Calculation prinicpal and interest in loan calculator

[david.carlson.417]

Since the GnuCash calculation usually differs from whatever the lender calculates, most of us add something to the scheduled transaction to indicate that it is an estimate and we adjust the numbers when we see the statement . 
David C 


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-------- Original message --------
From: Mike or Penny Novack <mpnovack at mtdata.com> 
Date: 11/12/16  3:37 PM  (GMT-06:00) 
To: gnucash-user at gnucash.org 
Subject: Re: Calculation prinicpal and interest in loan calculator 

On 11/12/2016 4:21 PM, Bram Mertens wrote:
> Hi,
>
> I tried to calculate the payment schedule for a loan I started.
> After trying a number of options I found the correct settings for my down
> payments.
> However the amounts calculated for the principal and interest are now still
> 0.01 EUR off from the table my bank provided to me.
> I assume Gnucash uses a different rounding algorithm or something than my
> bank does. Is there a way to influence this so the amounts match?
>
> Thanks in advance
>
> Bram Mertens
Speaking as somebody who has written several "amortization table" 
programs, the simple answer is no. It might be possible to write one 
that would match what YOUR  bank has, well obviously that is possible, 
since your bank did. But then no assurance that it would agree with what 
some other bank used.

Not simply a matter of rounding assumptions either. There is a choice of 
methods to come up with such a table, and various assumptions about how 
the end condition (end of the mortgage) is to be handled, since in 
general NO METHOD is going to end up with it coming out example to the 
penny at the end.

Michael D Novack
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