Mortgage Setup Issues
Let's say my mortgage payment is $1300, and $800 dollars of that is principal and interest, and the rest is escrow for taxes and insurance. When I set up the mortgage in Quicken, it calculates my principal and interest payment as $800.01, with no way for me to correct it to my actual principal and interest payment, and it never asks me anything about my escrow account. It adds a bill reminder for $800.01, which doesn't match my P&I payment or my total mortgage payment. I guess I can just set everything up manually, but it sort of surprises me that 90% of homeowners have mortgages with escrow accounts and Quicken can't automatically handle them. Am I missing something? Can I change the Quicken-calculated P&I payment on a loan I add to quicken? And can Quicken add an escrow account to my loan? Or do I have to do that myself? And if I add it myself, how do I fix the automatically calculated amount in bill reminder to include the escrow? It doesn't seem to allow me to edit the "Split" transaction it automatically created. Quicken doesn't seem to be designed to handled residential mortgage loans.
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