puzzle about Mortgage and Loan payments (2.4.0, OS X 10.5.8)

[Anthony Dardis]

Ah -- not quite, but good pointer: the interest/principal split GnuCash  
calculated would be correct for *this month* (i.e., what it gives for July  
2009 are the amounts it should give for January 2011; subsequent splits  
increase principal and decrease interest, so the amounts it offers for  
January 2011 are now about $10 off).

Here's what you do: the wizard asks for the Length of the loan and its  
start date. It automatically fills in Months Remaining by subtracting the  
number of months -- n -- between the start date and the current date from  
the total length of the loan. And, apparently, the first payment it offers  
is for month n. But it will accept a number in the Months Remaining field,  
and if you put in the total length of the loan, it fills in payments with  
the right amounts.

Thank you!

On Wed, 05 Jan 2011 14:45:44 -0500, David T. <sunfish62 at yahoo.com> wrote:

> Anthony--
>
> I wonder: are those first payment amounts what your *second* payment  
> amounts are supposed to be?
>
> I seem to recall having similar problems setting up a loan; it took me a  
> while to get the payment dialog settings right to fix this. If I could  
> remember what I did to get everything lined up, I'd tell you.
>
> Just so you know you're not alone.
>
> David
>
> --- On Wed, 1/5/11, Anthony Dardis <adardis at gmail.com> wrote:
>
>> From: Anthony Dardis <adardis at gmail.com>
>> Subject: puzzle about Mortgage and Loan payments (2.4.0, OS X 10.5.8)
>> To: "gnucash-user at gnucash.org" <gnucash-user at gnucash.org>
>> Date: Wednesday, January 5, 2011, 9:27 AM
>> Tried the Mortgage and Loan payment
>> wizard to set up a mortgage:
>>
>> Amount: $100000.00
>> term: 360 months
>> type: fixed
>> rate: 4.875%
>> loan start: 6/1/2009
>> first payment: 7/1/2009
>> principal to: Liabilities:Mortgage
>> interest to: Expenses:Interest:Mortgage
>> (no other payments, no escrow, tax, etc.)
>> pay on first of month
>>
>> where: US
>>
>>
>> (a) the first payment recorded is $133.34 to principal,
>> $395.87 to interest. Two standard amortization calculators
>> on the net
>> http://www.bankrate.com/calculators/mortgages/amortization-calculator.aspx
>> http://www.myamortizationchart.com/
>>
>> say that the correct amounts are $122.96 and $406.25. The
>> rest of the payments until this month are similarly off.
>>
>> [I'm playing with this (with the old start dates) because I
>> wanted to take advantage of the fix to GnuCash's SX
>> calculator that should get the amortization right. I got
>> similar results with my actual mortgage.]
>>
>> (b) when the wizard gets to the point of reviewing the
>> entry and presenting the amortization schedule, none of the
>> options caused it to display any of the amortization
>> schedule.
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>