Splitting mortgage into Principal and Interest

Discussion in 'Quicken' started by Andy Aaron, Oct 13, 2003.

  1. Andy Aaron

    Andy Aaron Guest

    I would like to have Quicken 2002 automatically allocate my mortgage
    into Principal and Interest each month. Quicken 98 always did this,
    but I cannot get Quicken 2002 to follow suit.
    To clarify: I'd like to have Quicken create a Split the mortgage
    payment, into principal and Interest, changing the figures each month
    as my loan matures.
     
    Andy Aaron, Oct 13, 2003
    #1
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  2. Andy Aaron

    scott s. Guest

    "Andy Aaron" <> wrote in
    news:7Woib.4995$:

    > I would like to have Quicken 2002 automatically allocate my mortgage
    > into Principal and Interest each month. Quicken 98 always did this,
    > but I cannot get Quicken 2002 to follow suit.


    On menu tab Property & loan, select Loan on drop-down list. On top
    left of loan page, click New and set up your amortizing loan.

    scott s.
    ..
     
    scott s., Oct 13, 2003
    #2
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  3. Andy Aaron

    Craig K. Guest

    I have the same problem and got an answer from Quicken. If you have it set
    up as a repeating online payment (enter it once and be done) it will not
    allocate P&I. If you have it as a scheduled online payment (sends a payment
    request each month to your bank) it works.

    I don't know why. I agree, my earlier versions did what you want, but the
    new versions don't.

    "Andy Aaron" <> wrote in message
    news:7Woib.4995$...
    > I would like to have Quicken 2002 automatically allocate my mortgage
    > into Principal and Interest each month. Quicken 98 always did this,
    > but I cannot get Quicken 2002 to follow suit.
    > To clarify: I'd like to have Quicken create a Split the mortgage
    > payment, into principal and Interest, changing the figures each month
    > as my loan matures.
    >
    >
     
    Craig K., Oct 22, 2003
    #3
  4. Andy Aaron

    Steve Sutton Guest

    "Craig K." <NOSPAM:> wrote:

    > I have the same problem and got an answer from Quicken. If you have it set
    > up as a repeating online payment (enter it once and be done) it will not
    > allocate P&I. If you have it as a scheduled online payment (sends a payment
    > request each month to your bank) it works.
    >
    > I don't know why. I agree, my earlier versions did what you want, but the
    > new versions don't.


    Quicken 2002 was the version that broke this. It worked fine in prior
    versions.

    The real question is: why the hell haven't they fixed this, considering
    they've had over 2 years to do so.

    I finally gave up and gave my mortgage company debit capability for my 2
    mortgages. And I keep scheduled payments in Quicken ("just enter in
    register without prompting) scheduled for a couple days prior to when the
    real ones occur. Then when I sync up with my bank, the payments downloaded
    from the bank just match up with the existing scheduled (and properly
    allocated) transactions already in the register.

    Cheers,
    Steve
     
    Steve Sutton, Oct 24, 2003
    #4
  5. Andy Aaron

    John Pollard Guest

    Steve Sutton wrote:
    > I finally gave up and gave my mortgage company debit capability for
    > my 2 mortgages. And I keep scheduled payments in Quicken ("just enter
    > in register without prompting) scheduled for a couple days prior to
    > when the real ones occur. Then when I sync up with my bank, the
    > payments downloaded from the bank just match up with the existing
    > scheduled (and properly allocated) transactions already in the
    > register.


    I don't use online billpay, so pardon my lack of knowledge about exactly how
    it works.

    If the online recurring payment is not automatically entered into your
    register by Quicken, then I don't see why one couldn't do the same thing for
    recurring online payments. That is, in addition to the online payment,
    schedule a Quicken mortgage payment to automatically enter the register one
    or more days ahead of when the online payment will be available for
    download.

    And even if Quicken does enter the online billpay payment directly into your
    register, you could just delete it and let the scheduled payment be the
    controlling payment.
     
    John Pollard, Oct 24, 2003
    #5
  6. Andy Aaron

    Steve Sutton Guest

    "John Pollard" <> wrote:

    > Steve Sutton wrote:
    > > I finally gave up and gave my mortgage company debit capability for
    > > my 2 mortgages. And I keep scheduled payments in Quicken ("just enter
    > > in register without prompting) scheduled for a couple days prior to
    > > when the real ones occur. Then when I sync up with my bank, the
    > > payments downloaded from the bank just match up with the existing
    > > scheduled (and properly allocated) transactions already in the
    > > register.

    >
    > I don't use online billpay, so pardon my lack of knowledge about exactly how
    > it works.
    >
    > If the online recurring payment is not automatically entered into your
    > register by Quicken, then I don't see why one couldn't do the same thing for
    > recurring online payments. That is, in addition to the online payment,
    > schedule a Quicken mortgage payment to automatically enter the register one
    > or more days ahead of when the online payment will be available for
    > download.


    Hmm - I must not be typing too clearly - I thought that's exactly what I
    said I was doing :)

    The idea being to have a transaction - which Quicken knows is the mortgage
    payment, and therefore was properly split between principle and interest -
    already in the register when an online update brings down the transaction
    that occurred behind the scenes. This works fine the way I have it set up.

    > And even if Quicken does enter the online billpay payment directly into your
    > register, you could just delete it and let the scheduled payment be the
    > controlling payment.


    It always matches just fine, for me anyway, no need to delete anything.

    Of course, we're actually getting off the subject I think - seems to me
    more like the OP couldn't see how to get Q2002 to recognize the special
    nature of his mortgage payment. He didn't say anything about online.

    Cheers,
    Steve
     
    Steve Sutton, Oct 27, 2003
    #6
  7. Andy Aaron

    John Pollard Guest

    Steve Sutton wrote:
    > Hmm - I must not be typing too clearly - I thought that's exactly
    > what I said I was doing :)


    Sorry, I really must not have been reading too clearly.
     
    John Pollard, Oct 27, 2003
    #7
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