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How to set up Biweekly mortgage payments
Read the twicemonthly question... didn't help. My 'payment' is biweekly, but it is really not a payment in that the amount ($800) deducted from my bank account is placed in bank escrow account and then on the first of each month the bank deducts the payment amount ($1200) from the escrow account. Thus, over the year there will be 13 payments vs. just 12.
I set up an account to move the biweekly funds into a 'local' escrow account but how do I set up the mortgage account to handle the funds from the escrow account?
TIA for any assistance
jdadwilson
I set up an account to move the biweekly funds into a 'local' escrow account but how do I set up the mortgage account to handle the funds from the escrow account?
TIA for any assistance
jdadwilson
0
Best Answer

jdadwilson said:Sherlock, thanks for your reply. Yes, I understand the math. The purpose is to pay off a 30 year mortgage in just over 15 years.
The problem is not with what I can do but what the bank does. The bank withdraws the funds every two weeks and places them into their escrow account. Then on the first of each month, the bank withdraws the funds from the escrow to pay the loan amount and apply the excess to the principle.
Thus the question, how can I set up Quicken to track the transactions?
jdadwilson0
Answers

I suggest you use the loan payment reminder or memorized payee to withdraw the funds from the escrow account: open the loan account, press Ctrl + Shift + N, select Enter Loan Payment
Note: Biweekly means you'll be making 26 payments to the escrow versus 12 monthly payments to the mortgage each year.
If you're paying $800 biweekly to escrow for a $1200 monthly mortgage, you'll be paying $1600 a month toward the mortgage ($400 extra principle) from the escrow account except when there is a third payment in the month (twice a year) in which case you'll pay $2400 toward the mortgage ($1200 extra principle) from the escrow account.0 
Sherlock, thanks for your reply. Yes, I understand the math. The purpose is to pay off a 30 year mortgage in just over 15 years.
The problem is not with what I can do but what the bank does. The bank withdraws the funds every two weeks and places them into their escrow account. Then on the first of each month, the bank withdraws the funds from the escrow to pay the loan amount and apply the excess to the principle.
Thus the question, how can I set up Quicken to track the transactions?
jdadwilson0 
jdadwilson said:Sherlock, thanks for your reply. Yes, I understand the math. The purpose is to pay off a 30 year mortgage in just over 15 years.
The problem is not with what I can do but what the bank does. The bank withdraws the funds every two weeks and places them into their escrow account. Then on the first of each month, the bank withdraws the funds from the escrow to pay the loan amount and apply the excess to the principle.
Thus the question, how can I set up Quicken to track the transactions?
jdadwilson0