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#10
10-21-2005, 03:45 PM
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 Re: Home Equity Loan - Interest computed on a 365/365 simple interest basis "Chris Cowles" <NoSpam[at]For.me> wrote in message news:%23FGrTpk1FHA.164[at]TK2MSFTNGP10.phx.gbl... - quote - > "Kathleen Anderson [MVP - FrontPage]" <spiderwebwoman[at]mvps.org> wrote in
I did it - the results are a lot closer than before. Thanks.> message > > > What about adjusting the initial payment, to reflect the way BOA applied > > the payment? > That's an equally valid approach. - quote - > Do a backup first.
I always do. I was actually getting ready to move Money to a different PCwith more memory, so I killed two birds with one stone. Thanks for your help, -- ~ Kathleen Anderson Microsoft MVP - FrontPage Spider Web Woman Designs web: http://www.spiderwebwoman.com/resources/ |
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#9
10-21-2005, 02:18 PM
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| Re: Home Equity Loan - Interest computed on a 365/365 simple interest basis "Kathleen Anderson [MVP - FrontPage]" <spiderwebwoman[at]mvps.org> wrote in message - quote - > What about adjusting the initial payment, to reflect the way BOA applied
That's an equally valid approach. Do a backup first.> the payment? |
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#8
10-21-2005, 11:35 AM
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| Re: Home Equity Loan - Interest computed on a 365/365 simple interest basis "Chris Cowles" <NoSpam[at]For.me> wrote in message news:efGVNEf1FHA.3336[at]TK2MSFTNGP12.phx.gbl... - quote - > "Kathleen Anderson [MVP - FrontPage]" <spiderwebwoman[at]mvps.org> wrote in
It was almost 60 days.> message news:uxa3JCd1FHA.1256[at]TK2MSFTNGP09.phx.gbl... > > Yes. I discovered another section called "Service My Mortage", created an > > account, and got the schedule. What's really odd is that the principal > > and interest figures are pretty close to each other - within a couple of > > dollars - but the principal balance is off by about $240.00. > I'll guess it's related to the initial payment period. Money assumes 30 > days. The lapse between funding and initial payment probably was more than > that. An adjustment dated 1 day after the initial payment, to match it to > the bank's figures, probably will result in Money prompting you to adjust > interest on subsequent payments. Let it, and check out the result. > Do a backup first. What about adjusting the initial payment, to reflect the way BOA applied the payment? -- ~ Kathleen Anderson Microsoft MVP - FrontPage Spider Web Woman Designs web: http://www.spiderwebwoman.com/resources/ |
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#7
10-21-2005, 03:39 AM
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| Re: Home Equity Loan - Interest computed on a 365/365 simple interest basis "Kathleen Anderson [MVP - FrontPage]" <spiderwebwoman[at]mvps.org> wrote in message news:uxa3JCd1FHA.1256[at]TK2MSFTNGP09.phx.gbl... - quote - > Yes. I discovered another section called "Service My Mortage", created an
I'll guess it's related to the initial payment period. Money assumes 30> account, and got the schedule. What's really odd is that the principal and > interest figures are pretty close to each other - within a couple of > dollars - but the principal balance is off by about $240.00. days. The lapse between funding and initial payment probably was more than that. An adjustment dated 1 day after the initial payment, to match it to the bank's figures, probably will result in Money prompting you to adjust interest on subsequent payments. Let it, and check out the result. Do a backup first. |
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#6
10-20-2005, 11:46 PM
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| Re: Home Equity Loan - Interest computed on a 365/365 simple interest basis "Chris Cowles" <NoSpam[at]For.me> wrote in message news:uZZt4Vc1FHA.4064[at]TK2MSFTNGP09.phx.gbl... - quote - > "Kathleen Anderson [MVP - FrontPage]" <spiderwebwoman[at]mvps.org> wrote in
Yes. I discovered another section called "Service My Mortage", created an> message news:%23j66J5Z1FHA.2788[at]TK2MSFTNGP10.phx.gbl... > > > Thanks, Cal. I will give that a try. I also called BOA and asked them to > > send me a copy of the amortization schedule for the note - it's coming by > > snail mail - I should receive it in 5 to 10 business days. It'll be > > interesting to see if I can get this to match up. > I think you can view that on the BofA web site, can you not? account, and got the schedule. What's really odd is that the principal and interest figures are pretty close to each other - within a couple of dollars - but the principal balance is off by about $240.00. - quote - > Do try to improve but don't try to match it up exactly. You won't. Do as
I'll give that a try. Thanks.> Cal states, and accept the few cents or dollars difference per month. At > the end of the tax/calendar year, enter an adjustment directly in the loan > account, categorized to mortgage interest. Your tax reports will match the > bank at that point, and future payments will calculate a little closer to > the banks, compared to not making the adjustment. -- ~ Kathleen Anderson Microsoft MVP - FrontPage Spider Web Woman Designs web: http://www.spiderwebwoman.com/resources/ |
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#5
10-20-2005, 10:56 PM
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| Re: Home Equity Loan - Interest computed on a 365/365 simple interest basis Gee, if I had an answer to this, I'd love to trade it for some insight into why FrontPage PhotoGallery produces pages that are so utterly useless on anything besides a Windows web host. My best guess would align with Cal's input. "Kathleen Anderson [MVP - FrontPage]" <spiderwebwoman[at]mvps.org> wrote in message news:uXtPQJY1FHA.268[at]TK2MSFTNGP09.phx.gbl... - quote - > I recently took out a Home Equity Loan with Bank of America and set it up > in Money 2004. The first payment was taken by auto-debit a couple of days > ago. The figures on the BOA web site (current principal balance and > interest paid) do not match what Money calculated. The remaining balance > according to BOA is higher than Money, and the interest is lower. |
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#4
10-20-2005, 10:27 PM
