Can anyone explain to me why Quicken's calculation of how each loan payment should be allocated to principal and interest doesn't match what the Bank does when I set the loan up in Quicken? Each month has been off by a generally less than a dollar, but not in a consistent direction. Sometimes the amount to principal is too high, sometimes too small. This is a simple car loan, with a fixed interest rate, calculated daily, and I pay once per month, with the effective date of the payment the 26th of each month, because its electronically debited from the bank. Does it match for anyone? Or does each payment need to be adjusted? If the latter, what's the point of setting it up in Quicken? Just to give you a rough idea of what's going on? Why can't Quicken use the same calculation the banks do? If it does match for you, what could I be doing wrong? I've checked the data I'm entering to set up the loan multiple times.
- posted 13 years ago