[GNC] Mortgage & Loan Repayment schedule tool

Don Ireland gnuCash at donireland.com
Sat Jan 11 01:58:22 EST 2020


I forgot to cc the list again.  It's been a long time since I took part in a mailing list.  I keep forgetting.

On January 11, 2020 12:56:38 AM CST, Don Ireland <gnuCash at donireland.com> wrote:
>I was abke to figure out that I needed to use the "Since Lasr Run"
>function.  That did in fact generate the past payments.  That's not the
>issue at hand.
>
>The scheduled transaction that the repayment tool created appeared to
>have money going into the escrow account and right back out of the
>escrow account to the taxes and insurance accounts.  Those two would
>offset each other (so that the split total would not match the actual
>transaction amount).
>
>I let it create the past payments to see exactly what it would do. 
>When I looked at the checking account from which the payments are
>supposed to be withdrawn, I found the transactions it generated.  But
>they WERE NOT SPLIT transactions.  They were regular transactions with
>the full amount of my monthly payment directed to the escrow account.
>
>I deleted all the past transactions and the scheduled transaction. 
>Then I recreated it just in case I had blundered a step.  Same results.
>
>I ended up deleting them all again and just created the scheduled
>transaction myself.  One split goes to the loan principle, one split
>goes to mortgage interest, one goes to the escrow account.  The total
>of all those is marked as a withdrawal from the checking account.
>
>The interest and principle were calculated using the ppmt and ipmt
>functions -- I copy/pasted them from the scheduled transaction that the
>repayment tool had created.
>
>Then I had it create the past payments.  They all look good.  I'll
>create separate scheduled transactions to move money from the escrow
>account to the taxes and insurance annually.
>
>On January 10, 2020 10:30:28 PM CST, David Carlson
><david.carlson.417 at gmail.com> wrote:
>>One of many ways to start the loan wizard retroactively would be to
>set
>>it
>>up with the original figures to start with the first payment in the
>>series
>>and plan on deleting the past payments that it creates.  That may or
>>may
>>not work well for your particular case.
>>
>>David Carlson
>>
>>
>>
>>On Fri, Jan 10, 2020, 10:19 PM Don Ireland <gnuCash at donireland.com>
>>wrote:
>>
>>> No I ran the tool FIRST.  It did NOT create the past transactions --
>>and I
>>> assumed that was because it would only create the scheduled
>>transactions.
>>> So I manually entered the last ones myself -- I used an amortization
>>> schedule in an excel spreadsheet to tell me what each month's P & I
>>would
>>> be.
>>>
>>> What I'm having trouble with is the fact that the scheduled
>>transaction
>>> says the next due date is 4/1/2019.
>>>
>>> I'll take another look at the guide.
>>>
>>> On January 10, 2020 10:08:35 PM CST, Adrien Monteleone <
>>> adrien.monteleone at lusfiber.net> wrote:
>>> >You entered several payments manually, *then* decided to use the
>>tool,
>>> >and are confused as to why the tool doesn’t reflect your manually
>>> >entered payments?
>>> >
>>> >*I’m* confused as to why you think it would.
>>> >
>>> >But my advice would be to either abandon the tool, or fix the
>manual
>>> >entries to accommodate the tool. Then all will be well regardless
>of
>>> >the choice.
>>> >
>>> >I’m no expert on the loan druid/wizard (whatever it is called) but
>>I’d
>>> >hazard the guess to otherwise, use 2/1/20 as the next payment date,
>>> >*AND* use the balance as of that date, not the original loan
>>balance.
>>> >This may or may not accurately calculate your actual payments.
>Since
>>> >you are only less than a year out, I’d personally opt to fix the
>>> >historical transactions and stick with the original loan numbers.
>>> >
>>> >Finally, be certain to read over the Tutorial & Concepts guide
>>> >concerning loans/mortgages to make sure you aren’t stumbling on any
>>> >pitfalls/sandtraps. While the GnuCash workflow for many if not most
>>> >things is fairly reasonable, it is based on standard accounting
>>> >practices which most people are not familiar with in their personal
>>> >finances. Thus, some things are not at first, as intuitive as you
>>might
>>> >expect.
>>> >
>>> >Regards,
>>> >Adrien
>>> >
>>> >> On Jan 10, 2020 w2d10, at 9:54 PM, Don Ireland
>>> ><gnuCash at donireland.com> wrote:
>>> >>
>>> >> I have a mortgage on my home that I bought in March 2019.  I used
>>the
>>> >mortgage & loan repayment schedule tool to schedule my monthly
>>> >payments.  When it asked for the loan beginning date, I entered
>>3/1/19
>>> >thinking it would need that to accurately calculate the payments. 
>>When
>>> >I look at the resulting scheduled transaction, I see that it thinks
>>the
>>> >"next payment date" is April 1, 2019.
>>> >>
>>> >> If I chang that date to 2/1/20, will that mess things up?
>>> >>
>>> >> I already manually entered all the payments that I've already
>made
>>so
>>> >I don't need it to do that for me.
>>> >>
>>> >> Thanks!
>>> >> Don Ireland
>>> >
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>>>
>>> Don Ireland
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>
>Don Ireland

Don Ireland


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