Setting up mortgage payments

gnucash_rob robcussons at gmail.com
Sat Dec 29 04:54:09 EST 2012


Hi, I'm trying to set up my mortgage account correctly in gnucash and failing
miserably   so I was hoping someone could offer some help.
I went through the mortgage and loan repayment assistant and tried to set it
up, but it didn't work correctly. 

The mortgage has a 30 year term, but with a five year fixed rate that
expires at the end of 2015, I make a monthly payment from my current account
and the interest is added daily to the mortgage total by the mortgage
provider. 

I set it up as follows in the Mortgage / Loan Assistant:

The Loan Account set to Liabilities:Mortgage
The Amount set to the current total amount owing including interest accrued
and payments made so far on a recent valuation date
The Interest Rate set to the fixed rate AER 
The Type set to Fixed Rate 
The Start Date set to the date of the valuation for the amount given above
The Length set to the remaining 28 years of the mortgage (335 months)
I leave the Options screen completely blank as I don't think any of it
applies (see above details)
I set up Payment From my current account
Principal To the Liabilities:Mortgage account
Interest To the Liabilities:Mortgage account
Repayment Frequency to Monthly with Start Date set to the next payment date
after the valuation date.

However, when I go forward onto the Review screen it is completely blank no
matter what range I choose.

Have I set it up right, or is there something wrong in what I've described?
I assume I should see payment amounts and the change in the value of the
total loan in the Review screen?

Any help greatly appreciated. Thanks!



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