Re: [GNC] Loan with overpayments
On 23/2/20 8:23 am, David Cousens wrote: Claire Can you request a more detailed statement? "Trust us, we are a bank" is not a good modus operandi as we have found out recently in Australia. We had banks charging for services never rendered, continuing to charge fees to dead people along with outrageous fees for letting the computer do the hard work. When my statements were delivered on paper I used to get them monthly at no charge, now that they are computer generated by default I get them six monthly with a fee but can also request a statement for which I will be charged a fee at any time - no human intervention as it is supplied immediately as a downloaded PDF so no mailing or printing costs. Statements here are generally fairly complete usually with interest credited monthly but calculated on daily stops. Additional payments of course should reduce the interest paid which should be calculated on the current daily balance. If you do set up a spreadsheet for the loan calculations you can setup the usual setup with no additional payments and a parallel setup with the additional payments so you can document the interest saved . Most spreadsheets have financial functions for doing the interest calculations using daily compounding interest but they rarely define the formuae they are using but they are usually standrd calculations from the financial literature. David Cousens And now the banks are so risk adverse that I can't refinance a loan I have had for 15 years. A big thanks to all the people who whinged at the banks and are turning us into a nanny state. - David Cousens -- Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html ___ 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. -- Niagara Falls would be much more impressive if it flowed the other way. ___ 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] Loan with overpayments
Claire Can you request a more detailed statement? "Trust us, we are a bank" is not a good modus operandi as we have found out recently in Australia. We had banks charging for services never rendered, continuing to charge fees to dead people along with outrageous fees for letting the computer do the hard work. When my statements were delivered on paper I used to get them monthly at no charge, now that they are computer generated by default I get them six monthly with a fee but can also request a statement for which I will be charged a fee at any time - no human intervention as it is supplied immediately as a downloaded PDF so no mailing or printing costs. Statements here are generally fairly complete usually with interest credited monthly but calculated on daily stops. Additional payments of course should reduce the interest paid which should be calculated on the current daily balance. If you do set up a spreadsheet for the loan calculations you can setup the usual setup with no additional payments and a parallel setup with the additional payments so you can document the interest saved . Most spreadsheets have financial functions for doing the interest calculations using daily compounding interest but they rarely define the formuae they are using but they are usually standrd calculations from the financial literature. David Cousens - David Cousens -- Sent from: http://gnucash.1415818.n4.nabble.com/GnuCash-User-f1415819.html ___ 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] Loan with overpayments
Thanks Stephen. I'm in the UK and it's usual to have interest calculated daily and applied in advance on the first of the month. Payment can be any date you choose. The bank only sends an annual statement with a single figure for the total interest that year - not at all helpful in this case. I guess I will need to find a suitable spreadsheet and adjust the scheduled transaction figures. Claire Sent from Yahoo Mail on Android ___ 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] Loan with overpayments
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.
