Why is the loan payoff date incorrect?

I see this has been asked here before but I have not yet found an answer which resolved this issue for me. For starters, I set up ALL my accounts as offline including a brand new 15 year, refinanced mortgage. Basic math says a 15 year mortgage opened in 2022 will be paid off in 2037, a total of 180 monthly payments. Yet, Quicken's payoff date box says I have 118 payments left and will be paid off in 2031. This is not a new issue for Quicken as I had the same problem with my original mortgage both before and after I "upgraded" to the Quicken subscription version.

Answers

  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    edited January 4
    The payoff date would move forward if the principal is being paid ahead of schedule.  I suggest checking the loan's register and the loan's payment reminder (or memorized payee).
  • UncleGregy
    UncleGregy Member
    As I said, this is a brand new mortage. The only thing I have done is entered the loan information in Quicken (amount, interest rate, term and start date). There have been no payments made or reminders set up (yet).
  • Sherlock
    Sherlock SuperUser ✭✭✭✭✭
    As I said, this is a brand new mortage. The only thing I have done is entered the loan information in Quicken (amount, interest rate, term and start date). There have been no payments made or reminders set up (yet).
    I suggest you post the actual terms you're using.
  • UncleGregy
    UncleGregy Member
    So, I think I know what is happening but I don't know why. In the Split Transaction box I entered the amount that should be transferred to my escrow but it seems Quicken is applying this amount toward the principle. When I remove this transfer then the payoff date is correct.
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