Is there a way to get Quicken to adjust the amortization on my loan?
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C.B. McCoy
Member ✭✭
I accidentally made a double payment on my home mortgage. The total amount went to principle. The future payments did not adjust and now I have to update them manually each month to correctly reflect the principle and interest payments. Is there some way that I can get Quicken to recognize that an additional principle payment was made and adjust the future payments so that I'm not forced to continue adjusting them?
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Answers
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How exactly did you record this additional principal payment?
As a simple transfer from checking to the loan account register? If so, that should have worked.When I made a one-time additional principal payment to my mortgage, I changed the Split Category details of this payment transaction to look like a regular monthly payment, except I showed the amount of additional principal in line 3 of the Split (see below) and set all other lines to 0.00
That correctly recalculated the loan's remaining duration as well as the amount of principal and interest for the remaining payments.0 -
Exactly as you described. A simple transfer to my loan account. This happened in October and to-date the split amounts for payments since then have been wrong and I've needed to adjust them.0
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Edit your transfer transaction in the checking account and make it a Split with 3 lines (or 4 if you normally have escrow amounts withheld), as shown in the image I provided. Use your account names and categories. For lines 1 and 2 (and 4) set amount to 0. Set line 3 to the amount of extra principal you paid.C.B. McCoy said:Exactly as you described. A simple transfer to my loan account. This happened in October and to-date the split amounts for payments since then have been wrong and I've needed to adjust them.
Save the transaction and see if that recalculates the loan.
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It didn't0
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