Mortgage Loan Payment Calculator
Newbie to Quicken 2002 R2 and learning great things about my finances and
some things about Quicken (like the mortgage refinance calculator is not
that great).
Right now I am having some trouble getting home loan payment schedule to
work out. I have double, triple and quadruple checked with the bank and the
Quciken Loan set-up. All info is correct, but Quicken's payment schedule calculates that I am
suppose to pay $1.50 less in principle each month from what my banks says I
am suppose to pay. This is above the normal 0.01 error that most people
report is caused by rounding errors.
After giving up with the figure it out approch, I have been searching around
the Internet for solutions. I read in the archives of these newgroup
something about 360 day vs. 365 day calendars in Quicken and the bank.
Interest on loan is calculated daily. Is this the right path?
Any thoughts on other sources of the problem? Experienced help would be
much appreciated.
I also found a small bug in Quicken when manually entering splits for loans.
If you do not order the split [Loan], Mortgage Int:Bank, [Loan Escrow] - but
instead say [Loan], [Loan Escrow], Mortgage Int:Bank - then Quicken will not
properly carry the Interest over into the Loan->Payment Schdule window.
so far (6 years) Quicken has kept my mortgage loan data correct
to the penny, based on the loan's Payment Schedule. I get a loan
statement quarterly from my mortgage company and the amounts applied
to interest and principal have always matched. I never noticed
anything about 360 vs. 365 day years in Quicken.
Perhaps you would like to make a field-by-field comparison of the data
entered between your and my loan. Looking back at my loan info in
Edit mode I see on the first screen that I created the loan account
using the actual amount of the loan for the Original Balance, 10/1/96
for the Opening Date, an Original Length of 15 years, and a
Compounding Period of monthly. The Payment Period is monthly, and the
bullet is in the Standard Period spot. On the second screen the
Balloon Payment has the bullet in the No Balloon Payment spot. The
Current Balance area has been automatically updated to today's date.
In the Payment area the bullet is in the Payment Amount (P+I) spot and
the Due On date currently shows the next due date of 10/6/02. When I
set up the loan I must have manually keyed 10/6/96 for the Due On
date, since the 6th of each month is the actual day my account gets
debited, and I don't see any other place to supply that info. I don't
recall whether I manually keyed the monthly payment amount initially
or whether the program calculated it. I suppose I keyed it since I
see an unfilled bullet hole for a Calculate option. The Interest Rate
shows the loan interest rate, of course.