Mortgage Payment Schedule not properly calculating

Can you take a snapshot of the Loan Details page (the top portion) and post it ... so that we can see how you set up the loan?

Because, the Loan Wizard has ALWAYS worked perfectly for me.

See the attached Loan Details page.

I just tried entering your loan information and everything check out except that I and got a different monthly payment amount ($2,517.69) and a full 180 months of payments.

The delta ($759.39) is coming from extra amounts that are addressing escrow dollars for Taxes and Insurance.

I navigated to the mortgage loan, selected Payment Details>>>Edit Payment Details button.  The payment set-up has the $759.39 being applied as "Extra principal determines the total".  See the attachment.

If you look at the split detail in the Bill Pay transaction, the $759.39 is being automatically transferred to the escrow account.  See the attachment.

Should the $759.39 be listed / configured in the "Other" section of the Payment Details? 

James, given the Loan Details that both of you have posted ... are you making extra principal payments?  OR, did you manually input the Monthly Payment amount?

Because I created an Amortization schedule, in Excel ... and the only way that I could get your "Current Balance" figure was by using Tom Young's payment amount.


Date                 Prin      Int          Balance
12/2/2015                                  $371,000.00
1/1/2016    $1,667.48  $850.21  $369,332.52
2/1/2016    $1,671.30  $846.39   $367,661.22
3/1/2016    $1,675.13  $842.56   $365,986.09
4/1/2016    $1,678.97  $838.72   $364,307.12
5/1/2016    $1,682.82  $834.87   $362,624.30
6/1/2016    $1,686.68  $831.01   $360,937.62
7/1/2016    $1,690.54  $827.15   $359,247.08
8/1/2016    $1,694.42  $823.27   $357,552.66
9/1/2016    $1,698.30  $819.39   $355,854.36
10/1/2016  $1,702.19  $815.50   $354,152.17
11/1/2016  $1,706.09  $811.60   $352,446.08
12/1/2016  $1,710.00  $807.69   $350,736.08
1/1/2017   $1,713.92   $803.77   $349,022.16
2/1/2017   $1,717.85   $799.84   $347,304.31
3/1/2017   $1,721.78   $795.91   $345,582.53
4/1/2017   $1,725.73   $791.96   $343,856.80
5/1/2017   $1,729.68   $788.01  $342,127.12

The 3rd line of that payment split MUST be a transfer to the mortgage loan account ... even if that line is $0, it must be present.

Then, your escrow amount would be on the 4th line.

It's a quirk in Q.

I'm not sure that I am following....

The the third line of the split transaction is a transfer amount ($759.39) from my checking account to the [AFR - Escrow] Account.  The transfer amount is properly getting credited from my checking account and debiting the Escrow Account.

Are you saying that I need to set the dollar amount of line three to $0 and add a line (line 4) to post the [AFR - Escrow] amount?

With regards to the Current Balance figure, the balance figure is correct in my system because the split transaction is posting the correct monthly amortized amount.  Quicken is correctly calculating the amortization schedule for payment purposes.  For example, it is calculating based upon 180 periods.

The issue is with the future / remaining amortization amount.  It is only calculating based upon 137 periods. Payment Details>>>View Payment Schedule.  Notice the significant jump in the actual principal paid vs. the next future principal payment.  I believe the issue is with rendering the full payment schedule in the User Interface and not in the actual calculation.

See the attachment.

I figured it out.

After creating the mortgage account via the wizard, I must have navigated to Bills>>>Manage Reminders and manually edited the split transaction window.  I manually added the third line, the [AFR - Escrow] Account, to the split transaction.

When I removed the line three and edited the payment details by adding the escrow transfer via the "Other" option.  The amortization properly displayed.  I guess the payment details reads the dollar amount(s) from the split transaction window and it was assuming any difference as an extra principal payment, which affected the future amortization schedule.

See the new maturity date of 12/2030.