My mortgage loan payment is wrong. How do I change the principal and interest?

I made some extra principal payments and the amortization schedule is messed up.
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Best Answer

  • UKR
    UKR SuperUser ✭✭✭✭✭
    Accepted Answer
    How did you actually make these payments?
    As additional principal, added to your monthly scheduled payment?
    Or as a separate mailed in payment?
    Is your mortgage account connected to the bank for downloading information?
    Do you use the Scheduled Reminder created during loan account setup in Quicken to record each payment?
    A few years ago, when I changed my regular monthly payment to add an extra principal amount every month, my checking account transaction looked like this, with the additional principal amount showing on line 3:
    That kept the amortization schedule showing correct amounts and an expected earlier payoff date.

Answers

  • UKR
    UKR SuperUser ✭✭✭✭✭
    Accepted Answer
    How did you actually make these payments?
    As additional principal, added to your monthly scheduled payment?
    Or as a separate mailed in payment?
    Is your mortgage account connected to the bank for downloading information?
    Do you use the Scheduled Reminder created during loan account setup in Quicken to record each payment?
    A few years ago, when I changed my regular monthly payment to add an extra principal amount every month, my checking account transaction looked like this, with the additional principal amount showing on line 3:
    That kept the amortization schedule showing correct amounts and an expected earlier payoff date.
  • barrychi
    barrychi Member ✭✭
    I made the extra payments separately
  • UKR
    UKR SuperUser ✭✭✭✭✭
    barrychi said:
    I made the extra payments separately

    OK ... and how was this payment categorized? As a transfer to the [loan account]? Other?
    What makes you say that "the amortization schedule is messed up"?
    Can you please capture one or more images of the parts of your Quicken window showing the issue, sensitive information blacked out as necessary to protect your privacy but annotated to describe the situation, and attach the image(s) here?


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