mortgage projected payoff graph inaccurate

Philip Mead

Mortgage graph starts at the rght amount, then drops to 0, then goes to correct values, then drops to -200k, then seems to be OK again.
I have only made regular monthly payments.

How do I get it to display a straight line?

NotACPA

We'll need to see your Loan setup screen and your payment SPLITS (in your checking account) to diagnose this.

Also, what Q product are you running and what BUILD of that product?  And, if a "Valid Thru" date is present ... what's it?  This info is at HELP, About Quicken.

Philip Mead

Attaching files

Philip Mead

Attaching files

NotACPA

Something is VERY screwy in this mortgage.  Capture_2.png shows that your monthly payment is $2,513.69 yet your Payee Report shows the 7/8 transfer into the mortgage account as $2,612.25 ... AND the last several transfers into the Mortgage have been the exact same $2,612.25.

How is that possible?  In a traditional mortgage (even a 15yr mortgage, as you're showing) the Principal payment should go up each month.

Also, are you not using the Mortgage Wizard to calculate your loan amortization and payment each month?

NotACPA

And, can you please show us the transaction splits, in your checking account, of those last 3 payments?

Philip Mead

The transfer amount is the same for each month and gets adjusted yearly. When I make a payment the amount is the same. I don't know how quicken works our what is interest and what is principal.
This was set up with the mortgage wizard some time ago, and has always been strange like this.
The mortgage itself started in 2012, but I did not run the wizard until about 2018. I can re-run the wizard if you think that would help.

NotACPA

The problem here is that with your "Home grown" accounting method, it's unlikely that anyone besides you will be able to figure out the problem.

We expect Q to operate in a certain manner, yet you've finagled to circumvent that manner.

There's nothing more that I can do to help.  Sorry.

Sherlock

I suggest you convert the online activated loan to a manual maintained loan: https://community.quicken.com/discussion/7164936/faq-how-do-i-convert-a-loan-account-that-automatically-downloads-transactions-to-a-manual-entry-sc

Tom Young

@Philip Mead

That graph is following something in your data base, some accumulation of transactions that involve mortgage "principal" and since it's your file I think you're going to have to figure it out, as @NotACPA alluded to.

Ordinarily I'd tell you to look at the loan "register" that shows all transactions affecting principal, but since you don't have a manual loan, you have a downloading loan, I don't believe that loan register is available to you.  Presumably that loan register and the graph are moving in sync.

I do see some "disconnects" in the information you've presented, however.  For example, in your payee report, you show the entire payment that's coming out of the FOX FREE....(checking Account I assume) and the entire payment is being applied to loan principal, which simply isn't correct; the picture you posted of the loan graph clearly indicates that the principal payment is somewhere in the $1.4K range.

My payee report for my one lender loan correctly shows that the payments are being splint:

So I'd guess the difference between your accounting for loan payments before you set u pthe mortgage, (would current payments look the same, i.e., the entire amount going to loan principal?), and the actual accounting for loan payments being downloaded from the bank play a role in the confusing graph, maybe without explaining the graph entirely.

You can see that every bit of history of the graph up until "today" doesn't make a lot of sense, but the projected future payments - which are all coming out of the Quicken loan wizard based on how you set up your loan, curve down gracefully in the "normal" manner.

NotACPA

@Philip Mead  I just noticed something in your "capture_1.png" graphic.

It shows the P&I portion of your mortgage payment as $1,813.66 (the sum of the Principal and Interest amounts)" PLUS a $700.03 "Other".  Is the other an Escrow account?

Because $1,813.66 is EXACTLY what Q calculates for the P&I portion of your mortgage payment.

Thus, ONLY the Principal portion of the payment (as shown in that Capture_1) should be a transfer into the "Wells Fargo Mortgage" loan account.  You're transferring over $2,500 each month, which is why your graphic is messed up.  You're seriously overpaying (or at least recording an overpayment) in this loan.

The amount shown as "Interest" should be going to an Interest expense account, and "Other" (if I'm correct that it's an Escrow) should be a transfer into an Escrow Account that you've created in Q.

BUT, to confirm all of this, we really need to see the actual split lines of your payment, as recorded in your checking account.

ALSO, since you're showing this loan as being downloaded via "Express Web Connect", how are you actually recording the payments?  You shouldn't have ANY access to the Loan account register for a "downloaded" loan.