Rounding in Mortgage Assistant

[prl]

On 10/11/12 04:13, Dean Gibson wrote:
>
> On 2012-11-09 05:48, Mike or Penny Novack wrote:
>> ...
>> What we should really be asking for is a "recalc amortization" where 
>> the payment amount can be specified (to match what the bank is 
>> insisting upon).
>>
>> Michael D Novack, FLMI
>
> No kidding.  GnuCash computes my bank-assigned payment to the penny, 
> but that's not what I want.  In particular, in every home loan I've 
> had, I've increased the monthly payment somewhat to (1) make the 
> payment a round number, and (2) to pay off the mortgage a bit 
> earlier.  I believe Quicken allowed that (not that Quicken is the gold 
> standard for anything that GnuCash does).
I'm in a similar situation. Not only do I want the freedom to make 
payments in excess of the bank's payment schedule (though probably lump 
sums rather than a fixed additional amount), but the bank also has 
capitalised some of their fees, so that the actual loan amount is more 
than the amount I drew down. There are further annual fees that I also 
expect will be capitalised into the loan.

The mortgage was for extension & renovation work, and there was a 
progress payment schedule for the work, so even the amount I drew from 
the loan was not all drawn at a single point in time. I am also able to 
redraw from the loan any amounts I have paid in in excess of the 
repayment schedule (but I have not so far done so).

I didn't even bother with the mortgage assistant*. I have a GnuCash 
scheduled transaction for the regular loan repayments and I simply add 
the interest charged for the month when I reconcile, as I do for all my 
other accounts with interest payments or charges.

* That's not quite true. I tried to use the mortgage assistant, but I 
found it completely unsuitable to my needs.

Peter