Why is the loan payoff date incorrect?

Question

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.

UncleGregy · Answer

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.

Sherlock · Answer

I suggest you post the actual terms you're using.

UncleGregy · Answer

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).