1.9.8 Mortgage/Loan Druid

Derek Atkins warlord at MIT.EDU
Tue Jun 27 09:52:53 EDT 2006


Hmm..  You might want to try "end of period" to see if that helps?
Hopefully Josh will pipe up.

-derek

"Jim Karcz" <jkarcz at gmail.com> writes:

> I used the beginning of the period, which is default, I think.  The
> druid was showing me the correct P+I splits for the entire loan
> period.  It was when I entered the resulting scheduled transaction the
> wrong P+I were used.
>
> Jim
>
> On 6/26/06, Derek Atkins <warlord at mit.edu> wrote:
>> Quoting Jim Karcz <jkarcz at gmail.com>:
>>
>> > Derek,
>> >
>> > What do you mean by this? Perhaps the M&LD should have a first-year
>> > amortization table available before you "finish" the process?
>>
>> Which word didn't you understand?  M&LD == Mortgage & Loan Druid.
>> If it displayed the first-year amortization table then you'd notice
>> that the P&I splits were wrong.
>>
>> You didn't answer my (implied) question:  There's a flag in the M&LD
>> that specifies whether payments are made at the beginning or end of the
>> period.  Which setting did you use?
>>
>> > I did a little more poking, and since the druid seems to only create
>> > cool little formula as a  scheduled transaction, I don't think I have
>> > a problem in this case because my existing imported transactions are
>> > split up correctly already.  The program I used previously had a
>> > "special" loan account, which rolled this amortization junk into the
>> > account setup, which I know officially, do not like after using
>> > gnucash.  I believe setting the loan origination date to 6/2004 and
>> > the next payment date to 7/2006, the correct P+I will be used.
>> >
>> > Just to understand a bit more, I did a test where I entered a next
>> > payment date of 6/2006, to replicate just the last payment.  Upon
>> > applying the scheduled transaction for 6/2006, it used 7/2006 P+I.  I
>> > would have expected the 6/2006 P+I to be used.  The scheduled
>> > transaction entries for past transaction don't used the correct P+I
>> > and seems to start from the next upcoming payment for entering P+I.
>> >
>> > Thanks,
>> > Jim
>>
>> -derek
>>
>> > On 6/26/06, Derek Atkins <warlord at mit.edu> wrote:
>> >> Jim Karcz <jkarcz at gmail.com> writes:
>> >>
>> >> > I attempted to create a 30yr mortgage which I am about 2 years into. My
>> >> > thought was I could just enter the previous 24 past transactions
>> >> > automatically, then delete the old ones originally from my QIF import. I
>> >> > entered the loan as a basic fixed interest rate with 360 payments
>> >> > starting in 6/2004.  The druid presents a list of Principal and
>> >> > Interest, P+I, calculations which appear to be within $0.01 here or
>> >> > there.  Looks good so far.
>> >> >
>> >> > When it comes time to enter the scheduled transactions, The P+I for the
>> >> > first payment in 6/2004, seems to use the P+I for the next payment,
>> >> > 7/2006. This appears to be a bug in the scheduled transaction creation
>> >> >>From the Mortgage/Loan druid.
>> >>
>> >> You probably chose the wrong choice for "beginning" or "end" of
>> >> period.  Perhaps the M&LD should have a first-year amortization table
>> >> available before you "finish" the process?
>> >>
>> >> > Thanks,
>> >> > Jim
>> >>
>> >> -derek
>> >>
>> >> --
>> >>        Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
>> >>        Member, MIT Student Information Processing Board  (SIPB)
>> >>        URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
>> >>        warlord at MIT.EDU                        PGP key available
>> >>
>> >
>>
>>
>>
>> --
>>        Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
>>        Member, MIT Student Information Processing Board  (SIPB)
>>        URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
>>        warlord at MIT.EDU                        PGP key available
>>
>>
>
>

-- 
       Derek Atkins, SB '93 MIT EE, SM '95 MIT Media Laboratory
       Member, MIT Student Information Processing Board  (SIPB)
       URL: http://web.mit.edu/warlord/    PP-ASEL-IA     N1NWH
       warlord at MIT.EDU                        PGP key available


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