nav[aria-label="Primary Navigation"] { padding: 0; & ul { list-style: none; width: 100%; display: flex; flex-direction: row; justify-content: start; align-items: start; gap: 30px; padding: 0; & li { margin: 0; } & ul li { list-style: none; } } }

Quicken Unconnected Auto Loan miscalculates monthly principal & interest

Nemo

Quicken Classic De Luxe R58.9 running on Windows 11 Home

I tried setting up a new unconnected auto loan with an original balance of $15,289.87 and a current interest rate of 3.95%.

I used Monthly for payment and compounding period, and 5 years for the Original date.

I entered $258.54 for the monthly payment amount and clicked Next.

Quicken then showed the Principal as $208.21 and Interest as $50.33.

The Originator showed the Principal as $184.08 and the Interest as $74.46.

Thanks for your help with this.

Find more posts tagged with

Comments

NotACPA

Q's Loan Wizard is intended for, and only correctly works with, Monthly Interest loans. Where the complete amortization schedule is known when the loan originates.

Auto Loans are almost always "Daily Interest", where the amount of interest due this month is largely dependent upon what day LAST month your lender posted your payment.

The only thing you can do is to post the estimate from the Wizard, and then correct when you get your next statement.