how do I get Quicken to stop screwing this up? I've already run a validation on my file and found no errors.

Comments

  • UKR
    UKR SuperUser ✭✭✭✭✭
    Just for the record:
    What version, edition level and release of Quicken are you using?  Click Help / About Quicken (Mac: Quicken / About Quicken) to get this information.
    What version of Windows or Mac OS are you using?
    Have you tried setting up a completely new manual loan account, with status as of the next payment due and correct number of remaining payments, remaining balance, etc. Be sure to also set up the monthly payment as a Scheduled Reminder transferring the payment from your checking account.

  • AceBates
    AceBates Member
    Quicken Deluxe version R25.21 Build 27.1.25.21 on Windows 10 (fully updated).

    I believe the loan is currently a manual loan just pointed at a mortgage type (loan company servicing loan isn't found by Quicken online). Any variation of a mortgage loan seems to fall into this problem eventually (if it works for the first month it doesn't seem to stick for subsequent months).
  • Quicken Diana
    Quicken Diana Moderator, Employee mod

    AceBates

    Hello, if this is a manual loan account then it is possible that something went wrong in the initial set up when entering the loan specifications. Take a look at the setup and check out article number GEN85004 for more information. Please let us know if the information in this link was helpful.

    Thank you

    Diana Springer


  • NotACPA
    NotACPA SuperUser, Windows Beta Beta
    Could you provide a link to that article?

    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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