1.9.8 Mortgage/Loan Druid
warlord at MIT.EDU
Mon Jun 26 12:18:09 EDT 2006
Quoting Jim Karcz <jkarcz at gmail.com>:
> What do you mean by this? Perhaps the M&LD should have a first-year
> amortization table available before you "finish" the process?
Which word didn't you understand? M&LD == Mortgage & Loan Druid.
If it displayed the first-year amortization table then you'd notice
that the P&I splits were wrong.
You didn't answer my (implied) question: There's a flag in the M&LD
that specifies whether payments are made at the beginning or end of the
period. Which setting did you use?
> I did a little more poking, and since the druid seems to only create
> cool little formula as a scheduled transaction, I don't think I have
> a problem in this case because my existing imported transactions are
> split up correctly already. The program I used previously had a
> "special" loan account, which rolled this amortization junk into the
> account setup, which I know officially, do not like after using
> gnucash. I believe setting the loan origination date to 6/2004 and
> the next payment date to 7/2006, the correct P+I will be used.
> Just to understand a bit more, I did a test where I entered a next
> payment date of 6/2006, to replicate just the last payment. Upon
> applying the scheduled transaction for 6/2006, it used 7/2006 P+I. I
> would have expected the 6/2006 P+I to be used. The scheduled
> transaction entries for past transaction don't used the correct P+I
> and seems to start from the next upcoming payment for entering P+I.
> On 6/26/06, Derek Atkins <warlord at mit.edu> wrote:
>> Jim Karcz <jkarcz at gmail.com> writes:
>> > I attempted to create a 30yr mortgage which I am about 2 years into. My
>> > thought was I could just enter the previous 24 past transactions
>> > automatically, then delete the old ones originally from my QIF import. I
>> > entered the loan as a basic fixed interest rate with 360 payments
>> > starting in 6/2004. The druid presents a list of Principal and
>> > Interest, P+I, calculations which appear to be within $0.01 here or
>> > there. Looks good so far.
>> > When it comes time to enter the scheduled transactions, The P+I for the
>> > first payment in 6/2004, seems to use the P+I for the next payment,
>> > 7/2006. This appears to be a bug in the scheduled transaction creation
>> >>From the Mortgage/Loan druid.
>> You probably chose the wrong choice for "beginning" or "end" of
>> period. Perhaps the M&LD should have a first-year amortization table
>> available before you "finish" the process?
>> > Thanks,
>> > Jim
>> 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 at MIT.EDU PGP key available
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 at MIT.EDU PGP key available
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