Quicken Loan Payment Setup

Chris Mead

I have Quicken classic for mac. I am setting up a new loan. As I am doing it, the loan payment that Quicken is calculating is not agreeing with the bank's payment. It is about $5 off. When I looked deeper, I see that the loan amount does not agree. While the original amount agreed, before the first payment is made, the loan amount increases as interest is accrued. I don't think that Quicken is correctly calculating this. What I can do is to try to adjust the loan amount up until the payment agrees but in reality this is not according the loan terms. I would have thought Quicken to be smarter than this and calculate the interest accrual as the bank does to set the P&I monthly amounts.

UKR

In this loan, can you defer making the first payment by a month or two? If so, you need to change the first payment's due date accordingly. That, in turn, should make the payment schedule match the bank's schedule.

If you want to, give us the loan details as entered into Quicken and the bank's payment schedule for comparison, making sure that you blacked out all personal information. We'll see if we can figure it out.
Of course, you can always contact Quicken Support on the phone during posted hours of operation and request their help. Let them do a screen share session with you to review the situation on your computer and to figure out how to fix it.