http://m.getsatisfaction.com/topics/7766387 HE Loan setup in Quicken Premier 2016 does not agree with bank 2018-08-17T20:30:18Z 2018-07-19T16:59:01Z 7766387 http://m.getsatisfaction.com/topics/7766387 7766387 HE Loan setup in Quicken Premier 2016 does not agree with bank 2018-08-17T20:30:18Z 2018-07-19T16:59:01Z speedlever http://m.getsatisfaction.com/people/4754514 https://www.gravatar.com/avatar/1b21dced41eb4a79725b84912e27b295?d=identicon&s=55&r=PG richard_radford I tried to setup a new HE Loan (not HELOC) in QP2016 and the monthly payment does not agree with the bank. I've called the bank about it and they say their calculation agrees with Fannie Mae.<br /><br />I've Googled financial calculators and the results agree with my numbers, not the bank.<br /><br />The basic numbers are a HE loan for $65k, 60 months, at 4.15%. The bank payments are $1203.58. All my numbers show the payment to be $1201.48. I cannot find any field in the loan setup for QP2016 that will allow me to come up with that number, ergo, all my numbers are going to be slightly off from the bank numbers.<br /><br />Any thoughts? problem errors_troubleshooting_non_olb errors_troubleshooting_non_olb, bank_accounts_downloading_and_categorizing, windows complete 11 6 1 comment http://m.getsatisfaction.com/topics/7766387/replies/19648747 http://m.getsatisfaction.com/topics/7766387 19648747 NotACPA - QW HBRP 2019 responded to "HE Loan setup in Quicken Premier 2016 does not agree with bank" 2018-07-19T17:15:38Z 2018-07-19T17:15:38Z NotACPA - QW HBRP 2019 http://m.getsatisfaction.com/people/8486064 https://d2r1vs3d9006ap.cloudfront.net/public/uploaded_images/10875899/original_medium.png notacpa_8wchoth4cq4gm <ol><li>Ask the bank if any Closing Costs were added to the $65,000 ... making the actual loan amount larger.</li><li>Ask the bank to explicitly indicate WHERE, in Fannie Mae, such calculations can be found.</li></ol>Because using BOTH Q's Loan calculator AND ExCel's PMT() function, I also came up with $1,201.48. 0 http://m.getsatisfaction.com/topics/7766387/replies/19648857 http://m.getsatisfaction.com/topics/7766387 19648857 speedlever responded to "HE Loan setup in Quicken Premier 2016 does not agree with bank" 2018-07-19T18:08:02Z 2018-07-19T18:08:02Z speedlever http://m.getsatisfaction.com/people/4754514 https://www.gravatar.com/avatar/1b21dced41eb4a79725b84912e27b295?d=identicon&s=55&r=PG richard_radford No closing costs with this loan. I'm stumped as to how they arrived at their number. They cannot explain beyond the Fannie Mae comment. <br /><br /> I sent them screen shots of my data and await their reply. 0 http://m.getsatisfaction.com/topics/7766387/replies/19649089 http://m.getsatisfaction.com/topics/7766387 19649089 speedlever responded to "HE Loan setup in Quicken Premier 2016 does not agree with bank" 2018-07-19T20:06:33Z 2018-07-19T20:06:33Z speedlever http://m.getsatisfaction.com/people/4754514 https://www.gravatar.com/avatar/1b21dced41eb4a79725b84912e27b295?d=identicon&s=55&r=PG richard_radford Here's the reply I got from the bank after sending them the screenshots.<br /><br />"Home Equity loans are set up as 45 days out for the 1st payment from the contract date, instead of the standard 30 days, like a mortgage. Also the way our system is set up for equity loans, it is set up on a daily interest calculator. Our amortization schedule is set for 366 basis unlike first mortgage lending."<br /><br />I have no idea how to account for this in Quicken. Any ideas?<br /><br />Recalculating the loan with daily instead of monthly compounding changed&nbsp; the Quicken calc from 1201.48 to 1201.68.