Mortgage: Principal and interest


P

Paul M Hanna

Hi,I'm having trouble with the principal + interest
mortgage. I think it must be something to do with when
the interest is calculated. Some early transactions
split the principal from the interest but the most recent
one 02/08 doesn't. I also changed the interest rate for
this transaction. My lender is Halifax and adds the
interest annually.

The help feature on money is as good as a chocolate
teapot!!

Regards
 
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G

Glyn Simpson, MVP

Can you give a bit more detail. What did you do when you changed the
interest rate? Did you put in the new figures that the Halifax gave you for
monthly payments and then got money to calculate the rate, or put in a new
rate and leave another entry blank?

Does the scheduled bill have both principal and interest entries saying
'calculated' against them? What about the loan amortization report - does
that indicate you should be paying interest
 

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