Cannot split mortgage payment details

Brian246

I recently refinanced my mortgage, and setup the new loan if Quicken for it. I want the payment details to show principle, interest, taxes and insurance so I can track those details. When I go to "Edit payment details", the principle amount is incorrect and it creates "Extra principle amount" to make up the difference. It shows the "other" amount which is taxes and insurance all lumped into one amount. How can I correct this so I can track these individual items?

Boatnmaniac

Brian246 said:

Thank you for responding. The issue I'm having is that in your step 2 "Edit payment details", I do not see the "Edit" link to add the split items. I believe if I had this link I could resolve this. I've attached a screenshot of what I see.

That Edit link is only visible if the Loan Payment Reminder is already set up.  The picture you attached looks like you are still in the loan set up process so the Loan Payment Reminder has not yet been set up. 

If my assumption is correct, then you need to first complete the set up process in order to get to the screen where you can actually enter the splits.  So, go ahead and enter $0.00 in that "Other" field and then click "Next" and click "Next", again.  That will then open up the Loan Payment Reminder dialog where you can click on "Split" and then click on the Split button where you will then be able to enter the other mortgage cost details.

Once you have completed this set up process, you should then be able to see the Other "Edit" link per Quicken Diana's post above.

Let us know if this helps.

Quicken Diana

Hello@ Brian246

Thank you for posting in the Community today though I’m sorry that you are experiencing this issue with the added mortgage loan.

First, to correct the principle, click on the LOAN DETAILS tab and then choose EDIT TERMS. Here you will be able to edit the amount. 

Next, to track the taxes and the insurance, go back to the PAYMENT DETAILS tab and choose EDIT PAYMENT DETAILS as you did before. Now click on the EDIT button on the OTHER line. Here you are able to list the tax and insurance by creating categories for them and allocating the amount.

When these steps are done the new payment details should be displayed like this:

 

Let us know if this works for you!

Thank you

Quicken Diana

Brian246

Thank you for responding. The issue I'm having is that in your step 2 "Edit payment details", I do not see the "Edit" link to add the split items. I believe if I had this link I could resolve this. I've attached a screenshot of what I see.

UKR

Do you pay real estate tax and insurance yourself or is this money impounded by the mortgage company in an escrow account?
If so, you should do the same thing:
Create an escrow account (Type Asset)
In the loan's Scheduled Reminder, set up the sum of monthly tax and insurance withholding as 1 transfer to the escrow account.

When the mortgage company pays the insurance or the taxes, record these payments as properly categorized withdrawals in the escrow account.

I checked my US 2020 version and I do have the "(Edit)" link as shown above.
What version and release of Quicken are you using? To get this information, click Help / About Quicken. Is this the US or the Canadian version?

Boatnmaniac

Brian246 said:

Thank you for responding. The issue I'm having is that in your step 2 "Edit payment details", I do not see the "Edit" link to add the split items. I believe if I had this link I could resolve this. I've attached a screenshot of what I see.

That Edit link is only visible if the Loan Payment Reminder is already set up.  The picture you attached looks like you are still in the loan set up process so the Loan Payment Reminder has not yet been set up. 

If my assumption is correct, then you need to first complete the set up process in order to get to the screen where you can actually enter the splits.  So, go ahead and enter $0.00 in that "Other" field and then click "Next" and click "Next", again.  That will then open up the Loan Payment Reminder dialog where you can click on "Split" and then click on the Split button where you will then be able to enter the other mortgage cost details.

Once you have completed this set up process, you should then be able to see the Other "Edit" link per Quicken Diana's post above.

Let us know if this helps.

Brian246

Boatnmaniac, Thank you. It appears your solution has resolved the problem. The edit link does appear after setting up the payment reminder. I was able to put in the splits, and everything appears to be correct. Thanks again.

Boatnmaniac

You are welcome, @Brian246 .  I am glad to hear it worked for you.