Bill pay mortgage payment

albator159

My bank BOA won't let me download mortgage. I know the exact total amount, but every month the principal change. I programmed a bill pay, but as the amount change, I have to go back and fix them all. Any solution?

Tom Young

The solution here is to set up the loan as a manual loan in Quicken, i.e., no downloading, using the Quicken loan "wizard."  As part of this process the wizard will create an amortization schedule and a reminder for the payments.  Allow the reminder to enter the monthly payment into your checking Account some time before the payment is actually made.  That entry will be properly split between principal and interest and the download from BoA into the checking Account will find a "match."

Tom Young

The solution here is to set up the loan as a manual loan in Quicken, i.e., no downloading, using the Quicken loan "wizard."  As part of this process the wizard will create an amortization schedule and a reminder for the payments.  Allow the reminder to enter the monthly payment into your checking Account some time before the payment is actually made.  That entry will be properly split between principal and interest and the download from BoA into the checking Account will find a "match."

NotACPA

NOTE that the "no downloading" refers to the MORTGAGE account only ... and downloading into that account would download only your principal payment anyway ... it wouldn't download your interest component or any escrow payments.

The Mortgage Wizard and a Manual account are definitely the way to go, as I have for about 6 mortgages now.