mortgage account issues
I have a 15 year mortgage, 1st payment was 12/1/20. My maturity date is 11/1/35. everything is entered correctly in the terms section yet Quicken believes my payoff date is 9/1/35. the payment schedule is also incorrect as the interest portion should be goi ng down as the principle goes up. There are months where the interest goes down and then up and then down, same with the principal. What am I doing wrong?
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Is this mortgage account connected to the mortgage company for downloading? Or is this an offline account?
Has each payment transaction in your checking account been recorded with amounts matching the mortgage statement every month for principal, interest, optional additional principal and optional escrow withholdings?
Are you making payments on time every month or are you sometimes a little late?0 -
yes, I have entered the payments manually, but I don't think that should affect the schedule that is produced by the terms I entered, right?
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I would have to see the loan setup in your data file, how each past payment was recorded (Splits dialog) and the future payment schedule.
It might be best if you called Quicken Support on the phone during posted hours of operation and request help. Let them do a screen share session with you to review the situation on your computer, to determine the nature of the problem and to figure out how to fix it.
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