I am trying to set up my existing mortgage in Quicken for Windows - balance isn't matching bank

DJMarvin54

The key facts are as follows:

The mortgage was initiated in 2023 and my Quicken file begins on January 1, 2025.

The payment includes:

Principal
Interest
Extra principal
Escrow

Note: There is a place to enter extra principal so I did not include it in the "Principal" part of the payment.

I tried to set the account in Quicken as a mortgage loan which allowed me to enter the initial loan amount and the interest (fixed rate).

Because the loan predates the Quicken file date, I added a balance adjustment to set it to match the current balance. (I also thought of going all the way back to May 2023 when the loan began but am not sure I can do this.)

Quicken does not break down the principal and interest correctly so anything else I might add (escrow and extra principal payments) do not add the total payment up to match the amount paid from my checking account every month. I don't understand why I can't get this to work.

I also tried just setting the mortgage up as a regular loan and handling the split in the checking account. Unfortunately I couldn't figure out how to set this up. The posting that recommended this is closed and I seem to be missing some set up information.

Any suggestion about how best to approach this?

Thank you.

NotACPA

First, take a backup, just in case.

Then, I'd be inclined to set up a temporary Mortgage account and then use Q's Loan Wizard to calculate the payments as of the Mortgage origination date and amount.

Also set up a temporary checking account and make "payments" to the temp mortgage until you get to 1/1/25.

Compare the payments to your statements along the way to make sure you've set things up properly.

Then adjust the Opening Balance in the REAL mortgage account to match what's shown (and confirmed) in the temp account and re-direct the payment created by the Wizard to the real account.

Lastly, delete the 2 temp accounts.

BTW, DON'T download into the real mortgage account. Doing so will only download the principal payment and not the interest or escrow amounts.