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Posted by Han on May 10, 2007, 7:03 am
Please log in for more thread options @q75g2000hsh.googlegroups.com:
>> It sounds straightforward to me. Just tell Quicken you pay your mortgage
>> semi-monthly.
>>
>
> D'oh! Didn't think to edit the loan and not just the payment. I see
> in the edit loan properties where I can change the payment frequency.
>
>
I think your loan account should be set up the way your bank calculates
things. If that is with a monthly payment that's split between interest
and principal, that is how Quicken should be set up first. Then (I think),
if you want to make twice monthly payments, you should set up 2 monthly
transfers. The first should be only interest, the second should be both
interest and principal (if your interewst is greater than half the total
payment). You'll have to manually adjust the split according to your
statements.
I must admit that I never had the opportunity to use Quicken's automatic
payment setup, since when I would have needed it, it was not available.
Now I a HELOC, and payments vary <grin> while the HELOC is in the first
period, before it becomes a "regular" mortgage.
--
Best regards
Han
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