Re: Quicken Mortgage Payment Question?

On 10/28/2024 10:21 PM, John Pollard wrote:
> 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.]
> 

Yes, this all makes sense. I'll give it a split shot accepting what Q 
offered me when I accepted the offer to create a "loan reminder" and 
will report back.  Thanks.


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Regards -

- Andrew