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How to set up mortgage

Adience

I've been using Quicken for 2+ years but never know how to properly set up a mortgage. Note that this is a Canadian mortgage. Here are the terms:

Originally the mortgage is for 25 years. I have about 81 months left given my current payment schedule.
In Canada, banks wants you to pick either fixed or floating interest rate every 5 years. (I think you can also break that with a penalty, but that's not part of this discussion). I've always picked floating, which benefited me a lot over the last 10+ years until recent rate hike. At the moment, according to the bank, my interest rate is 3.7% per annum, which can change if the Bank of Canada change long term rates. (it was around 1% in the 2010s).
My payment schedule is a monthly payment on the first day of the month every month for CAD$ 1,435.21.
I don't know how to set this in QMac. it doesn't allow me to set my monthly payment. also, the calculated monthly payment is very high, at 4.4K a month.

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Comments

Jon

It's my understanding that there's no way to accurately set up a Canadian mortgage in Quicken Mac due to differences between US and Canadian mortgages in how amortization & loan length are handled.

There's an open Idea thread for this that you can vote on:

https://community.quicken.com/discussion/7713994/canadian-mortgage-amortization-6-legacy-votes

UKR

As far as the high monthly payment amount is concerned …
You are setting up a new loan which, in reality, has been running for a number of years.
Try setting the Original Balance to be equal to the Current Balance. I'm guessing that would give you a monthly payment amount more in line with your expectation, CA$ 1435.21

jacobs

You might find it easier to not fight Quicken's loan setup and instead set up a reactive scheduled monthly transaction. You'd create a scheduled transaction with one split for a transfer to the liability account and one split of interest expense. Each month when you mark the transaction Paid, you'd edit the split amounts to conform with what your bank reports. (Or you could edit the split amounts every few months.)

While this isn't as nice as having Quicken automate the process, it only take a minute each month — which may be less time than you'd spend tweaking a loan in Quicken, which calculates the principal/interest split slightly differently than your bank.