Incorrect Amounts for Mortgage Payment and Payment Schedule
I've been having 2 problems with Quicken Mac Deluxe incorrectly computing the total loan payment amount on a mortgage loan for the last 8 months or so.
The first problem started with either the Dec 2022 or Jan 2023 payment. The total loan payment amount computed by Quicken is now $0.01 less than what appears on the loan statement. Specifically, the loan principal amount it $0.01 less than what it should be. Prior to this, Quicken was computing the correct amount for the loan payment.
When this first started, I simply fixed the error by selecting "Edit and Mark as Paid" for the schedule mortgage payment in Bills & Income and adjusting the amounts for the principal payment split to match my loan statement.
The second problems started with the July 2023 payment. The total payment amount is still off by $0.01 but now the the amounts computed for the principal and interest payments in the scheduled payment are for 1 month in the future. In addition, The payoff date, number payments remaining and the payment schedule for this loan are also off by a month.
Any ideas as to what would be causing this problem and how to fix it?
I'm currently running Quicken Mac Deluxe Version 7.1.2 (Build 701.49356.100) on MacOS 13.5.
Comments
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Hello @SKawalko,
Thank you for reaching out to the Community and telling us about this issue. I'm sorry to hear you're running into these problems. If I'm understanding correctly, it is a bill reminder that is $0.01 off? Is this a manual reminder, or connected to an online biller? If it is connected to an online biller, which biller is it?
Thank you.
Quicken Kristina
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Your second problem, specifically the payment schedule off by one month, has been reported to Quicken by other users with no resolution so far.
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The mortgage loan is setup as an offline account and the bill reminder is the one automatically created by Quicken.
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A penny difference is a rounding error. Q and your lender calc'd the loan a bit differently.
Make the penny adjustment in your memorized txn and relax.
Q user since February, 1990. DOS Version 4
Now running Quicken Windows Subscription, Business & Personal
Retired "Certified Information Systems Auditor" & Bank Audit VP-2
