1.9.8 Mortgage/Loan Druid
jkarcz at gmail.com
Mon Jun 26 12:26:02 EDT 2006
I used the beginning of the period, which is default, I think. The
druid was showing me the correct P+I splits for the entire loan
period. It was when I entered the resulting scheduled transaction the
wrong P+I were used.
On 6/26/06, Derek Atkins <warlord at mit.edu> wrote:
> Quoting Jim Karcz <jkarcz at gmail.com>:
> > Derek,
> > 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.
> > Thanks,
> > Jim
> > 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
> >> --
> >> 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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