Mortgage Amortization: Quicken Deluxe 2020 keeps changing the interest rate

Unknown

I have a 20 year mortgage @ 3.125 fixed. I entered the information correctly in to Quicken at the beginning of the loan. I notice the split was wrong for a payment and review the terms. The Quicken program changed the interest rate from 3.125 to 3.12. I edit the terms, only to find the program keeps reverting the rate to 3.12. over and over again!

I am tired of continually correcting the payment and terms every month. Am I doing something wrong, or is Quicken incapable of calculating a rate with 3 decimal places?

UKR

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?

Unknown

Year 2020
Version R 27.28
Build 27.1.27.28

Tom Young

In a test file I established a 15 year mortgage at 3.125%, and Quicken seems to keep that rate intact.  Where are you seeing the changed rate?  Under the "Loan Details" tab ("Current interest rate") or are you actually seeing an interest rate change entry when you look at the "View payment schedule" under the "Payment Details" tab?

Could it be some sort of file corruption?  Perhaps try validating the file?

Unknown

Periodically, I've noticed that the total principal remaining is higher than it should be (when comparing it to my statements). Looking at the history table in Quicken, I can see the loan being created as 3.125, then it later randomly changes to 3.12. I change it back to 3.125 under the loan details. When I later still, notice the principal remaining being wrong again, I look at the history detail, I see the rate changed to 3.12 again, although I did not change it. And, no, no one else has access to my Quicken program.

NotACPA

Have you pulled out your trusty pocket calculator (or cell phone) and verified that the interest rate posted in  a payment was calculated at 3.12% instead of 3.125%?

mybella7930

I've got similar issues with Quicken making up it's own interest rates/payment amount in my table, which throws monthly payments and principle balances out of whack; it's not a rounding issue since I only use 2 decimal places. Issue has been present since I started using Quicken in 2012, and has persisted through multiple program builds and completely recreating the loan accounts. There are definitely bugs with the interest rate table that Quicken just won't fix.
https://community.quicken.com/discussion/7869208/multiple-loan-interest-rate-table-bugs

Quicken_Tyka

Hello @mybella7930

Thank you for taking the time to visit the Community to report this issue, although I apologize that you haven't received a response.

I have a few questions to help me better understand what could be happening.

First, where are you seeing this change in an interest rate? Is this in the loan details of the loan?

How much is this change in interest that is occurring? Is it a few decimals places or more?

Does this occur in multiple loans or have you been experiencing this in one loan account?

The more information you can provide regarding this issue will help the Community to better understand and assist.

Thank you,

-Quicken Tyka

mybella7930

@Quicken_Tyka They are all student loans and it's occurring in the Loan Interest Rate table. I've had it happen across 8 student loans, all of which have been recreated from scratch multiple times. Sometimes that resolves the issue (permanently for a couple, temporarily for most), for others the issue returns immediately after recreating account. Essentially, Quicken decides to calculate it's own Payment amount at random times (always being 1 payment date prior or upcoming), despite the fact I've entered the Interest and Payment provided by my lender. Occasionally, Quicken will change the Interest Rate but leave the Payment amount same as I've entered. These are NOT connected to the lender via Online Services, they're all totally manual and have always been.

For example, my rate is 6.23% with payment $157.81 effective since 9/7/2019, but Quicken enters it's own line with rate 6.23% and payment $155.50. My payment is the 26th each month, and I've already deleted the rogue Quicken line 5 times this month, and it keeps getting recreated for 7/26/2020. Once I've made my August payment, Quicken will recreate the item with effective date of 8/26/2020 or 9/26/2020. To be clear, Quicken isn't modifying my existing rate/payment lines, it's creating a whole new line at the end of the table, which then means all my my scheduled upcoming payments are based off the rogue Quicken amount.

To make matters worse, I can only edit/delete the first 9 line items in the table; so in order to delete the 11th line Quicken added on it's own, I need to delete lines 9-10 first then reenter.

Quicken_Tyka

Hello @mybella7930

Thank you for the response and the additional details. May I ask that you please include a screenshot of an example of what you are seeing?

https://community.quicken.com/discussion/7867159/faq-how-do-i-post-a-screenshot-in-the-community-from-windows

I am trying to recreate this on my Quicken file and an example would be helpful!

