On 2/21/20 8:56 AM, Claire via gnucash-user wrote: > Hello > I have a loan at a fixed interest rate and was planning to use "Loan and > Mortgage Repayment...". However I do have the option to make overpayments. > I checked this mailing list and there was a thread regarding mortgages in > 2013 which said that the SX uses the original amount to calculate interest > not the current balance. Is this still the case? > If that is the case is there any manual workaround I can do to get it to > calculate the interest correctly? > Claire
I get a statement each month in advance that shows the interest portion applicable to the next payment (it also shows the amount going to principle and the escrow amount). So I manually update the scheduled transaction each month. If I forget, it is simple to go back to the posted transaction and edit it also. The statement also shows the amounts applied from the last payment along with the resulting balance. This allows me to cross check my version of the balance (loan and escrow) to verify all is correct on my side. So, this is the manual work around. Although it doesn't calculate the interest for you, it does allow you to use what the lender states is the interest they will charge for that payment. Now, if you don't get a monthly statement -- you will need to set up a loan amortization schedule in a spread sheet with a column for the extra payments. I've find that I'm usually right on and always within a penny of what the bank/lender calculates (unless they use the actual days to when the payment was applied). However, most lenders will use a standard month. --Steve -- Stephen M Butler, PMP, PSM stephen.m.butle...@gmail.com kg...@arrl.net 253-350-0166 ------------------------------------------- GnuPG Fingerprint: 8A25 9726 D439 758D D846 E5D4 282A 5477 0385 81D8 _______________________________________________ gnucash-user mailing list gnucash-user@gnucash.org To update your subscription preferences or to unsubscribe: https://lists.gnucash.org/mailman/listinfo/gnucash-user If you are using Nabble or Gmane, please see https://wiki.gnucash.org/wiki/Mailing_Lists for more information. ----- Please remember to CC this list on all your replies. You can do this by using Reply-To-List or Reply-All.
