Re: Quicken Mortgage Payment Question?

On 10/29/24 7:38 AM, Andrew wrote:
> 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.

Just to clarify:

The Quicken Reminder (or Memorized Transaction) used to make a Quicken 
loan payment is not the source of the principal/interest split.

The loan payment Reminder (or Memorized Transaction) always looks at the 
Quicken loan Payment Schedule to get the principal/interest split.