New mortgage with additional principal

Just refinanced setting up new mortgage trying to make sure all of the items are in the correct place in the split - from what I saw on other posts this is important.

Line 1. [Principal]
Line 2. Interest
Line 3. [Principal] - Additional Principal
Line 4. [Escrow] (made Line 4 property tax and added line 5 for home insurance)

I have $525 additional principal in the payment every month in line 3 but it doesnt change the loan payoff date or or show up in the payment schedule as additional principal. Also when I add the monthly addl in the "what if tool" it doesnt change the payoff date, any ideas, I have set up the loan twice now same results, want to get it straight before payments begin

Best Answers

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Accepted Answer
    Please provide the version of Quicken being used: select Help > About Quicken

    I suggest you only edit the loan payment reminder from the loan account:

    Using R30.21, I created a test loan and edited the payment with additional principal, tax, and insurance:





    Regarding the What If Tool, I suspect either the loan payment reminder was already broken or you didn't select See Results




  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Accepted Answer
    Airjason said:
    Its R31.8. That is how I do have set up, first and third lines are to the loan (principal). On the loan details screen, the one you show, it still shows the payoff date as 20 years which is what the loan is originally even though I have $525/mo additional principal, I would do a screenshot but dont see how to post one, only the option for an emoji
    For the loan I created, the original loan was 30 years (1/27/51) and the subsequent loan is about 16 years (10/27/37).

    To include an image file in a comment, drag and drop the file on to the comment's editable text box.
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited January 28 Accepted Answer
    Airjason said:
    Thanks, heres the shot, it was a 20 year loan originally, still shows 20 with the $525 adde principal



    Perhaps something broke between R30.21 and R31.8:



    I suggest you create a temporary test Quicken file (select File > New Quicken File...) to determine if the issue is Quicken file specific.  If the issue does not reproduce in the new Quicken file, I suggest attempting the Copy and Validate instructions described in: https://www.quicken.com/support/advanced-data-file-troubleshooting-correct-problems-quicken-windows  

    If the issue reproduces in the new Quicken file, I suggest you select Help > Report a problem...  and consider reverting back to R30.21.
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Accepted Answer
    Airjason said:
    Validate and repair did the trick, should I continue to use the copied file then from here on out, and just rename it to take the "cpy" out of the file name
    You should continue using the copied file and you may rename it.  I suggest keeping a backup of the original file around for a bit just in case other issues appear in the copied file.

Answers

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Accepted Answer
    Please provide the version of Quicken being used: select Help > About Quicken

    I suggest you only edit the loan payment reminder from the loan account:

    Using R30.21, I created a test loan and edited the payment with additional principal, tax, and insurance:





    Regarding the What If Tool, I suspect either the loan payment reminder was already broken or you didn't select See Results




  • Airjason
    Airjason Member
    Its R31.8. That is how I do have set up, first and third lines are to the loan (principal). On the loan details screen, the one you show, it still shows the payoff date as 20 years which is what the loan is originally even though I have $525/mo additional principal, I would do a screenshot but dont see how to post one, only the option for an emoji
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Accepted Answer
    Airjason said:
    Its R31.8. That is how I do have set up, first and third lines are to the loan (principal). On the loan details screen, the one you show, it still shows the payoff date as 20 years which is what the loan is originally even though I have $525/mo additional principal, I would do a screenshot but dont see how to post one, only the option for an emoji
    For the loan I created, the original loan was 30 years (1/27/51) and the subsequent loan is about 16 years (10/27/37).

    To include an image file in a comment, drag and drop the file on to the comment's editable text box.
  • Airjason
    Airjason Member
    Thanks, heres the shot, it was a 20 year loan originally, still shows 20 with the $525 addl principal
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited January 28 Accepted Answer
    Airjason said:
    Thanks, heres the shot, it was a 20 year loan originally, still shows 20 with the $525 adde principal



    Perhaps something broke between R30.21 and R31.8:



    I suggest you create a temporary test Quicken file (select File > New Quicken File...) to determine if the issue is Quicken file specific.  If the issue does not reproduce in the new Quicken file, I suggest attempting the Copy and Validate instructions described in: https://www.quicken.com/support/advanced-data-file-troubleshooting-correct-problems-quicken-windows  

    If the issue reproduces in the new Quicken file, I suggest you select Help > Report a problem...  and consider reverting back to R30.21.
  • Airjason
    Airjason Member
    Validate and repair did the trick, should I continue to use the copied file then from here on out, and just rename it to take the "cpy" out of the file name
  • UKR
    UKR SuperUser ✭✭✭✭✭
    Airjason said:
    Validate and repair did the trick, should I continue to use the copied file then from here on out, and just rename it to take the "cpy" out of the file name

    I'd say, use the copied and validated file from here on out.
    With Quicken closed, use Windows File Explorer to
    • rename the original file to ...OLD.QDF and keep it for a while (decide later whether to delete it or keep it)
    • rename the copied file back to the original file name
    • double click the just renamed copied file to start Quicken, to make sure you're accessing the correct file and Quicken remembers the file name
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    Accepted Answer
    Airjason said:
    Validate and repair did the trick, should I continue to use the copied file then from here on out, and just rename it to take the "cpy" out of the file name
    You should continue using the copied file and you may rename it.  I suggest keeping a backup of the original file around for a bit just in case other issues appear in the copied file.
This discussion has been closed.