Scheduled Transaction Formulas Wrong
David T.
sunfish62 at yahoo.com
Wed Aug 31 02:18:45 EDT 2011
While I am on the topic of Scheduled Transactions for mortgages, I note that my scheduled transaction for my mortgage has hard-coded the principal amount and loan length. The formulas read thus:
ppmt( 0.04375 / 12.00 : i : 360.00 : 123456.78 : 0 : 0 )
ipmt( 0.04375 / 12.00 : i : 360.00 : 123456.78 : 0 : 0 )
I am not sure how that might have happened, but I think it means that every scheduled transaction's individual amounts are off (since they are fixed to the balance at one particular time). Is there something I have done wrong here, or am I misunderstanding something? Should there be some programmatic way to use the current balance and the number of payments remaining on the loan?
Also, I believe that many such loans calculate the interest on a day-by-day basis; that doesn't appear to be done here either.
I am happy to be told how misguided my understanding of this is.
David
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