Edit interest rate on a mortgage doesn't work

h stansfield

I had an interest rate change on my mortgage, and when I used the edit function on the loan account page, it did not keep the new rate, and did not correctly recalculate the mortgage payment.

mshiggins

Have you changed the interest rate previously?

h stansfield

No, this is the only time I've changed it

mshiggins

Did you try the rate change more than once? And what version are you currently using (Help | About Quicken)?

h stansfield

More detail: Quicken is miscalculating the interest portion of the payment. Version R47.15, Windows 10. On the main loan screen, top center, it shows an interest rate of 4.3 (I truly don't know where that came from, the rate has never been that). If I click on 'edit' next to the rate, the dropdown shows a rate of 4.48. By calculation, the interest charge showing on the 'edit payment' dropdown is 4.3%--and it should be 4.48%. Upshot is that I need to manually enter the P&I every month, to keep things balanced against the bank.

mshiggins

Is the loan online enabled or manual? Not sure if it makes a difference, just looking for any variable that might contribute to the issue.

Instead of changing just the rate, what happens if you use Edit Terms from the Loan Details? That enables editing all the various loan terms. Are all the other terms accurate?