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Balloon Payment

This discussion was created from comments split from: How to fix mortgage loan amorization.

Comments

  • I had a similar experience. Initially, the payment amount computer in Quicken was 2cents off. I tried to fix it to match the correct amortization schedule and wound up really messing things up. I spent a couple of hours trying to fix it, and finally gave up and just entered the principal and interest seperately for the next payment. (Feb 1, 2021) I am not able to edit the messed up figures in the loan setup. Quicken has somehow got the idea that there is a balloon payment due a few months before the normal payoff of the 30 year loan. I really would like to delete the loan and start over, but it looks like that would mess things up more. Any suggestions?
  • Quicken_Tyka
    Quicken_Tyka Moderator mod
    Hello @waylord Hamrock

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

    If you have not done so already, I would attempt to add a new loan account to see if this is something you could move forward using.

    Unfortunately, if you are able unable to undo the changes or locate the discrepancy to correct the issue there are not many options available to correct this issue.

    Depending on how long ago this change was made you may be able to restore a backup prior to making changes to the loan account.

    Please let us know what you find or what action you end up taking to resolve this issue.

    -Quicken Tyka
    ~~~***~~~
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited January 21
    I suggest you setup a new manual loan account following the guidance provided to convert the earlier loan account: https://community.quicken.com/discussion/7164936/faq-how-do-i-convert-a-loan-account-that-automatically-downloads-transactions-to-a-manual-entry-sc
  • convert process did not work. Still have the problem.
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    convert process did not work. Still have the problem.

    If you haven't already, you may want to review: https://www.quicken.com/support/advanced-data-file-troubleshooting-correct-problems-quicken-windows
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