Splitting mortgage into Principal and Interest


A

Andy Aaron

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.
 
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S

scott s.

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.
..
 
C

Craig K.

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.
 
S

Steve Sutton

Craig K. said:
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
 
J

John Pollard

Steve said:
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.
 
S

Steve Sutton

John Pollard said:
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
 
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J

John Pollard

Steve said:
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.
 

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