Mortgage Loan Principal & Interest splits incorrect- Money 2007


R

Ron D

I discovered that my mortgage loan amortization schedule is incorrect in
Money 2007 even though the terms are correct in the wizard. How do you
correct this? I can go back and manually correct the old transactions splits
(with much time) but how do you correct going forward? I double checked the
terms of the loan in the wizard and they appear to be correct?
 
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S

SteveBell

Ron said:
I discovered that my mortgage loan amortization schedule is incorrect
in Money 2007 even though the terms are correct in the wizard. How do
you correct this? I can go back and manually correct the old
transactions splits (with much time) but how do you correct going
forward? I double checked the terms of the loan in the wizard and
they appear to be correct?
Money never gets the amortization exactly right; it's always off by at
least a few cents on each payment. I suspect that's because every
lender calculates the amortization just a little differently.

Every time you correct a payment, Money asks whether you want to
recalculate all the future payments. I always tell it to go ahead, and
the numbers seem to get closer to what's on my payment slips.

Money's calculations are definitely close enough for estimating
purposes. They should only be off by a few cents one way or the other.
 
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C

Chris Cowles

Money's calculations are definitely close enough for estimating
purposes. They should only be off by a few cents one way or the other.
You can always post a balancing transaction to reconcile it to the
bank's amortization schedule, annually or semi-annually.
 

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