Mortgage calculation - how to make accurate

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My mortgage calculation is off a few dollars every month. I suspect because I auto pay on the 10th of the month instead of the 1st.

Does anyone have a solution for this issue?

I have a vanilla 30 year mortgage from Chase. My quicken direct web connects to Chase with balance info. The on-line balance reduces on the 10th, not the 1st.

I just changed the loan terms to originate on the 10th, and due on the 10th. Maybe that will fix it?

Just to pass along if anyone doesn't know, most home loans have a 15 day grace period. The loan balance will be reduced on the 1st of the month for any payment received by the 15th.

As an example; loan balance $1000, payment $120 ( $100 principle, $20 interest) received by bank on the 15th. Next month's interest calculation based on a balance of $900 for the whole month, not $1000 for 1-15 and $900 for 16-30.

Thanks

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  • Tom Young
    Tom Young SuperUser ✭✭✭✭✭
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    For a Plain-Vanilla mortgage loan Quicken is typically very accurate so I'm guessing that some anomaly with the mortgage origination - like a funding into the month - might have thrown things off a little bit ("a few dollars"). If you've got the loan in Quicken in sync with the real world transactions/balances/interest rate I'd expect the calculations should now be spot on.

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