Resend: Loan payments vs financial calculator mismatch

[David T.]

I recall having the same trouble when I set up a loan using the druid last year. I had to mess around with the start dates and loan terms until I got the druid to match the loan payment schedule. I can't remember what exactly I had to do to get it lined up right. If I recall correctly, I would get calculated payments that were correct, but shifted off one month in one direction or the other. In other words, if the bank had a January interest payment of $15.37 and a February interest payment of $14.93, the druid would assign the $15.37 payment in February and go forward from there--or it would put the $14.93 payment in January. Judging by Geert's experience, I am guessing that I had the latter trouble. Like I said, I can't remember the details now, and it took me several tries to get the loan set up right.

David

--- On Mon, 10/19/09, Derek Atkins <warlord at MIT.EDU> wrote:

> From: Derek Atkins <warlord at MIT.EDU>
> Subject: Re: Resend: Loan payments vs financial calculator mismatch
> To: "Geert Janssens" <janssens-geert at telenet.be>
> Cc: gnucash-user at gnucash.org
> Date: Monday, October 19, 2009, 8:28 AM
> Geert Janssens <janssens-geert at telenet.be>
> writes:
> 
> > I never got an answer on the question below and I'm
> still having trouble with 
> > this. So I take the liberty to resend my original
> message:
> >
> > Hi,
> >
> > I am trying to setup a scheduled transaction for a
> loan.
> >
> > At this moment I didn't receive the full table of
> payments from my bank yet, 
> > but the first payment has been made.
> >
> > Using the financial calculator in GnuCash, I find that
> the numbers fit:
> > I have 12 payments, for the amount that I loaned, with
> the interest we agreed, 
> > the monthly payment calculated very closely matches
> what the bank charged me.
> >
> > However, if I try to set this up using the Mortgage
> and Loan druid, I end up 
> > with one payment less (11 instead of 12) and the
> amount per payment is too 
> > high.
> >
> > Just for reference:
> > The loan is:
> > Amount: 4.000 €
> > Intrest: 6.6% (or near to it, I didn't get the final
> number yet)
> > To be paid in 12 monthly payments of 343,53 € each.
> >
> > The financial calculator gets very close to this.
> >
> > However the druid gives me 11 monthly payments of
> 345,37 € each.
> >
> > Where's the difference ?
> 
> Sounds like a fencepost error..  Not sure who's error
> it is.
> 
> > Thanks,
> >
> > Geert
> 
> > Please remember to CC this list on all your replies.
> > You can do this by using Reply-To-List or Reply-All.
> 
> -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
> _______________________________________________
> gnucash-user mailing list
> gnucash-user at gnucash.org
> https://lists.gnucash.org/mailman/listinfo/gnucash-user
> -----
> Please remember to CC this list on all your replies.
> You can do this by using Reply-To-List or Reply-All.