Loan Issue

axp4654

There is issue in the loan calculator that was introduced with one of the upgrades about year ago. When you set up the loan the payment depends on its frequency. Let say I will pay 100 per year, if I choose twice a year it's about half. If you check all cases work and the values are within reason correct except every second week. This value is way too high. I just set up quickly 100000 mortgage with 4%.
Weekly payment ~ 123$
Every other week ~266$ (should be ~246$)
Every Four weeks ~492$
Payments for every frequency are about right except this one that is constantly too high

How can I request to fix this issue?

Mark1104

please go back and confirm whether you are choosing 'every other week' or 'twice per month'. Every other week infers 26 payments per year while twice per month are only 24 payments per year and would be a higher payment. I tried this in Q20 and it worked correctly for each frequency.

axp4654

Hello Mark I understand the difference but your post actually pointed me to the root of the issue. In my case when I set up the loan both values are the same. So you are saying that it works for you? BTW what is Q20. I'm running Quicken Canadian version for Mac 5.17
Now simple mortgage 100K for 25 years and 4%.
Weekly payment I get 121.39$
Both every other week and twice a month I get 263.06$. And this is correct value for twice a month but not every other week that should be lower.

lhossus

axp4654 said:

... I understand the difference but your post actually pointed me to the root of the issue. In my case when I set up the loan both values are the same. 

Same observation here: the two values are the same. I am using Quicken for Mac 5.17.2 (US version).

axp4654 said:

..
Now simple mortgage 100K for 25 years and 4%.
Weekly payment I get 121.39$
Both every other week and twice a month I get 263.06$. And this is correct value for twice a month but not every other week that should be lower.

I set up the following loan:



Values for Total loan payment, given the setup shown in the screenshot above:
121.81 Weekly
263.92 Every Other week
263.92 Twice Per Month
487.24 Every Four Weeks
527.84 Monthly

Curiously, I notice the payment amounts I am seeing are a few pennies more than you have reported. I wonder what is up with that? Is your loan setup different?

Mark1104

I am using Quicken 2020, so the bug must be in the MAC version only.