Mortgage/Loan Assistant - bi-weekly loan payments

[alessandro basili]

Hi David,

On 1/2/2014 5:25 AM, dmc6000 wrote:
[]
> Principal: 14,405.19
> Interest Rate: 4.75%
> Start Date: 11/05/13
> Duration: 36 mos
> All options are unchecked
> Amount: pmt( 0.04750 / 12.00 : 36.00 : 14405.19 : 0 : 0 )
> Frequency: Weekly - every 2 weeks - days - Friday

The pmt formula is wrong, it should be divided by 24 (twice a month) and
elevated to 72 (36*2) to correctly calculate the amount. This has also
an impact on the interest/principal formulas (respectively ipmt/ppmt).

I have the same problem and I haven't figured out a way to fix this. I
reported it in this message: "issues with the Mortgage Druid"

> The payment schedule in the preview window shows the correct frequency but
> the payment amount is a monthly amount.

this is because in the pmt there's a by 12.00 division and the amount of
payments is expressed in months, while it should really be each two weeks.

> I have the exact same issue with a mortgage payment I am trying to set-up on
> a bi-weekly basis.

same here. Should we file a bug report?