Mortgage/Loan Scheduled Transaction Way Off

[ITWarrior]

Hello,

I have a problem with setting up a mortgage. By the time I've added the
details and reach the 'Loan Review' page, the results are way off. Here are
my values:

Amount: 172,000
Interest Rate: 4.590%
Type: Fixed Rate
Start date: 01/01/17
Length: 30 years

The PMT for this is calculated by gnucash as:
pmt( 0.04590 / 12.00 : 360.00 : 172,000.00 : 0 : 0 )

Loan payments are every two weeks on a Friday, starting 01/01/17.

My bank calculates these bi-weekly repayments at ~$400, but gnucash shows
the payments as $880. I could understand these being off a few dollars
depending on how the interested is calculated (it's calculated daily here in
NZ), but out by more than twice as much?

It gets even stranger when you look at the review page:
<http://gnucash.1415818.n4.nabble.com/file/n4692580/Screenshot_from_2017-07-09_21-35-00.png> 

It's as though the 30 year term is ignored and instead the figures are
applied to a ~13 year term. This would actually make sense given the stated
repayments of ~$880, but the mortgage in the review actually does carry on
beyond 13 years although it actually stops at 29 years (15/12/45) with an
interest payment of $3.36 for the 16 years after the loan interest appears
to actually end.

Am I driving this wrong, or is this a bug? This happens on the latest
version in the Ubuntu repositories (2.6.12) and the latest Window version
(2.6.17). I have searched the mailing lists for this problem but haven't
found a specific mention of it, although have found a long history of
confusion over the scheduled transaction tool.

Thanks,
ITWarrior



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