Extra Principal Calculation for Mortgage

tplofton

I just upgraded to Quicken Deluxe to add the mortgage loan tracking option. I added my mortgage with Direct Express and it pulled in the relevant info. I currently pay an extra $1500 in principal monthly. When I updated this info, the payoff date only changes by a few months. When I view the payment schedule, I see that only the Oct 1st future payment is reflecting the extra principal payment. Also, if I use the what if calculator selecting the monthly extra payment, it's showing the same update - only reflecting the one extra payment on Oct 1st. I read some other help responses here and tried manually loading my mortgage info and am getting the same results. Is this a glitch or am I doing something wrong? Please help.

jacobs

How did you enter the extra principal payment? Did you enter it on the right side of the Loan Terms page, like this:



Then on the next page for creating the scheduled transaction, you should see something like this, with the extra principal shown as an additional Transfer:

tplofton

Thank you for the response. I'm not on a Mac and my mortgage info doesn't appear like that above. I deleted the mortgage account and started over. I just entered the original principal and interest, then added the extra principal under edit payment details. This time it worked and I'm getting the correct adjusted payoff date. Thank you again.