Mortgage Payment Calculation
I have Quicken 2005 Deluxe R5
I have a scheduled transaction for my mortgage. If I go to the
Scheduled Transaction List and Edit that Transaction, the Principal and
Interest are calculated for me. But they're off by a couple of bucks.
Is there a way to edit that, or do I have to figure out the exact rate
down several decimal places to get those figures to show up correctly?
I don't know if anyone has gotten the Quicken calculation and the
mortgage company calculations to agree exactly. The differences will be
in the precision of the calculations done by Quicken and by the
mortgage company, the way each of them round, and even in the way they
have their computers do the arithmetic. You don't have any control over
any of those things at your mortgage company or in Quicken.
The split between interest and principal will also vary from month to
month depending on the date your payment is made and the number of days
since the last payment was made. That will vary from month to month not
only because of the difference in number of days in a month, but also
because sometimes your payment date (even if automatically deducted)
will occur on a holiday or other non-banking day.
Since I have to check anyway to see when the payment is actually
applied, I also check the split and simply make the small adjustment in
my check register each month.