&nbsp;<p></p> 0 http://m.getsatisfaction.com/topics/7766387/replies/19649373 http://m.getsatisfaction.com/topics/7766387/replies/19649089 19649373 NotACPA - QW HBRP 2019 responded to "HE Loan setup in Quicken Premier 2016 does not agree with bank" 2018-07-19T22:32:36Z 2018-07-19T22:32:36Z NotACPA - QW HBRP 2019 http://m.getsatisfaction.com/people/8486064 https://d2r1vs3d9006ap.cloudfront.net/public/uploaded_images/10875899/original_medium.png notacpa_8wchoth4cq4gm Well, the basic problem is that Q can only calculate the interest for "Monthly Interest Loans" (like traditional mortgages) where the interest due isn't dependent upon when you made last month's payment.<br />"Daily compounding" isn't the same thing as "Daily Interest", where the interest owed is calculated each day, depending upon the balance at the end of that day.&nbsp; SO, if you make your payment on the 1st of August, the interest due in September will differ from if you paid on 15 August.<br /><br />The only thing that you can do is enter a "guesstimated" payment/split ... and then correct it when you get the monthly statement. 0 http://m.getsatisfaction.com/topics/7766387/replies/19649385 http://m.getsatisfaction.com/topics/7766387 19649385 speedlever responded to "HE Loan setup in Quicken Premier 2016 does not agree with bank" 2018-07-19T22:37:47Z 2018-07-19T22:37:47Z speedlever http://m.getsatisfaction.com/people/4754514 https://www.gravatar.com/avatar/1b21dced41eb4a79725b84912e27b295?d=identicon&s=55&r=PG richard_radford Thanks for the suggestion. Sounds like my best option. 0 http://m.getsatisfaction.com/topics/7766387/replies/19649794 http://m.getsatisfaction.com/topics/7766387 19649794 mshiggins responded to "HE Loan setup in Quicken Premier 2016 does not agree with bank" 2018-07-20T03:16:12Z 2018-07-20T03:16:12Z mshiggins http://m.getsatisfaction.com/people/2779851 https://d2r1vs3d9006ap.cloudfront.net/public/uploaded_images/10875349/original_medium.PNG mshiggins From C. D. Bales: <br /><br /> "The bank payments are $1203.58. All my numbers show the payment to be $1201.48. I cannot find any field in the loan setup for QP2016 that will allow me to come up with that number ....". <br /><br /> It's easy to come up with that number ($1201.58): just key it into the "Monthly payment" box in the "Loan Details" dialog when setting up the loan. <br /><br /> The question is: will the Quicken payment breakdowns of principal and interest equal the lender's breakdowns? <br /><br /> I created a Q2017 loan with your criteria and a $1201.58 monthly payment amount and compared the resulting Quicken loan payment schedule to a loan payment schedule using the same loan criteria that I found here: <br /> <a href="https://financial-calculators.com/loan-calculator" rel="nofollow">https://financial-calculators.com/loa...</a> <br /><br /> Quicken's loan payment schedule matched the loan payment schedule computed at the above web site. <br /><br /> I suggest you get a loan payment schedule from your lender and compare that to Quicken's computation. <br /><br /> [One Caveat: I do not know what the rules are for HE loans. If the rules are basically the same as for traditional mortgage loans (where the principal/interest breakdown follows that in the payment schedule - rather than having the principal/interest breakdown based on the number of days between payments being posted by the lender, as is the case for simple interest loans) then I believe you should be good to go, if your lender's payment schedule matches your Quicken payment schedule.] 0 http://m.getsatisfaction.com/topics/7766387/replies/19650054 http://m.getsatisfaction.com/topics/7766387 19650054 speedlever responded to "HE Loan setup in Quicken Premier 2016 does not agree with bank" 2018-07-20T09:08:34Z 2018-07-20T09:08:34Z speedlever http://m.getsatisfaction.com/people/4754514 https://www.gravatar.com/avatar/1b21dced41eb4a79725b84912e27b295?d=identicon&s=55&r=PG richard_radford This seems unnecessary complicated to me. Not sure why it can't follow convention. But they're supposed to be sending a schedule. So I hope to get this figured out. 0 http://m.getsatisfaction.com/topics/7766387/replies/19692546 http://m.getsatisfaction.com/topics/7766387 19692546 Rick Gumpertz responded to "HE Loan setup in Quicken Premier 2016 does not agree with bank" 2018-08-13T02:33:22Z 2018-08-13T02:33:22Z Rick Gumpertz http://m.getsatisfaction.com/people/9658223 https://www.gravatar.com/avatar/393f0458cfa9509a9b9d0018d9865065?d=identicon&s=55&r=PG rick_gumpertz It appears that the difference lies in the 45 days vs. 30 days until the first payment.