Loan pre-payment, mortgage handling

dark_construct james at shredon.com
Sun Oct 19 10:17:17 EDT 2008


First off, gnucash is an awesome program and I thank all of the developers
for their fantastic work.

I recently started switching to gnucash from Microsoft Money 2002.  I'm
having two problems handling my mortgage in gnucash. I don't  assume the
bank's math is correct.  So when I get my bill, I match the numbers on the
bill with the numbers I'm expecting to see on my software.  I have a 30 year
fixed mortgage.

1.) I need to know the principle/interest breakup per month.  

My bill lists them together. Currently, my MS Money setup shows the two
separated.  In gnucash, I need to enter them in separately, but I don't know
the amounts as they change each month.

I'm sure mortgage bills can vary.  On my bill, $959.39 is the amount due,
which includes Principal + Interest.  These amounts are not broken up for me
to enter them in separately.
Also, my Escrow balance tends to change yearly but doesn't matter in my
case.

2.) The mortgage sometimes gets paid with extra principal.

Whenever possible, I overpay my mortgage bill to take an additional amount
off of the overall principal.  I would think this is a common action.  Even
if it is $1, or money from a penny jar.
 I should note that I'm not using the druid.

After searching the forums, it seems that prepayment may not be supported.  
Is that correct?
What if you pre-pay a car loan?

I would like to add a report that looks something like this:

pay num | reg principlal | reg interest | reg due || now principal | now
interest | now due | monthly savings

Basically, you could view your mortgage as a loan amortization schedule full
term with no over-payments along-side the same loan with the over-payments. 
It could show how much you save if you over-pay $x amount on your loan. The
regular column would show all 360 payments, but the now column may be
shorter as you shorten your loan by overpaying principal.  This could give
you more incentive to pre-pay a loan as well.

Does this seem possible?  I'm a software developer and would like to help.
Can anyone shed some light or point me in a direction on these issues?

Many thanks in advance for any help or advice.

__James
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