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When will the Loan Payment Terms be updated to Calculate the payment amounts correctly? (Q Mac)

DobbsJL

Like others on here, the Q for Mac does not calculate the payment amounts correctly. I have to add an additional payment amount to all my loan terms in order to correctly calculate the correct amount under the "additional payment" option.

It has been this way for many years. Not sure why the leading personal finance software cannot have this correct, but other programs can like Moneydance can!

Seriously considering stopping paying for Quicken and going with a cheaper option like Moneydance. Rather manually update the transactions daily and then pay a yearly subscription for a program that doesn't properly do what it should do.

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Comments

NotACPA

What type of loan are you talking about?

Mortgage loans are typically "Monthly Interest" and the amortization is easy to calculate.

Auto Loans. and other Personal Loans, are typically Daily Interest … and the interest owed for this month depends upon when your payment for last month was posted … and thus the amortization is impossible to calculate except by the .lender

DobbsJL

I'm talking specifically about the Mortgage Loan. Interestingly, Quicken calculates the Auto and personal loans correctly, not mortgage loans.

Maybe there is a glitch in the Quicken for Mac but not the Windows version.

Bill

I agree there is a glitch in mortgage payments in QuickenMac since the last update to 7.1 and 7.1.1. For example, my next payment shown in amortization schedule and scheduled payments (August 1) is actually the amount due for September 1. The correct amount that should be due August 1 is skipped as if already paid, and what should be due on September 1 is shown as due on August 1.