&nbsp; If you compute 45 days interest (using 4.15% * 15/360) on the $65,000, that is $112.40.&nbsp; Now enter the loan as $65,112.40 (and also starting 45-30 = 15 days after the actual start date).&nbsp; The resulting payment will be $1,203.56 which is pretty close to what they compute.<br alt="" name="" rel="" target="" title="" type="" value="" /><br alt="" name="" rel="" target="" title="" type="" value="" />I'm not sure where the extra $0.02/payment comes from.&nbsp; It may have something to do with their "366 day" amortization whatever that is.&nbsp; (Please also Google "365/360 amortization".)&nbsp; I suppose somebody might also have mis-copied the last digit of $1,203.56 as an 8.&nbsp; Or they might have done some rounding somewhere.<br alt="" name="" rel="" target="" title="" type="" value="" /><br alt="" name="" rel="" target="" title="" type="" value="" />If you want to match their payment schedule, assume $113.67 instead of $112.40 (an extra $1.27) for the initial 15-days interest and so enter into Quicken a loan for $65,113.67 starting 15 days after the actual start date and you should be pretty close.<br alt="" name="" rel="" target="" title="" type="" value="" /> 0 http://m.getsatisfaction.com/topics/7766387/replies/19692676 http://m.getsatisfaction.com/topics/7766387 19692676 speedlever responded to "HE Loan setup in Quicken Premier 2016 does not agree with bank" 2018-08-13T03:58:07Z 2018-08-13T03:58:07Z speedlever http://m.getsatisfaction.com/people/4754514 https://www.gravatar.com/avatar/1b21dced41eb4a79725b84912e27b295?d=identicon&s=55&r=PG richard_radford In the end, that's what I did to make the numbers work. Seems like the finagle factor at work to me, but I didn't know what else to do. <br /><br /> Thanks. 0 http://m.getsatisfaction.com/topics/7766387/replies/19702798 http://m.getsatisfaction.com/topics/7766387 19702798 Rick Gumpertz responded to "HE Loan setup in Quicken Premier 2016 does not agree with bank" 2018-08-17T17:28:23Z 2018-08-17T17:28:23Z Rick Gumpertz http://m.getsatisfaction.com/people/9658223 https://www.gravatar.com/avatar/393f0458cfa9509a9b9d0018d9865065?d=identicon&s=55&r=PG rick_gumpertz Quicken just supports payments where the first payment is due 30 days after origination.&nbsp; That seems to handle most loans that customers encounter.&nbsp; If the bank instead uses 45 days after origination, <i alt="" name="" rel="" target="" title="" type="" value=""><b alt="" name="" rel="" target="" title="" type="" value="">something</b></i> has to account for the <i alt="" name="" rel="" target="" title="" type="" value=""><b alt="" name="" rel="" target="" title="" type="" value="">extra interest</b></i> for those 15 days.&nbsp; Call it a finagle factor if you wish...<br alt="" name="" rel="" target="" title="" type="" value="" /><br alt="" name="" rel="" target="" title="" type="" value="" />At least you now know where the higher payment amount came from and that it is not mysterious or wrong.<br alt="" name="" rel="" target="" title="" type="" value="" /> 0 http://m.getsatisfaction.com/topics/7766387/replies/19703222 http://m.getsatisfaction.com/topics/7766387 19703222 speedlever responded to "HE Loan setup in Quicken Premier 2016 does not agree with bank" 2018-08-17T20:30:18Z 2018-08-17T20:30:18Z speedlever http://m.getsatisfaction.com/people/4754514 https://www.gravatar.com/avatar/1b21dced41eb4a79725b84912e27b295?d=identicon&s=55&r=PG richard_radford I don't know what else to call it. My balance is now off by the amount I had to increase the principal in order to make the payment work out. Is there a better way to approach this? 0