mortgage principal balance

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I download my mortgage payment from my financial institution. The interest and principal components are both deducted from my mortgage principal, giving me an incorrect balance. How do I adjust the settings to change the way downloaded info is handled by Quicken?

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  • UKR
    UKR SuperUser ✭✭✭✭✭
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    Just my 2cents' worth …
    I would not bother attempting to activate any loan or mortgage accounts for downloading. I would just simply set them up as "offline" (manual) loan accounts with a Scheduled Reminder to record the monthly payment from your checking account.
    (Not discussing LOC or HELOC accounts here. They should be set up as offline credit card accounts)

    At least in Quicken for Windows, an online-connected loan or mortgage account does NOT have a transaction register. All data shown in the account come from whatever information the bank downloads to you ... if this process works at all.

    As a result of being connected, the scheduled payment transaction reminder cannot transfer the amount of principal paid into the (non existent) account register and must use a category, usually something like Loan:Principal, instead. The category name seems to vary with the Loan Type you selected when creating the loan account in Quicken.

    Effective with Quicken Windows 2018 and newer
    you should be able to deactivate an online-connected loan account and regain full control over your transaction register. And you should also review the Scheduled Reminder (or Memorized Payee List entry) associated with the monthly loan payments to ensure they now transfer Principal to the loan account register and not to a Category.

    If you're a Q Mac user, you should be able to do something similar about setting up and maintaining an offline mortgage account together with a correctly calculated Scheduled Transaction Reminder for the monthly payments from your checking account.

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
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    Don't download into the mortgage accounts itself.

    Instead, use the Mortgage Wizard to setup and memorize your amortizing mortgage payments.

    THEN, download into the checking account from which you make the mortgage payments.

    Process works quite well.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

  • nohablotaxes
    nohablotaxes Member ✭✭
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    Thanks for the feedback. While your suggestions may be the only way this works, this is not an acceptable process. My mortgagee shows the breakout between the principal and interest components of my mortgage payment. Q should be able to handle this without all this extra work.

  • UKR
    UKR SuperUser ✭✭✭✭✭
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    An offline loan account not only shows a complete transaction register, but it also shows the complete payment schedule with principal and interest amounts for each payment, past and future, as calculated during the loan setup process.

  • NotACPA
    NotACPA SuperUser ✭✭✭✭✭
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    That work isn't Q's to do. It's the bank's … and they've shown no interest in doing so.

    A download-enabled mortgage ONLY downloads the principal component of the payment … because that's all that the bank's download.

    Q can't change that until the bank's do.

    Q user since February, 1990. DOS Version 4
    Now running Quicken Windows Subscription, Business & Personal
    Retired "Certified Information Systems Auditor" & Bank Audit VP

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