puzzle about Mortgage and Loan payments (2.4.0, OS X 10.5.8)

[David T.]

Anthony--

I wonder: are those first payment amounts what your *second* payment amounts are supposed to be? 

I seem to recall having similar problems setting up a loan; it took me a while to get the payment dialog settings right to fix this. If I could remember what I did to get everything lined up, I'd tell you. 

Just so you know you're not alone.

David

--- On Wed, 1/5/11, Anthony Dardis <adardis at gmail.com> wrote:

> From: Anthony Dardis <adardis at gmail.com>
> Subject: puzzle about Mortgage and Loan payments (2.4.0, OS X 10.5.8)
> To: "gnucash-user at gnucash.org" <gnucash-user at gnucash.org>
> Date: Wednesday, January 5, 2011, 9:27 AM
> Tried the Mortgage and Loan payment
> wizard to set up a mortgage:
> 
> Amount: $100000.00
> term: 360 months
> type: fixed
> rate: 4.875%
> loan start: 6/1/2009
> first payment: 7/1/2009
> principal to: Liabilities:Mortgage
> interest to: Expenses:Interest:Mortgage
> (no other payments, no escrow, tax, etc.)
> pay on first of month
> 
> where: US
> 
> 
> (a) the first payment recorded is $133.34 to principal,
> $395.87 to interest. Two standard amortization calculators
> on the net
> http://www.bankrate.com/calculators/mortgages/amortization-calculator.aspx
> http://www.myamortizationchart.com/
> 
> say that the correct amounts are $122.96 and $406.25. The
> rest of the payments until this month are similarly off.
> 
> [I'm playing with this (with the old start dates) because I
> wanted to take advantage of the fix to GnuCash's SX
> calculator that should get the amortization right. I got
> similar results with my actual mortgage.]
> 
> (b) when the wizard gets to the point of reviewing the
> entry and presenting the amortization schedule, none of the
> options caused it to display any of the amortization
> schedule.
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