Re: [GNC] mortgage calculator
On 2/18/2022 2:42 PM, Alan Schold via gnucash-user wrote: Is there a way to get the mortgage repayment module to account for regular extra monthly payments? Now the calculations proceed as if I'm just paying the basic mortgage amount, and I have to recalculate the principal balance each month. The calculator is only right once! Irrespective of the gnucash mortgage calculator a) If the amount of extra premium you pay is a random amount, the amortization table would have to be recalculated. b) If the amount of extra premium is exactly the next premium amount (or sum of more than one next premium amounts) the amortization table does not have to be recalculated in the sense that those payments can simply be crossed off (and the dates of all subsequent payments slid up. In other words, if you are using an amortization table printed off, you just cross off payments (you have moved that many payments closer to the loan being paid off. c) As I have pointed out earlier, too many assumptions being made to expect whatever calculation gnucash uses will match the bank exactly. In other words, two different banks are unlikely to agree exactly, so no point trying to "fix" the calculation gnucash uses. In my working days (coinciding with my mortgage paying days I did write "adjusting" software that could produce an amortization table to match whatever the bank had (except, perhaps, for the final adjustment payment at the end). The only reason I wrote this was :fun" and the banks usually charge for giving you the amortization table. I don't know if that last is still true. Michael D Novack ___ 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.
Re: [GNC] mortgage calculator
By fussing with the ipmt formula I was able to accommodate a regular extra payment. I went into Libre Office to recalculate the number of months using the larger monthly payment. Then adjusted the number of payments to an integer and recalculated the required monthly payment. The wizard will setup the scheduled transactions and will use the ipmt function to generate the interest amount. ipmt( .04490 / 12.00 : i : 240.00 : 51,630.34 : 0 : 0 ) The only thing you can't mess with in the function is the 'i' which is the month number for which this entry is being calculate. The fields are separated by colon (:). Here are the entries as I understand them: Field 1: in my case .04490 / 12.00. This is the interest rate per period. In my case I have an annual 4.49%. Field 2: The 'i' that I don't know how GnC calculates it. In some cases I have thought it was a month or so off but haven't tried to add or subtract an offset value to see if that is possible. Field 3: The number of payments to be made. If you divide the annual interest by 12 then you are doing this monthly and this would be the number of months. If you want bi-weekly or semi-monthly you will need to adjust both the first field and the count in this field. Field 4: The loan amount. In this case I threw away the old loan schedule in GnC and created a new one to shorten my loan down to 20 years remaining (I think it was at 25 or 27 years). So this would be the loan balance at the time you started making extra payments. Field 5: The ending value of the loan. Most of the time this is zero as you plan to pay everything off. If you have a balloon payment at the end, then enter the balloon amount here. Field 6: It is called 'type'. I think this is whether the interest is pre-paid or post-paid. The standard appears to be '0'. I suspect the other type is '1' but could not determine based on a quick inspection of fin.scm Note that certain payment values will result in a fractional number of payments. I haven't tried to see if the function will work with a non-integer value for the total number of payments. So if you insist on paying an even (full) amount (non-fractional), you may not be able to generate the exact interest according to your bank. I've been lucky with the above as I accepted a monthly payment that included pennies. Setting up the scheduled transaction -- in my case I copied the old loan scheduled entries. Then modified them to fit the new circumstances. On the split for the bank payout amount, I hard carded the actual payment to be made: (326.97 in my case). On the split for the interest amount I entered the function: ipmt( .04490 / 12.00 : i : 240.00 : 51,630.34 : 0 : 0 ) On the split for the principal amount I entered the payment minus interest: 326.97 - ipmt( .04490 / 12.00 : i : 240.00 : 51,630.34 : 0 : 0 ) If I rounded my payment up to $327.00 then the interest amount would slowly diverge from what the bank generates. But, as it now is, the bank will occasionally post the payment a day or so later than I predicted and the interest amount will be off. Now, this is all predicated on the fact that you will be making the same payment each time and not varying it each month. It also based on getting the number of payments to be non-fractional. Note that the loan wizard doesn't record your monthly payment. Instead it used the ppmt function (with same fields as the ipmt function). Hope this helps. Go Forth and experiment. [although fin.scm is written in Scheme and not Forth] On 2/18/22 12:13, D. via gnucash-user wrote: I manually edit each mortgage entry as well. I use the mortgage statements to reconcile the final amounts. I mean, there aren't that many transactions to consider. I don't see this as much of a burden. David Original Message From: Derek Atkins Sent: Fri Feb 18 14:50:22 EST 2022 To: Alan Schold Cc: gnucash-user@gnucash.org Subject: Re: [GNC] mortgage calculator HI, On Fri, February 18, 2022 2:42 pm, Alan Schold via gnucash-user wrote: Is there a way to get the mortgage repayment module to account for regular extra monthly payments? Now the calculations proceed as if I'm just paying the basic mortgage amount, and I have to recalculate the principal balance each month. The calculator is only right once! Sorry, no. This is a long-standing limitation of the calculator (and trust me, it's been hitting me forever!!). The MAIN issue is the lack of a "GetBalanceAsOfDate()" function usable within the scheduled transaction (SX) functions, and tied into the SX system where it can supply the date as part of the SX firing methods. Adding it is, unfortunately, not as straightforward as you would think, which is why nobody has done it, yet. Me, I just periodically go through and update the P/I splits from my mortgage and loan statements. Sorry, Please remember to CC this list on all your replies.
