After updating from Q2017 to Q2020 home loan shows balloon payment due

scott967

I have a straight 15 yr amortizing loan that was setup in the past in Quicken. After I upgraded to Q2020 deluxe from Q2017 desktop the loan has generated a balloon payment of the outstanding balance instead of my normal monthly payment for my next payment. When I open my loan details / edit terms there is nothing there about a balloon. So, how do I fix this?

Tom Young

@scott967

Is this a "manual" loan, (no downloading of loan information from the financial institution), or are you downloading information into it?  It seems like the latter situation might be an issue here.

I'd guess most SuperUsers would suggest using a straight manual loan as opposed to downloading information.

I'd suggest first simply trying to validate the file - File > File Operations > Copy... and then using the Copy, File > File Operations > Validate and Repair... - just to see if that clears thing up.

If that doesn't fix the situation then another approach would be to set up a new manual mortgage loan using the remaining loan term and the current balance, rate, etc.  Zero out the old Account by transferring the current loan balance to the new loan, then hide the old loan.  Finally, go into the new loan and delete the "opening balance" (which should match the transfer amount) and carry on from there. 

You could also try contacting Quicken support    https://www.quicken.com/support#windows to see if they can look at your file and figure out the problem.