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

barrychi
barrychi Member ✭✭
I made some extra principal payments and the amortization schedule is messed up.
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  • UKR
    UKR SuperUser ✭✭✭✭✭
    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 ✭✭✭✭✭
    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?


  • ElaineQ
    ElaineQ Member
    There appears to be some sort bug: a math error in calculating loan payments. I set up a $950 payment, which includes an $8.19 round up (extra principle). It worked fine the first month, then the second and third months Quicken decreased the principle, interest and loan amount, so they show a smaller total loan payment. I have two loans, set up at the same, time. The other one works fine. Quicken support told me this was an issue the developers are aware of. I'm going to manually edit the scheduled payments for a few months and hope Quicken will fix it.
  • I have the same problem. Each month I have schedule an additional principle payment. Quicken list the extra principle each month as other. But only the principle amount in payment details is shown on the transactions. The extra principle amount in payment details listed as other never moves to the transaction details. I need the amount listed as other move to the transaction to reduce the principle which will made the principle correct.
  • UKR
    UKR SuperUser ✭✭✭✭✭
    edited November 2021
    I have the same problem. Each month I have schedule an additional principle payment. Quicken list the extra principle each month as other. But only the principle amount in payment details is shown on the transactions. The extra principle amount in payment details listed as other never moves to the transaction details. I need the amount listed as other move to the transaction to reduce the principle which will made the principle correct.
    Look at the example image I provided earlier in this discussion.
    If the extra principal amount is not defined in Line 3 of the Split detail dialog, the calculations will be wrong.
    Escrow amounts for tax and insurance must be shown in Line 4. Additional lines may not be properly supported.
    Use the Scheduled Reminder or the Memorized Transaction maintained by the Edit Loan Details dialog to correctly define additional principal and escrow amounts.

  • john11723
    john11723 Member
    where can you get loan calculations
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