Set Up Existing Mortgage (Windows Subscription)
I am new to Quicken and wanted to enter my Bank of America mortgage. I have had the mortgage for over six years so the entries to Quicken will have an adjustment to bring the balance up to date. I tried using Quicken calculations which starts off fine but then the principal and Interest begin to go off considerably the next month forward. I like the way the automated method works as it gives you a good picture including estimated value. I have a feeling I will need to override the principal and interest figures calculated by Quicken but then it becomes a manual process so the features of the automated process are no longer present. Any suggestions?
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"I am new to Quicken and wanted to enter my Bank of America mortgage. I have had the mortgage for over six years so the entries to Quicken will have an adjustment to bring the balance up to date."
I assume what you are referring to here is that you entered all the "orininal" loan information - a date 6+ years in the past, the original loan amount, interest rate, etc. - and in the loan Account itself you see two entries, one for the original loan amount and then an adjusting entry the brings the loan amount to its (calculated) balance as of "today?"
That really shoud work fine if the calculated amount and the actual amount agree and nothing else with the loan has changed, e.g., rate's still the same, term is still the same, and so on. IS every element of the original loan still in effect today, and is that initial calculated balance correct? Is there any aspect of the mortgage itself that's unusual, or is it a straight, normally amortizing loan?
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Its a fixed rate conventional. Unfortunately when quicken calculates the principal and interest, it does not match the monthly statement. What may be complicating this further is the fact that I split my monthly payment into two payments to reduce interest so this adds complexity to the calculation. I managed to structure the entries for my mortgage and also retain the financial picture quicken provides in the left-hand column. I will need to enter principal and interest accoiring to the statements and not have quicken calculate these figures. The current balance now agrees with the statement. One figure that will change is Escrow but this is analyzed once a year and is usually stable for 11-12 months.
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