Mortgage/Loan druid comments

[Matt Armstrong]

Tim Wunder <tim@thewunders.org> writes:

> Hmmm, that brings to mind my current Home Equity line of credit...
> It consists of 2 10-year phases, a borrowing phase and a payoff
> phase. During the borrowing phase, the minimum monthly payment is
> calculated based on a 20 year term and is an interest-only
> payment. It is only during this phase that I'm allowed to borrow
> against the loan. I can pay against principal, if I want, but it's
> not part of the minimum payment as delineated by the bank on my
> statements. Once the 10 year anniversary comes, the Payoff phase
> kicks in and I can no longer borrow against that line of credit. The
> minimum payment becomes a P&I calculation based on a 10 year term
> (still with a variable rate).
>
> I'm not sure how this can fit in with the Druid, but I figgerd I'd
> throw it at you to see what you thought. I also don't know how many
> banks out there have loans that are stuctured like that. So I can't
> comment on whether the ability of gnucash to handle it would be
> important.

For what it is worth, my equity line is set up similarly.