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How do I make an extra payment to my mortgage?

Aholiab

I just paid an extra chunk to my mortgage, but Quicken won't let me transfer money to my mortgage (I think). My mortgage is all tied up trying to help me, but I need something like the usual registry for my mortgage.

How should I handle a transfer from a banking savings account to the same bank, my mortgage?

Thanks.

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Sceptic

@Aholiab That's what I would expect with a connected loan account. Since Quicken downloads the balance from the lender, you may not be able to record the transfer directly in the mortgage account register the way you would with a manual loan.

As long as the payment has been submitted successfully, the updated loan balance should download and be reflected in Quicken once the lender processes the payment.

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Sceptic

@Aholiab The first thing to determine is whether the mortgage is set up as a manual loan account or a connected online loan account.

If it's a manual loan, you should be able to enter a transfer from the savings account to the mortgage account. If the payment includes both principal and interest, the transfer is typically recorded through the loan payment reminder or by splitting the transaction appropriately.

If it's a connected online loan, Quicken generally does not allow direct transaction entry into the loan account because the balance is downloaded from the lender. In that case, making an additional principal payment can be more challenging. Some lenders download the updated balance after the payment is processed, while others may require using a transfer to a linked checking account transaction and allowing the loan balance to update through downloads.

Can you confirm whether the mortgage account is connected for transaction downloads or is being tracked manually?

Aholiab

It is connected for transaction downloads. I assume that as soon as the transfer is complete, the new mortgage balance will appear. So it's not a fatal problem.

Sceptic

As long as the payment has been submitted successfully, the updated loan balance should download and be reflected in Quicken once the lender processes the payment.

Aholiab

Thank you! It's not quite the answer I hoped for, but it will work.

UKR

In a connected mortgage account Quicken usually "transfers" Principal and Extra Principal amounts to a Category, named something similar to Mortgage:Principal. That's so that you can make a complete transaction.
If the mortgage account were not connected, you could record all your payments for Principal and Additional Principal as a transfer to "[name of mortgage account]" instead.

Sceptic

@Aholiab After rereading your last comment from yesterday and @UKR's comment this morning, I think the key point is that for a connected mortgage account like yours, the loan balance is typically updated by the financial institution when Quicken downloads the account information.

Because of that, you generally do not need to make manual adjustments or transfers to the loan balance in Quicken. Your mortgage payment is recorded in your checking account as usual, and the lender updates the mortgage balance through the download process.

Quicken may use a linked principal category for the principal and additional principal portions of the payment, but the important point is that the loan balance itself is normally maintained by the financial institution rather than by manual entries in Quicken.

Hopefully that helps clarify the difference. If you're still unsure how to record the extra principal payment, please let us know.