loan details in Quicken Mac aren't working as expected
Chris Bailey
Member ✭✭
Last year, I got a $16,000 loan and added it into Quicken. I think the details are configured correctly but the math isn't working right. I'm sure the error is my own but I'm not seeing what I'm doing wrong. Hoping someone can point out my mistake.
I've attached a screenshot of the "Loan Details" pane. From my loan origination documents, here's the specifications:
- loan amount (also amount financed) = $16,000
- annual percentage rate = 6.99%
- 35 payments of $494.34
- 1 final payment of $494.96
- loan maturation date = 08/05/22
- no origination fee
I've tried fiddling with the various settings and the closest I can get the right-hand panel to show $494.34 as the monthly payment is with the settings I have here. If I change the compounding period to "Annually" (per the terms in my documents), it drops the figure on the right to $492.39. Seems minor but as I'm messing around with What If and Progress, I'm figuring getting these settings right will have an effect.
Also, things don't look quite right in the Progress screen either (screenshot attached). Instead of the minimum $494.34 payments, I've been making a flat $500 each month. However, as you can see, Quicken thinks my balance as of today is $12,000 — actually, it's $12,692.65 because of interest. The Progress pane seems to sort of be taking interest into account -- it says I've paid $4,000 in principal but doesn't look like it's treating any interest as paid. The Progress pane also says my original interest cost is $1,726.18 but my loan paperwork says it's actually $1,796.86 so that's not lining up either -- I figure that somehow goes back to an error in how I've configured the Loan Details.
Any idea what I'm doing wrong here?
I've attached a screenshot of the "Loan Details" pane. From my loan origination documents, here's the specifications:
- loan amount (also amount financed) = $16,000
- annual percentage rate = 6.99%
- 35 payments of $494.34
- 1 final payment of $494.96
- loan maturation date = 08/05/22
- no origination fee
I've tried fiddling with the various settings and the closest I can get the right-hand panel to show $494.34 as the monthly payment is with the settings I have here. If I change the compounding period to "Annually" (per the terms in my documents), it drops the figure on the right to $492.39. Seems minor but as I'm messing around with What If and Progress, I'm figuring getting these settings right will have an effect.
Also, things don't look quite right in the Progress screen either (screenshot attached). Instead of the minimum $494.34 payments, I've been making a flat $500 each month. However, as you can see, Quicken thinks my balance as of today is $12,000 — actually, it's $12,692.65 because of interest. The Progress pane seems to sort of be taking interest into account -- it says I've paid $4,000 in principal but doesn't look like it's treating any interest as paid. The Progress pane also says my original interest cost is $1,726.18 but my loan paperwork says it's actually $1,796.86 so that's not lining up either -- I figure that somehow goes back to an error in how I've configured the Loan Details.
Any idea what I'm doing wrong here?
0
Best Answer
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Hello @Chris Bailey
Thank you for taking the time to visit the Community to post your issue, although I apologize that you haven't received a response.
May I ask that you navigate to the Quicken > About Quicken and provide the year and release you are currently running?
In using the subscription version, I get neither the information you report or the information according to the bank.
In regards to the interest not being accounted for, it would appear the transfer transaction does not include a split to account for the principal and interest.
The reminder in the register should be split to look like the image below:
Previous transactions used to the pay the loan will need to be split using the categories, "Principal" and "Loans: Interest Loans" as these are the categories used in the Edit Loan Terms screen.
-Quicken Tyka
~~~***~~~5
Answers
-
Hello @Chris Bailey
Thank you for taking the time to visit the Community to post your issue, although I apologize that you haven't received a response.
May I ask that you navigate to the Quicken > About Quicken and provide the year and release you are currently running?
In using the subscription version, I get neither the information you report or the information according to the bank.
In regards to the interest not being accounted for, it would appear the transfer transaction does not include a split to account for the principal and interest.
The reminder in the register should be split to look like the image below:
Previous transactions used to the pay the loan will need to be split using the categories, "Principal" and "Loans: Interest Loans" as these are the categories used in the Edit Loan Terms screen.
-Quicken Tyka
~~~***~~~5
This discussion has been closed.