Mortgage amortization table
Marty Fix
martyf1 at sbcglobal.net
Thu Dec 18 23:29:51 EST 2008
Hi all,
I am trying to setup a mortgage in Gnucash 2.2.8, but cannot seem to
get the correct values for principal and interest. The values I am
using in the loan druid is
Amount: 101,000.00
Interest Rate: 6.875%
Start Date: 7/12/2001
Length: 180 Months
Repayment: Starting 9/1/2001 on the 1st of every month
Every other mortgage calculator I use (including my bank) says the
first payment on 9/1/2001 is $900.78 322.13 Principal and 587.65
Interest
The loan druid gives me a first payment on 9/1/2001 of
900.77 323.97 Principal and 576.80 Interest
I can understand the .01 payment difference but not the large
difference in principal and interest. Am I using the druid wrong, or
are the calculations in error?
Marty
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