Update a monthly loan payment
Change the saved monthly payment and review the split used for your next payment record.
On this page
Have the new lender statement. Check whether the change concerns the total payment, monthly escrow, interest rate or a one-time additional principal amount.
Step 1: Open the saved loan
Open Accounting > Loans and locate the loan. Choose Edit on its card, or View loan > Edit loan.
Step 2: Update the forecast details
If needed, choose Balance and payment forecast. Enter Monthly payment as the total including escrow. Review Interest rate and Monthly escrow. Payment and rate must be entered together; the total must be greater than its escrow portion. Check Payment account and Suggest matching loan payments for review. Choose Save on the card or Save changes in Edit loan.
Step 3: Review the next actual split
Updating Monthly payment does not replace a saved four-part split. When recording the next payment, compare Principal, Interest, Lender escrow and Additional principal with the new statement. Select Save these amounts as suggestions for my next review if this new split should be reused, then review and record the payment.
Step 4: Check the result
Reopen the loan and check Monthly payment. Review the recorded payment in Payment activity. Earlier payments keep their recorded amounts; correct an earlier mistake through its permitted reversal workflow.
Check the result
- The loan shows the revised monthly payment. Future payment records still require a statement-based review.
FAQs
Does changing Monthly payment update earlier payments?
No. The saved forecast and recorded payments are separate. Review an earlier payment before making a correction.
Why does the next form still show the old split?
Saved split suggestions are separate from the monthly forecast. Replace the four components with the statement amounts and select the suggestions checkbox when recording a reviewed payment if you want to reuse them.
Will this change what my lender withdraws?
No. These controls update Rentari records and suggestions. Arrange payment changes with your lender separately.