Mortgage amortized payments got out of sync

mikep2k1

I set up automatic bill payments for my mortgage and it was calculating the correct amortized payments of P and I to transfer to my loan account. But then, one month's payment messed up in that it did not correctly calculate the p&I and just applied the entire payment amount. Now all payments just have an old P&I, without updating for each month. How do I get these payments back on track?

levy76

You're asking the right question. Apparently, there seems to be a bug in the program subsequent to the most recent update. The register only showed the full payment but did not make the split according to the amortization table. In fact, no data for either the principal or interest was applied. When I manually adjusted the transaction for Feb 1, I noticed that the March 1 transaction splits were based on the February calculation. I don't have any answers.

Mark1104

adjust the PRINCIPLE so it matches the Mortgage Company;'s balance.   Assuming the payment didn't change, that should put the calcuations back in synch (the offset to the principle adjustment is interest)

levy76

unfortunately, adjusting the principal only fixes the month in question. Subsequent months may not calculate correctly.

Mark1104

@levy76- if the principle balance is corrected, the payment doesn't change and the interest rate doesn't change, why would the subsequent months not calculate correctly??????

levy76

You're asking the right question. Apparently, there seems to be a bug in the program subsequent to the most recent update. The register only showed the full payment but did not make the split according to the amortization table. In fact, no data for either the principal or interest was applied. When I manually adjusted the transaction for Feb 1, I noticed that the March 1 transaction splits were based on the February calculation. I don't have any answers.