Mortgage/Loan Scheduled Transaction Way Off

[Derek Atkins]

Hi, 
The issue is the 360 payments. If you're paying every 2 weeks for 30 years then there are more than 720 payments.  Fix that and the numbers should be correct.  I suspect the assistant only handles monthly repayments. 
-derek
-- 
Sent from my Android device with K-9 Mail. Please excuse my brevity or typos.

On July 9, 2017 5:33:59 AM EDT, ITWarrior <chipwiz.ben at gmail.com> wrote:
>Hello,
>
>I have a problem with setting up a mortgage. By the time I've added the
>details and reach the 'Loan Review' page, the results are way off. Here
>are
>my values:
>
>Amount: 172,000
>Interest Rate: 4.590%
>Type: Fixed Rate
>Start date: 01/01/17
>Length: 30 years
>
>The PMT for this is calculated by gnucash as:
>pmt( 0.04590 / 12.00 : 360.00 : 172,000.00 : 0 : 0 )
>
>Loan payments are every two weeks on a Friday, starting 01/01/17.
>
>My bank calculates these bi-weekly repayments at ~$400, but gnucash
>shows
>the payments as $880. I could understand these being off a few dollars
>depending on how the interested is calculated (it's calculated daily
>here in
>NZ), but out by more than twice as much?
>
>It gets even stranger when you look at the review page:
><http://gnucash.1415818.n4.nabble.com/file/n4692580/Screenshot_from_2017-07-09_21-35-00.png>
>
>
>It's as though the 30 year term is ignored and instead the figures are
>applied to a ~13 year term. This would actually make sense given the
>stated
>repayments of ~$880, but the mortgage in the review actually does carry
>on
>beyond 13 years although it actually stops at 29 years (15/12/45) with
>an
>interest payment of $3.36 for the 16 years after the loan interest
>appears
>to actually end.
>
>Am I driving this wrong, or is this a bug? This happens on the latest
>version in the Ubuntu repositories (2.6.12) and the latest Window
>version
>(2.6.17). I have searched the mailing lists for this problem but
>haven't
>found a specific mention of it, although have found a long history of
>confusion over the scheduled transaction tool.
>
>Thanks,
>ITWarrior
>
>
>
>--
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>http://gnucash.1415818.n4.nabble.com/Mortgage-Loan-Scheduled-Transaction-Way-Off-tp4692580.html
>Sent from the GnuCash - User mailing list archive at Nabble.com.
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