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Mortgage calculatons are all wrong

dashoffa

Quicken R65.29 Build 27.1.65..29

Data file resides in c:\quicken

Terms of mortage are correct and Interest + Principal match statement. But Quicken is changing the info somewhere to give me a negative P & I

Payment is calculating P & I incorrectly by showing extra principal which I never put in .

Validate and supervalidate do not fix the problem.

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dashoffa

Follow up- Restored from a backup

dashoffa

On both the payoff date changed

Quicken Kristina

Hello @dashoffa,

Thank you for sharing your experience. To help troubleshoot, please provide more information:

When did you first notice this issue?
Was the information reflecting correctly previously?
You mentioned you restored a backup; was that restored backup from before the issue started?
- If not, have you tried restoring an earlier backup from before the issue started?

I look forward to your reply!

dashoffa

There is not a prior backup I trust due to other problems with Quicken. Working on the assumption that it would be better to start over with a dump and load from a qfx file mid to late January I have been working through a slew of problems. There is another thread in the community on that.

I first noticed it on Feb 2. It looked correct before but I only look in this area of Quicken when I make payments and this was the first time I looked at the mortgage as it was due. Prior to that it looked good.

What I have found so far -

Quicken during the load process attached additional interest rates to the loan which is fixed
Some interest rates correspond to older loans (refinancing or HELOCs) not related to this loan and predated the origin of the loan. Some dates were after the origin date.
In addition, the escrow was now going to the wrong account, a standard expense.

What I did

Backed up the file
Deleted the extra interest rates
reset the escrow to the asset account

The result - it appears that the payment is now correct and the balances match the lender.

Remaining issue - payoff date now reflects Origin date + number of years of the loan and does not reflect payoff date based on lender site which takes into account extra principal. Not a major issue but if you have an idea on that it would be appreciated. I can live with it.

I am wondering how much of my problems (this, the other thread and several others) are a result of dumping and loading the database. Also some of the problems on the older thread were tied to re-establishing the downloads.

Perhaps if I dumped one register at a time it may have worked better but I was not sure I would get everything. Or the corruption in the file was extremely serious and nothing else would have helped given prior to all this I did validate and supervalidate. Interesting to me is the db is now 30mb smaller and the application much faster.

Quicken Kristina

Thank you for your reply,

I'm glad to hear you were able to fix the main issue, and thank you for sharing your solution.

When you say dumping and loading the database, do you mean you exported your data, then imported it into a new file? If that is what you mean, then it is possible that is the source of some of the issues you've encountered. If there were problems in the data you exported and imported, then those problems would carry forward into the new file.

The payoff date should be based off of the loan terms. Based on your screenshots, it looks like you've already double checked that information. Possibly changing it, then changing it back to the correct information again could force Quicken to recalculate the payoff date.

Thank you!

dashoffa

Dump and load = exporting to a qfx file and reloading. My guess is that there was underlying corruption going back for a while. It also may explain the 30mb size change. I did not expect it to go perfectly because of the corruption but some of the issues surprised me.

My only though is that the at sometime Quicken creates a knowledge base of known issues and proven solutions. Basically it is a harvest of the community, cleaning up the verbage and cataloging the information in something like Progress or SAP have (I have lived off these a few others for years).

I think everything is ok for now.

Thank you,

Alan

Quicken Kristina

Thank you for the follow-up,

I'm glad to hear everything seems to be okay for now.

If you need further assistance, please feel free to reach out!

UKR

One thing I noticed in the first image you provided here was that there were multiple Splits in the payment details view for tax, insurance, etc.
The Split transactions dialog should, AFAIK, not be broken up to include multiple entries for what needs to be paid out of an escrow account. The total monthly escrow withholding is entered as one Split line. When the mortgage company pays from escrow for tax, insurance, etc., separate transactions need to be recorded in your escrow account register.

Split lines 1 and 2 are Quicken-calculated principal and interest amounts. Do not change.
Line 3 is for additional principal amounts paid every month
Line 4 is for escrow. If you don't have escrow withholding, categorize as Unallocated, $0.00
You may be able to enter additional lines beginning with Line 5, but I'm just not sure what Quicken will do with those when it comes to showing and calculating future mortgage details

For as long as I had to make mortgage payments, the following always worked flawlessly:

NotACPA

@UKR

The 3rd line being Add'l Prin, or 0 is no longer required by Q. And, I have multiple transfers to my Escrow account in my mortgage payment recorded in my checking acct … but I use Tags so that I can track the amounts separately within the Escrow.