Bi-Weekly Mortgage Setup Incorrect (Canadian Quicken for Mac)

pdjube

Bi-Weekly Mortgage Setup Incorrect (Canadian Quicken for Mac)

I am trying to setup a new mortgage with bi-weekly payments but Quicken for Mac is not calculating the payments correctly. The "Every Other Week" payment calculation is identical to the "Twice Per Month" payment schedule. How do I get Quicken to setup the bi-weekly payment correctly?

Quicken Jared

pdjube said:

Bi-Weekly Mortgage Setup Incorrect (Canadian Quicken for Mac)

I am trying to setup a new mortgage with bi-weekly payments but Quicken for Mac is not calculating the payments correctly. The "Every Other Week" payment calculation is identical to the "Twice Per Month" payment schedule. How do I get Quicken to setup the bi-weekly payment correctly?

Hello pdjube,

I know that the mortgage set up process can be confusing. We appreciate that you are speaking with us about this here on the Quicken Community. First, I want to make sure: are you trying to create a payment with a frequency of 'twice-a-week'? Otherwise, I am not sure if I understand the issue, as 'bi-weekly' can mean every other week, and this would differ from 'Twice Per Month' only if the specific dates were entered differently. 

Thanks,

Quicken Jared 

jacobs

Quicken Jared said:
I am not sure if I understand the issue, as 'bi-weekly' can mean every other week, and this would differ from 'Twice Per Month' only if the specific dates were entered differently. 

@Quicken Jared No, bi-weekly (every other week) and twice per month are very different. Every other week means 26 transactions per year, with 10 months having 2 transactions and two months having three transactions. Twice a month means 24 transactions per year, with two every month. Very different.

@pdjube I'm not a Canadian user, but it's the same application and only toggles certain options between the US and Canada -- and I wouldn't think there would be differences in handling of mortgage schedules. I just created a test mortgage. Here's twice per month:



And here's when I switched to every other week:



These appear to me to be correct. The first one has two payments per month; the second shows three payments in the months of March and August.

Make sure when you click Edit Loan and Payment Terms, in the Loan Payments tab, that you set two fields for the schedule you want: Payment Schedule on the left side and Frequency on the right side.