Re: Quicken Mortgage Payment Question?

On 10/29/2024 10:36 AM, John Pollard wrote:
> 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.
> 
> 

Exactly!  And that's my question.  If one prepays principal, the split 
amongst subsequent payments increases the interest portion while 
increasing the principal payment.  That's why I am wondering if the 
split that is actually in the register (it was setup with the splits 
when I agreed to have a reminder entered) ALSO gets updated according to 
the updated loan payment schedule, or are they always fixed from the 
initial term as far as the payments in the register are concerned.

If that is the case that they do NOT get updated, then as I said, I'll 
just categorize the whole payment to a single category and simply view 
the loan payment schedule.

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Regards -

- Andrew