Splitting mortgage into Principal and Interest

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" <> 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.
..

 

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." <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 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" <> 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 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.