loan/mortgage repayment via sched xactions: feedback request

[Derek Atkins]

Josh Sled <jsled@asynchronous.org> writes:

> --------------------------------------------------
> | Params
> --------------------------------------------------
> Principal        : [amount entry]
> Actual Principal : [[optional] amount entry]
> Interest Rate    : [numeric entry] %
> 	Type     : [ ] Fixed
>                    [ ] Variable ---------+
>                    | Type  : 10/1,7/1,...|
>                    | When  : [freqspec?] |
>                    +---------------------+
> Start Date       : [Gnome Date Entry]
> Length           : [num entry] [years|v]
>    Remaining     : [num entry]
> --------------------------------------------------

What purpose does the "Actual Principal" entry serve?  Are you going
to set an initial balance on the Principal Account?  I'm not sure
you really need this entry.  Similarly, what does the 'Variable Type'
buy you?  Do you plan to pre-configure a bunch of "standard" ARMs?
Or is it just something for the user to type freeform?

I'm torn over whether the Principal Account (and frequency) should be
defined here or in the Repayment page...  There are certainly
arguments for both ways of doing it.  Consider that you need the
Principal Account in order to compute IPMT every period...

Another question: what do you plan to do with Start Date, Length, and
Remaining, and doesn't this also tie into the Repayment Freqspec?
Let's assume that I'm 5 years and 4 months into a 30-year fixed loan.
Would you want to create all those transactions or would you start
from _now_?  You may also want to help the user compute the number of
remaining periods (but again, I think this is where parts of the
Repayment page should be combined with this one).


> --------------------------------------------------
> | Options
> --------------------------------------------------
> Do you...
>   [ ] Utilize an escrow account?
>       Account: [ acct select |v]
>   [ ] Pay PMI/Insurance?
>       [ ] Via the Escrow account?
>   [ ] Pay taxes?
>       [ ] Via the Escrow account?
> --------------------------------------------------

PMI and Insurance should be separated into two sets of options, each with
their own page.


> --------------------------------------------------
> | Repayment
> --------------------------------------------------
> Amount        : [ amount entry ]
> Assets from   : [ account sel |v] 
> Princiapl to  : [ account sel |v]
> Interest to   : [ account sel |v]
> Remainder to  : [{escrow,principal}|v]
> Frequency     : +- freqspec ----------------+
>                 |           ....            |
>                 +---------------------------+
> --------------------------------------------------

What exactly is the "amount" here?  Is this the (computed) amount or a
value typed in by the user (or a value typed by the user that is
initialized to the default value?).  Also, the Remainder-to option
should include "interest".

I actually think this page should be moved to the end, after you
configure your various payment (insurance, taxes, PMI) options.

> --------------------------------------------------
> | Insurance
> --------------------------------------------------
> Amount    : [ amount entry ]
> Account   : [ account sel |v]
> Frequency :
>    [ ] Part of Repayment Transaction
>    [ ] Other:      +- freqspec ----------------+
>                    |           ....            |
>                    +---------------------------+
> --------------------------------------------------
>
> 
> --------------------------------------------------
> | Taxes
> --------------------------------------------------
> [ same as Insurance ]
> --------------------------------------------------

You should add a PMI page here, too.

> ...jsled

-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@MIT.EDU                        PGP key available