Re: Quicken Mortgage Payment Question?

On 10/28/24 6:49 AM, Andrew wrote:
> I am setting up a new mortgage on QFW.  When going through the 
> mortgage-specific setup panels, one of the items asks if I would like to 
> set up a remind.  When specifying yes, I notice it creates a split with 
> allocations for the principal and the interest.
> 
> Does anyone know if this information is updated between payments based 
> on the specific amounts left in the mortgage? In other words, if I issue 
> a pre-payment of principal during the middle of a subsequent month, does 
> it automatically update that split based on the information it is 
> receiving from a OSU from the FI?

If you have a traditional mortgage and you make a prepayment of 
principal, Quicken should adjust the Payment Schedule to reflect that 
... which, depending on the amount of the prepayment, may also reduce 
the number of payments due.

[The adjustment does not come from the financial institution: Quicken 
recomputes its Payment Schedule.]

If you open the loan in Quicken to the Payment Details page, you should 
see a button to "View Payment Schedule". If you click that button, you 
can view and print the entire payment schedule.

Do that before you enter your loan payment with a payment of extra 
principal, then after the payment has been entered. You should be able 
to verify whether Quicken made the proper modification to the payment 
schedule.

[Just going from memory here, but it's possible you will need to include 
the extra principal in a regular loan payment transaction (the Reminder 
in your case). You can test that to be sure.]