Re: [GNC] mortgage calculator
Thanks to you all especially Derek's nice explanation. What I have been doing is no real burden, and I suppose I'll just press on until someone solves the problem. On 2/18/2022 12:42 PM, Alan Schold via gnucash-user wrote: Is there a way to get the mortgage repayment module to account for regular extra monthly payments? Now the calculations proceed as if I'm just paying the basic mortgage amount, and I have to recalculate the principal balance each month. The calculator is only right once! ___ 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. ___ 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.
Re: [GNC] mortgage calculator
> On Fri, February 18, 2022 2:42 pm, Alan Schold via gnucash-user wrote: >> Is there a way to get the mortgage repayment module to account for >> regular extra monthly payments? Now the calculations proceed as if I'm >> just paying the basic mortgage amount, and I have to recalculate the >> principal balance each month. The calculator is only right once! On 2022-02-18 11:50, Derek Atkins wrote: > Sorry, no. > ... > Me, I just periodically go through and update the P/I splits from my > mortgage and loan statements. I just have a regular scheduled transaction with the credit amount for Cash and Banks filled in, and the debit amounts for Mortgage and Interest blank. Since I always review scheduled transactions when they pop up, I add the amounts at that time. -- Stan Brown Tehachapi, CA, USA https://BrownMath.com ___ 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.
Re: [GNC] mortgage calculator
I manually edit each mortgage entry as well. I use the mortgage statements to reconcile the final amounts. I mean, there aren't that many transactions to consider. I don't see this as much of a burden. David Original Message From: Derek Atkins Sent: Fri Feb 18 14:50:22 EST 2022 To: Alan Schold Cc: gnucash-user@gnucash.org Subject: Re: [GNC] mortgage calculator HI, On Fri, February 18, 2022 2:42 pm, Alan Schold via gnucash-user wrote: > Is there a way to get the mortgage repayment module to account for > regular extra monthly payments? Now the calculations proceed as if I'm > just paying the basic mortgage amount, and I have to recalculate the > principal balance each month. The calculator is only right once! Sorry, no. This is a long-standing limitation of the calculator (and trust me, it's been hitting me forever!!). The MAIN issue is the lack of a "GetBalanceAsOfDate()" function usable within the scheduled transaction (SX) functions, and tied into the SX system where it can supply the date as part of the SX firing methods. Adding it is, unfortunately, not as straightforward as you would think, which is why nobody has done it, yet. Me, I just periodically go through and update the P/I splits from my mortgage and loan statements. Sorry, > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. -derek -- Derek Atkins 617-623-3745 de...@ihtfp.com www.ihtfp.com Computer and Internet Security Consultant ___ 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. ___ 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.
Re: [GNC] mortgage calculator
HI, On Fri, February 18, 2022 2:42 pm, Alan Schold via gnucash-user wrote: > Is there a way to get the mortgage repayment module to account for > regular extra monthly payments? Now the calculations proceed as if I'm > just paying the basic mortgage amount, and I have to recalculate the > principal balance each month. The calculator is only right once! Sorry, no. This is a long-standing limitation of the calculator (and trust me, it's been hitting me forever!!). The MAIN issue is the lack of a "GetBalanceAsOfDate()" function usable within the scheduled transaction (SX) functions, and tied into the SX system where it can supply the date as part of the SX firing methods. Adding it is, unfortunately, not as straightforward as you would think, which is why nobody has done it, yet. Me, I just periodically go through and update the P/I splits from my mortgage and loan statements. Sorry, > Please remember to CC this list on all your replies. > You can do this by using Reply-To-List or Reply-All. -derek -- Derek Atkins 617-623-3745 de...@ihtfp.com www.ihtfp.com Computer and Internet Security Consultant ___ 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.
