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How do I edit my mortgage terms

I recently realized that my mortgage balance is not being updated as I make payment. It is using the same amount for principal as the day I started making payments 5 years ago. It now shows a huge balloon payment to finish the loan. Of course my bank shows me the correct principal left but I would like to fix it in Quicken.

Answers

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    It suspect you may have entered 5 years of loan payments incorrectly.  When entering a loan payment you should use the loan's payment reminder or memorized payee: open the loan account, press Ctrl + Shift + N, and select Enter Loan Payment   

    The transaction entered in the payment register should be a split transaction that includes entries for the interest and principal portions of the payment.  The principal portion is a transfer to the loan account reducing the amount owed.

    If you have not been entering the payment transactions using the loan's payment reminder or memorized payee, you may manually enter them one at a time replacing each of the payment transactions you previously entered or you may choose to start using a loan account that begins with the current balance and remaining payments ignoring the past.

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