Setting up mortgage payments

[Derek Atkins]

Liz <edodd at billiau.net> writes:

> On Wed, 09 Jan 2013 11:13:03 +1100
> prl <prl at ozemail.com.au> wrote:
>
>> On 9/01/13 03:33, Derek Atkins wrote:
>> > prl <prl at ozemail.com.au> writes:
>> >
>> >> Even balance-at-date is insufficient for calculating my mortgage
>> >> interest.
>> > Oh?  And why is that?
>> >
>> Because my interest rate can change on days when there is no 
>> transaction, interest is calculated daily (and debited monthly) and
>> my payments are fortnightly. For example, my last interest rate
>> change was on 24 Dec. My payments were on 21 Dec and 4 Jan. Interest
>> was debited on 31 Dec. I've had two interest rate changes since the
>> loan commenced in July.
>> 
>>
> big snip
>> Would you think it worth the effort?
>> 
>> Peter
>
>
> to confirm, this is most common way of arranging a loan for property in
> AU.
> Liz

Okay.  As I said in my previous email, gnucash cannot handle the
interest rate changing more often than the payments.  The
'balance-as-of-date' will help you with prepayments, and will help you
if the interest rate changes no more frequently than your payments.
Even if the interest is calculated every day and posted once a month,
gnucash could still theoretically handle that with balance-as-of-date
IFF the interest rate was constant through the month.

If you truly have an interest rate that potentially varies every day,
then no, gnucash cannot handle that now, and adding balance-as-of-date
wont help that.  You would also need an "interest-rate-as-of-date"
function to allow you to specify the interest rate for a particular
date.

If you had both of these then one could conceivably implement something
that could compute daily interest..  But that would require much more
work to fit into the existing SX infrastructure.

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-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