Question about making extra mortgage payments

h stansfield

I am making extra payments on my mortgage, and I'm trying to figure out the best way to track things. My mortgage holder requires me to make 2 payments—they can be the same day—one as the normal required payment and an additional payment for the additional principal.

This is confusing to quicken. If I go into the Loan account and fill in Pay extra, then it bumps up my payment to the full amount as a single payment. If I set up to make two payments, then the loan tracking tool doesn't work correctly.

Any ideas for a work around?

Boatnmaniac

It is my assumption that your mortgage is set up as a manual account and it has a register. Is this correct?

Is the extra payment principal only or does it include interest and escrow?

If it is a manual mortgage account and the 2nd payment is principal only, then enter a payment transaction in the payment account (checking?) with the category being a transfer to the mortgage account…i.e., the mortgage account name enclosed in [brackets]. It will decrease the principal owed by the full amount of the payment transaction.

If this does not address the issue for you, please explain more about how you are entering 2 payments and what about the loan tracking tool is not working correctly.