Twice monthly Mortgage payment offline setup how to amortize Principal, Interest, Taxes, Insurance a

I read here to set up my twice monthly mortgage manually in order to see the payments. Now I cannot see the amortized amount correctly as the checking account shows the full payment instead of "split" as it used to when I was doing online.

Answers

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited June 10
    If you are using a holding account for the twice monthly mortgage payment, the split transaction should appear with the correct entries in the holding account.
  • NancyDem
    NancyDem Member
    This is all done at the mortgage company it's an option with them. If I go to the web, the 1st payment shows "suspense" until the middle of the month payment then they are applied. So in Quicken when I had it as an online account which they also support, I can't see the payments as they are made but they are being correctly applied on their website. I just can't keep track of the amortization for purposes of seeing taxes or insurance or interest paid in January which I always did with my old mortgage company. This is a new refinanced loan as of December 2020.
  • NancyDem
    NancyDem Member
    or are you saying I need to create a holding account for this vs a mortgage loan account?
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    NancyDem said:
    This is all done at the mortgage company it's an option with them. If I go to the web, the 1st payment shows "suspense" until the middle of the month payment then they are applied. So in Quicken when I had it as an online account which they also support, I can't see the payments as they are made but they are being correctly applied on their website. I just can't keep track of the amortization for purposes of seeing taxes or insurance or interest paid in January which I always did with my old mortgage company. This is a new refinanced loan as of December 2020.
    NancyDem said:
    or are you saying I need to create a holding account for this vs a mortgage loan account?
    First, I suggest not using an online loan account in Quicken.  You may want to review: https://community.quicken.com/discussion/7164936/faq-how-do-i-convert-a-loan-account-that-automatically-downloads-transactions-to-a-manual-entry-sc

    The twice monthly payments from the checking account should be entered as transfers to a holding account, an offline account created for the purpose of holding funds in progress.  You may use an online bill, manual bill or transfer reminder, or memorized payee for this purpose.  You should use the loan's payment reminder (or memorized payee) to withdraw the funds from the holding account once a month.  For example, open the loan, press Ctrl + Shift + N, and select Enter Loan Payment.  The loan payment transaction entered should be the split transaction that enables you to track the taxes, insurance, interest, etc..
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