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| Re: Home Equity Loan - Interest computed on a 365/365 simple interest basis "Kathleen Anderson [MVP - FrontPage]" <spiderwebwoman[at]mvps.org> wrote in message news:%23j66J5Z1FHA.2788[at]TK2MSFTNGP10.phx.gbl... - quote - > Thanks, Cal. I will give that a try. I also called BOA and asked them to
I think you can view that on the BofA web site, can you not?> send me a copy of the amortization schedule for the note - it's coming by > snail mail - I should receive it in 5 to 10 business days. It'll be > interesting to see if I can get this to match up. Do try to improve but don't try to match it up exactly. You won't. Do as Cal states, and accept the few cents or dollars difference per month. At the end of the tax/calendar year, enter an adjustment directly in the loan account, categorized to mortgage interest. Your tax reports will match the bank at that point, and future payments will calculate a little closer to the banks, compared to not making the adjustment. -- Chris Cowles Gainesville, FL |
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#3
10-20-2005, 05:56 PM
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| Re: Home Equity Loan - Interest computed on a 365/365 simple interest basis In microsoft.public.money, Kathleen Anderson [MVP - FrontPage] wrote: - quote - > Thanks, Cal. I will give that a try. I also called BOA and asked them to
You will find that the Money method matches most loan amortization> send me a copy of the amortization schedule for the note - it's coming by > snail mail - I should receive it in 5 to 10 business days. It'll be > interesting to see if I can get this to match up. utilities. If the bank's method shows you owing more than what Money expected, their "simple" interest is a bit creative. It probably means that you are paying interest on some of the principle you paid off already. |
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#2
10-20-2005, 05:47 PM
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| Re: Home Equity Loan - Interest computed on a 365/365 simple interest basis "Cal Learner-- MVP" <via_newsgroup[at]please.tnx> wrote in message news:iblfl1t6ve6gupuio59sfpacae58kbsqjp[at]4ax.com... - quote - > In microsoft.public.money, Kathleen Anderson [MVP - FrontPage]
Thanks, Cal. I will give that a try. I also called BOA and asked them to> wrote: > > I recently took out a Home Equity Loan with Bank of America and set it up > > in > > Money 2004. The first payment was taken by auto-debit a couple of days > > ago. > > The figures on the BOA web site (current principal balance and interest > > paid) do not match what Money calculated. The remaining balance according > > to BOA is higher than Money, and the interest is lower. > > > I looked at the note and it says: "Interest on this Note is computed on a > > 365/365 simple interest rate, that is, by applying the ratio of the annual > > interest rate over the number of days in a year, multiplied by the > > outstanding principal balance, multiplied by the actual number of days the > > principal balance is outstanding." > > > I'm assuming that Money does not calculate this way - is there any way > > around this? Or have I done something wrong? > The best thing to do is usually to leave the interest rate blank, > and to enter the other data into the load for Money. So enter the > payment size, duration, principle, and balloon data. send me a copy of the amortization schedule for the note - it's coming by snail mail - I should receive it in 5 to 10 business days. It'll be interesting to see if I can get this to match up. -- ~ Kathleen Anderson Microsoft MVP - FrontPage Spider Web Woman Designs web: http://www.spiderwebwoman.com/resources/ |
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#1
10-20-2005, 05:39 PM
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| Re: Home Equity Loan - Interest computed on a 365/365 simple interest basis In microsoft.public.money, Cal Learner-- MVP wrote: - quote - > into the load for Money
That should have been "into the loan for Money." |
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10-20-2005, 05:38 PM
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| Re: Home Equity Loan - Interest computed on a 365/365 simple interest basis In microsoft.public.money, Kathleen Anderson [MVP - FrontPage] wrote: - quote - > I recently took out a Home Equity Loan with Bank of America and set it up in
The best thing to do is usually to leave the interest rate blank,> Money 2004. The first payment was taken by auto-debit a couple of days ago. > The figures on the BOA web site (current principal balance and interest > paid) do not match what Money calculated. The remaining balance according > to BOA is higher than Money, and the interest is lower. > I looked at the note and it says: "Interest on this Note is computed on a > 365/365 simple interest rate, that is, by applying the ratio of the annual > interest rate over the number of days in a year, multiplied by the > outstanding principal balance, multiplied by the actual number of days the > principal balance is outstanding." > I'm assuming that Money does not calculate this way - is there any way > around this? Or have I done something wrong? and to enter the other data into the load for Money. So enter the payment size, duration, principle, and balloon data. |
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#-1
10-20-2005, 02:26 PM
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| Home Equity Loan - Interest computed on a 365/365 simple interest basis I recently took out a Home Equity Loan with Bank of America and set it up in Money 2004. The first payment was taken by auto-debit a couple of days ago. The figures on the BOA web site (current principal balance and interest paid) do not match what Money calculated. The remaining balance according to BOA is higher than Money, and the interest is lower. I looked at the note and it says: "Interest on this Note is computed on a 365/365 simple interest rate, that is, by applying the ratio of the annual interest rate over the number of days in a year, multiplied by the outstanding principal balance, multiplied by the actual number of days the principal balance is outstanding." I'm assuming that Money does not calculate this way - is there any way around this? Or have I done something wrong? -- ~ Kathleen Anderson Microsoft MVP - FrontPage Spider Web Woman Designs web: http://www.spiderwebwoman.com/resources/ |
| Tags |
| basis, computed, equity, home, interest, loan, simple |
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