Thank you,
-Quicken Tyka

mybella7930

@Quicken_Tyka LoanRateTable1 highlights the Edit/Delete option when hovering over rate/payment line. LoanRateTable2 both highlights the missing Edit/Delete option for lines 10+, as well as this was the erroneous Quicken created line (9/7/2019 is the last rate/payment that is valid and should be listed).

Quicken_Tyka

Hello @mybella7930

Thank you for the response and the additional details!

At this point, I have been unable to recreate this but I now see where you are encountering this issue.

It was mentioned earlier in the thread to validate the file, I do not see a confirmation if this has been completed.

I would start there, Validate & Repair tool on the data file from the File menu > File Operations > Validate & Repair option.

In the Validate File window that opens, click the top box to "validate file" and then click OK.

When the validation completes, a data log will open in Notepad, please let us know if any errors or issues are found/repaired, and when ready close and re-open Quicken.

If the trouble persists after this step, I would recommend contacting support directly for further assistance.

https://www.quicken.com/support#contact-support

Quicken Care has the tools to review and research this issue further.

Thank you,

-Quicken Tyka

mybella7930

@Quicken_Tyka Thank you, I did mention this in my original discussion (which now seems to be closed for some reason), but I've Validated and Super Validated the data file more times than I can count in the last 8 years since I've had Quicken Deluxe and the random Quicken generated payment amounts. It's been an issue from the beginning with Deluxe 2012, as well as when I updated to 2013, 2015, 2017 and the current 2020 subscription.

Are you not able to duplicate the missing Edit/Delete options in Interest Loan Table either? I'm running the latest build (27.1.28.16) and I created a whole new data file and test student loan account, and as soon as I add the 10th rate, I can't edit it. I'm not the only one who's had this issue, and given it happens immediately for me in a new data file, it's certainly a program bug and should be easy to replicate. Here's another discussion I had found with the same problem https://community.quicken.com/discussion/7157640/loan-interest-rate-changes-cannot-be-edited

Thanks,
Becky

Quicken_Tyka

Hello Becky,

Thank you for the response and additional details. While I am not able to create the issue of the interest changing on its own.

I am able to recreate the issue of not be able to edit or delete the loan rates once 10 lines have been entered--I am reporting this issue.

To clarify and to get as many details as possible, do these loans have variable rates, or is it a fixed-rate loan?

Also, to report the issue of the rates changing, would you be willing to submit a copy of your data file to research this issue further?

Please let me know!

-Quicken Tyka

mybella7930

@Quicken_Tyka Great, thank you!

These are variable rate loans, however, I only add new values to the table when the payment amount has changed, to avoid overwhelming the file with too much information. The loan seems to be most susceptible to Quicken making payment changes when I enter these new values. I've had loan accounts be fine for a couple years, and as soon as I enter new payment amount, Quicken starts generating it's own after.

I can provide you with the loan account, if that would be helpful, but I would prefer to not submit the the data file in it's entirety for privacy concerns.

Thanks,
Becky

NotACPA

@mybella7930,

On the HELP menu there's a "Sanitize Data file Copy" option that should satisfy your privacy concerns.  THEN, you could sent the sanitized file to the address that Tyka specifies.

mybella7930

@NotACPA The entirety of my financial transactions over the last decade are included in my privacy concerns, not just credentials/etc. But thanks.

NotACPA

During the Sanitize process, ALL of your payees are scrambled, ALL of your payment and income amounts are changed, ALL of your bank names & accounts, credit card names & accounts, all of your vault passwords are removed.

So what are you fearful of?

mybella7930

@NotACPA The snark is unhelpful. Going forward, I won't be responding to you.

Quicken_Tyka

Hello @mybella7930

Thank you for your patience and for providing additional details and clarifying information.

I have gone ahead and reported the inability to make changes to or delete the loan rates once 10 lines have been entered.

I was unable to determine if this the cause of the interest rates changing on their own and I have been unable to recreate this thus far.

This post has been forwarded along with the bug report, however, without a data file and is unable to reproduce the initial issue, that is not being researched at this time.

-Quicken Tyka

Quicken_Tyka

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