loan druid

Neil Carlson nnc at newmexico.com
Sun Mar 30 11:51:28 CST 2003


On Sun, 2003-03-23 at 20:43, Jim Stead wrote:
> On Saturday 22 March 2003 08:20 pm, Dale Alspach wrote:
> > I recently refinanced my  mortgage so I thought I would use the
> > loan druid (Gnucash 1.8.2 RH 7.2) to schedule the payments. I found
> > it quite confusing and it seems to be giving me an incorrect set of
> > splits between interest and principal.
> >
> > Suppose I take out a loan for $100,000 at 5% compounded monthly for
> > 180 months. The loan
> > begins on April 1 and the first payment is due May 1 with 15 days
> > grace period. I also pay $100 in hazard insurance and $120 property
> > taxes into an escrow account. Accoring to the gnucash financial
> > calculator the monthly payment should be $790.79 for principal and
> > interest.
> >
> > 
> > Now I go to Review. I see 04/05/2003 payment 790.79, Principal
> > 372.58, Interest 418.22 Taxes 120 Insurance 100.
> > Why is this here? The start date for payments was 5/5/2003?
> > If this were the first payment, the interest should be 416.67 not
> > 418.22.
> >
> Boy, I just used the loan druid for several different loans, and I 
> don't recall it being that confusing.  I do remember that I had to 
> set the loan date one month earlier than what it seemed to be 

See bug #105225.  Needing to set the loan date one month earlier was
a clue that something is broken with the druid.  The problem is an
extra, bogus '0th' payment.  Your 'solution' gives the expected
first payment, but all the interest/principle splits will be wrong.

BTW, what is happening to this part of gnucash (SX-stuff)?  Judging
from the bugzilla database there are several dozen bug reports for
this component that are months old and still catagorized as 'NEW'.
Has it been orphaned by the developer?

-- 
Neil Carlson <nnc at newmexico.com>



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