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This mortgage calculator can be used to figure out monthly payments of a home mortgage loan, based on the home's sale price, the term of the loan desired, buyer's down payment percentage, and the loan's interest rate. This calculator factors in PMI (Private Mortgage Insurance) for loans where less than 20% is put as a down payment. Also taken into consideration are the town property taxes, and their effect on the total monthly mortgage payment.
It is possible that the breakdown of a payment into principal
and interest that Quicken makes will be incorrect. Rounding
errors, payment delays, and perhaps even a bug in either
Quicken's or the bank's calculations may mean that the loan
balance that Quicken shows for a loan or mortgage is incorrect.
Understanding the problem
When the ending balance that Quicken shows is incorrect, it
simply means that Quicken has incorrectly split one or more loan
payments between principal and interest. What you need to do, in
this case, is adjust the ending balance and categorize the
adjustment as falling into the same interest expense category
and subcategory as you are using to track the interest component
of the loan payment. To make this sort of adjustment, display
the account register for the loan or mortgage that you need to
adjust. Then click Update Balance button at the top of the loan
account register window. Quicken then displays the Update
Account Balances dialog box.
Fixing the principal balance error
To adjust, or correct, the loan balance, enter the correct
ending balance in the Update Balance To box and the ending
balance date in the Adjustment Date box. You should be able to
get this information from the end-of-year or end-of-month loan
statement that alerted you to the loan balance error.
Fixing the interest expense error
To fix the interest portion of the loan record-keeping error,
enter the interest category and subcategory you used in the
Category For Adjustment boxes. For example, if you used Loan as
the category and Mortgage Interest as the subcategory, enter
this category and subcategory in the two boxes.
While it might seem curious to use the loan interest categories
for categorizing an adjustment to the loan balance, remember
that loan payments are split between principal and interest.
Therefore, if you overstate the principal components of a loan
payment, you implicitly understate the interest components--and
vice versa.
In effect, adjusting the loan ending balance is the same thing
as adjusting the cumulative principal payments made on the loan.
And that means you need to also adjust cumulative interest
payments made on the loan.
About the author:
Seattle
tax CPA & author Stephen L. Nelson wrote Quicken for Dummies
and more than 100 other books as well. Nelson holds an MBA in
Finance and an MS in taxation. His web site is
http://www.stephenlnelson.com