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Subject Author Date
Editing scheduled mortgage payment John Oliver 07-25-2006
Posted by John Oliver on July 25, 2006, 2:51 pm
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 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?

--
* John Oliver http://www.john-oliver.net/ *

Posted by Bernie on July 26, 2006, 3:09 am
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 On 7/25/2006 1:51 PM, John Oliver wrote:
> 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.

Bernie

Posted by Jon Reinhardt on August 5, 2006, 9:00 pm
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I have been using Quicken since the old DOS days and I have had several
mortgages during that period. My quicken account and my mortgate statement
agree to the last penny and have agreed perfectly during this entire preiod.
The split has always been exact so I guess Quicken and my lenders use the
same algorithim. I don't think there is any reason to be off by more than a
few pennys if the loan is set up correctly and paid each month in a timley
manner with no late payments etc. If it is off by very much it is time to
check with the lender and find out what is going on.

> On 7/25/2006 1:51 PM, John Oliver wrote:
>> I have Quicken 2005 Deluxe R5
> 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.
> Bernie


Posted by JM on August 5, 2006, 10:59 pm
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Jon Reinhardt wrote:
> I have been using Quicken since the old DOS days and I have had several
> mortgages during that period. My quicken account and my mortgate statement
> agree to the last penny and have agreed perfectly during this entire preiod.
> The split has always been exact so I guess Quicken and my lenders use the
> same algorithim. I don't think there is any reason to be off by more than a
> few pennys if the loan is set up correctly and paid each month in a timley
> manner with no late payments etc. If it is off by very much it is time to
> check with the lender and find out what is going on.
>
> > On 7/25/2006 1:51 PM, John Oliver wrote:
> >> I have Quicken 2005 Deluxe R5
> > 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.
> > Bernie

My experience has been the same as Jon's - agree to the penny - through
several years.

This is for a mortgage that is based on a fixed payment date; e.g.,
payments due on the 1st. If I pay early or late [up to two weeks] the
interest charge does not vary. Interest is in effect calculated on the
basis of 12 equal months. This is how QW is doing the calculation. Some
lenders use the date of receipt to calculate the interest due since the
previous payment and in this case it will be nearly impossible to keep
QW exactly in sync. QW simply does not have the ability to handle this
type of interest calculation.


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