Mortgage Weird Behavior (Quicken Mac)
The way Quicken Mac handles mortgage tracking is… very odd. Very, very odd.
I have a mortgage setup with the following:
So far, so good. Amortization table (P/I) is perfectly in sync with what it should be. If I enter my payment up to 4 days prior to the "due date," (e.g. if I make a payment anywhere between 12/28/2023 and 1/1/2024) Quicken still behaves fine, and calculates the amortization correctly. However, if I make a payment 5 or more days prior to the "due date" (e.g. if I make a payment on 12/27/2023 or before) the P/I calculation for that and all future payments gets thrown totally off. It's always 4 days or less fine, 5 or more bad… for example, with a payment due 3/1 (on a non-leap year), I can make my payment on 2/25-3/1, but making it on 2/24 screws things up.
Here's the further weird part:
As you can see, I've adjusted the "first payment" from 11/1 to 10/31. Doing so has changed the "maturity date" to 9/28/2031 (instead of what I expected, 9/30/2031). Also, now all future payments are now scheduled for the 28th of every month instead of the last day of the month as I expected. (Oh, and by the way, the "4 or less days fine, 5 or more days bad" rule from above still applies here… so now with this setup, you can enter your payment on the 24th-28th, but not the 23rd.)
Two entirely separate issues, but both related to how Quicken Mac handles mortgages (possibly other loans as well) really oddly.
I can work around both of these. I typically make my payments on the 25th of every month, so I'll probably do the latter of the above setups (first payment 10/31, payments scheduled for the 28th of every month) and just live with it.