Fix automatic Mortgage split (principle/interest) which is always one month ahead

GeeRab

I set up my auto mortgage and while it's all synced with the bank and the total number is correct, each month it uses the principle/interest breakdown of the following month. For instance my February payment shows the correct principle/interest that should be applied for March. The payment schedule is correct and they show the correct numbers for March, but the auto mortgage reminder for February also shows the March numbers. After I pay, I can go in and fix, but shouldn't have to do that each month. Any suggestions?

Quicken Jared

GeeRab said:

I set up my auto mortgage and while it's all synced with the bank and the total number is correct, each month it uses the principle/interest breakdown of the following month. For instance my February payment shows the correct principle/interest that should be applied for March. The payment schedule is correct and they show the correct numbers for March, but the auto mortgage reminder for February also shows the March numbers. After I pay, I can go in and fix, but shouldn't have to do that each month. Any suggestions?

Hello @GeeRab,

I am sorry for any confusion you may have experienced, and I am thankful that you brought this matter to the attention of the Quicken Community for further discussion.

I want to make sure I understand; why would the March numbers differ from those of February, in this case? If the payments are not fixed, are you looking for estimates to be generated by Quicken? I just want to be clear on what is being attempted and what is being tracked, here.

I look forward to your reply, and I will check back in when I can to follow up with you about the issue in this thread.

Thank you,

Quicken Jared 

GeeRab

The payment is the same every month but the principle/interest amounts change, so the payment due each month, comes up automatically showing the principle/interest breakdown for the following month. I then have to change them manually. If I view the Payment Schedule, it shows the correct principle/interest breakdown for the March payment including the mortgage balance, but it's dragging those March numbers when it auto inserts the February payment.

Quicken Jared

GeeRab said:

The payment is the same every month but the principle/interest amounts change, so the payment due each month, comes up automatically showing the principle/interest breakdown for the following month. I then have to change them manually. If I view the Payment Schedule, it shows the correct principle/interest breakdown for the March payment including the mortgage balance, but it's dragging those March numbers when it auto inserts the February payment.

@GeeRab,

Thank you for checking back in with me and continuing to discuss this with me. I am sorry for any confusion you may have experienced. 

If the principle and interest are, indeed, changing constantly, then it sounds as though the proper way for the future split amount would have to be handled is to be edited manually, as is the case currently. Nothing appears to be wrong with the way the program is operating. Quicken will not be able to predict the future payments made for both months should they differ. Perhaps I am still misunderstanding, however. Does the program change both the February and March numbers, for example, when you enter February first?

I look forward to your response and hope to keep working with you on this, and I thank you for your patience.

Thanks,

Quicken Jared 

GeeRab

In February, when I go to Bills & Income page and click on the transfer key, the payment will automatically show up in the account doing the paying and the principal in the mortgage account, but I will have to go into the paying account and adjusts the principle/interest numbers. At the same time, the mortgage account will show a light gray reminder of the March payment, but it will show the amount of principle being paid in March as what will be paid in April, the next month. The numbers are always correct, it just taking the numbers from one month ahead. If the worst thing I have to do is adjust the number each month, that's fine, it's just weird that it does that.

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GeeRab

Jared, yes, it should and it does compute each month's split. In fact the View Payment Schedule is correct. The View Payment Schedule currently shows the March payment accurately. The problem is that the February payment shows the March numbers also. When I make the February payment, the March payment will show up in my next 30 days list, but it will have the numbers of the April payment.

Like I said, its a minor issue, one more of just annoyance than any inconvenience was just wondering if there was a way to fix it without deleting and restoring the entire mortgage and all payments, which wouldn't even guarantee a solution since I installed in correctly the first time.

Thanks

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GeeRab

Interesting. I'm using Quicken for Mac

Quicken Jared

GeeRab said:

Jared, yes, it should and it does compute each month's split. In fact the View Payment Schedule is correct. The View Payment Schedule currently shows the March payment accurately. The problem is that the February payment shows the March numbers also. When I make the February payment, the March payment will show up in my next 30 days list, but it will have the numbers of the April payment.

Like I said, its a minor issue, one more of just annoyance than any inconvenience was just wondering if there was a way to fix it without deleting and restoring the entire mortgage and all payments, which wouldn't even guarantee a solution since I installed in correctly the first time.

Thanks

@GeeRab,     

Thanks for keeping in contact regarding this, and again, I do apologize for any confusion.

I think we might be misunderstanding each other about how the future splits are computed. Is there any way you can post screenshots of what you are seeing in Quicken when you look in your Payment Schedule? Any additional information will be helpful, as well.

I look forward to your response and hope to continue working with you on this matter.

Thanks,

Quicken Jared 

GeeRab

Not really able to post a screenshot, and the future splits are all correct. As I said, the only problem is that the system is one month ahead when it puts a light gray "schedule to be paid" payment in my mortgage, and instead of using the current month it uses the numbers from the upcoming month, i.e. the numbers shown for February are actually the numbers on the "View Payment Schedule" for March.