QWin 2017: Tracking Escrow and Mortgage in 2017

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Using 2016 (though same issue in 2017), I used the wizard to set up my mortgage with Quicken Loans.  I would like to split the payment coming out of checking between mortgage costs and escrow.  Quicken 2017 only allows "Home Mortgage" and "Other" on the payment tracking.  If I go into edit payment, I do not have a 'Split' option.  The entire payment is being categorized as 'Home:Mortgage'.
I need to be able to track insurance, taxes, and PMI as categories through an Escrow account.  I do not see any of these options available for editing in the setup screens for my mortgage payment.  I am fine with letting the software and link tool manage principal and interest, but I need to be able to manage and track Escrow.
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Bill

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Posted 2 months ago

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gmalis1

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Don't download your loan transactions.

Instead, create a manual loan in Quicken.  The "Loan Wizard" will let you set up all your escrow accounts as well as amortize your mortgage for principal and interest.

The last step of the Loan Wizard will allow you to create a Bill Reminder...where your monthly payment and the correct splits will automatically be setup for you.  All you'll need to do is press "Enter".  

Remember, the principal part of your loan payment is a TRANSFER from your checking account to the loan account...thus reducing the balance due.  The transfer should be the name of your mortgage company loan account in Quicken enclosed in square brackets, such as [MyMortgageLoan].

The other splits go to the individual categories, such as Mortgage Interest, PMI, Insurance, Taxes etc. 
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Bill

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I was afraid I was going to get this answer since this is similar to what I'm doing with my car loan.  The onboard amortization is not 100% accurate, so I'm having to manually adjust principal and interest about every six months.  No other way,I guess?  I really hoped for better given that it's a Quicken Loan (yes, I know they're technically separate entities, but still).  Thanks
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gmalis1

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Well, mortgage loans are more accurate than car loans.

Car loans use a daily interest calculation...so months with different days in the month have different interest amounts and have to be manually entered as to principal and interest.

Provided you have a fixed rate mortgage, your mortgage loan should be amortized perfectly because interest is calculated on a monthly basis.

BTW, just as a point of reference, Quicken Loans has zero relationship with the Quicken product.  The only commonality is licensing the Quicken name.
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NotACPA, SuperUser

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A mortgage is usually a "monthly interest" loan. 

While a car loan is almost always a "daily interest" loan.  Not only does the number of days in the month matter ... but also the day on which the lender receives your payment.
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Donald Somers

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I did those steps as you say on setting up the loan but my other monthly will not do it. what am I doing wrong?
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NotACPA, SuperUser

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Donald, you'd be better served if you started your own new question.

Be sure to include in that question: your Q product, product year, product release, country and operating system.

Also, explain in detail what you did ("those steps" isn't sufficient to tell us anything) and what the outcome was.  Also, did you enable the mortgage for download?
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UKR, SuperUser

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Insurance, taxes, PMI, etc. are separate payment transactions withdrawn from your escrow account by the mortgage company as required monthly or once or twice a year. They are not separate splits within your monthly payment. Your monthly payment only contains one "monthly Escrow withholding" amount, recorded as a transfer to your Escrow account register in Quicken.

Your monthly payment transaction in a "manual loan account register" only contains the following splits:

  1. Principal - transfer to mortgage account register
  2. Interest   - category: Loan Interest (or similar)
  3. Extra Principal or $0.00 - transfer to mortgage account register
  4. Escrow    - transfer to your Escrow account register (or blank if no escrow withholdings)

If you are looking at the scheduled payment reminder or memorized payee list entry: These 4 Split lines are mandatory and must not be rearranged or deleted. If you do, your loan account graphs and views will fail to work properly.

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Bill

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Thanks all for the info.  Once the word "manual" came up, I figured it out pretty quickly.  It should all track the way I want now.
Ya'll did forget to remind me to go back to my closing check split and fund the escrow. :)