Hello Dick,

I think I did it. With a bit of both of your suggestions. I set the date to
where I got the new mortgage, filled out everything with zxero, except the
length, made the transfer through a temp account and then updated the loan
info to the right info. Seemed that the first payment MSmoney thought it was
all princupal but now everything goes right.

Thanks,

Eric
"Dick Watson" <littlegreengecko[at]mind-enufalready-spring.com> schreef in
bericht news:%23LMr%230JEGHA.2872[at]TK2MSFTNGP14.phx.gbl...
- quote -

I'm not in a position to test this, nor do I have your numbers. But here's
what I'd test: setup the loan straight away. Skip the issue of the
transfer--just create it the way Money wants to create it. Skip the $0
setup--again, just let Money do this its way. Skip the payments already
made--set the loan account up from Day 1 whenever that was. (You can just
spin the machine's clock back if Day 1 is further back than Money likes to
setup the loan--though why it cares is still a complete mystery to me. Why
on earth does it care if I setup a loan that began in 1976?) See if you get
correct Loan Payments recorded. If so, then pick which problem you want to
solve and how to solve it. To solve the back payment problem, enter the
payments in some temporary account that you can offset with some unassigned
income or jest let float negative until you get to the current payment or
the first payment you want to actually record as coming from another Money
account. As to the Transfer out of principal, I'm on record as saying that's
more trouble than it's worth. I still think that. I wish there were a way to
do it that didn't involve faking Money out. There isn't. So I set my loans
up without worrying about it. Faking out Money tends to get you in trouble.

I'm not sure Quicken has a trial version. If you find one, let me know!

"Eric" <evdslh[at]tiscali.nl> wrote in message
news:43bacb38$0$744$5fc3050[at]dreader2.news.tiscali.nl...
- quote -

Hello Dick,

I don't think my loan values are insane. Even if I try to do it just as you
guys describe it, MSmoney seems to do it differently.

I just started from scratch. I added a new account, Loan, and wanted to give
all details. So after some details, I said is twas a fixed-rate and payments
had been made that I wanted to record. After that, I put in an amount of
zero, interest zero, length 360 payments, balloon amont zero as Steve
described. Then I transferred from this account to the old mortgage, so that
I owed the right sum. Now I chenged the loan terms, one day after the first
payment to the right (and sane) terms. I changed the interest rate and
entered the right payment and made the balloon amount the same as the loan
amount. Now MSmoney calculated 4 terms and had in every term a small
principal.

If Quicken would do this just fine, I would be willing to get ten years of
money over to quicken, provided that the transfer would give no problems?!?

I'll download a trial to find out.

For now, if you guys know where I went wrong, I still am very curious to
find out.

Thanks,

Eric
"Dick Watson" <littlegreengecko[at]mind-enufalready-spring.com> schreef in
bericht news:OoDubHIEGHA.1288[at]TK2MSFTNGP09.phx.gbl...
- quote -

I've never had problems creating a Loan if the values are sane. It it's
creating Loan Payments with no interest on an interest only loan, I'd
suspect that you have not provided sane loan values.

"Eric" <evdslh[at]tiscali.nl> wrote in message
news:43ba9bb6$0$715$5fc3050[at]dreader2.news.tiscali.nl...
- quote -

Thanks for your quick answers I'll try what you both suggested, but it will
take me a while. There's a lot of trial and error. Sometimes, MSmoney will
only accept certain values for interest, principal and balloon if you push
Next four or five times???. I'll get back as soon as I succeed. As it is
now, MSmoney assigns the whole payment as a principal, which is what I did
not want at all.

Thanks and bye,

Eric
"Dick Watson" <littlegreengecko[at]mind-enufalready-spring.com> schreef in
bericht news:%23um7%23iGEGHA.644[at]TK2MSFTNGP09.phx.gbl...
- quote -

"Eric" <evdslh[at]tiscali.nl> wrote in message
news:43ba840b$0$728$5fc3050[at]dreader2.news.tiscali.nl...
- quote -

Delete any transfer transactions.

Revise the loan and enter 0 in all fields, including balloon, before you
transfer the principal from one loan to another. The exceptions are term and
interest. Leave the interest rate blank and let Money calculate it. Enter
the correct number of payments. Make the effective date the initial date of
the loan. (If it won't let you do that, delete the loan and start over.)
Because principal, payment, and balloon are 0, interest will be zero
initially.

Enter the transfer transaction.

AFTER you do the principal transfer, revise the loan and enter your correct
payment and balloon. Make the effective date one day AFTER the date of the
principal transfer. Money will already know the principal and term. Let it
recalculate the interest.

Hi Chris,

Thanks so far,

I came quite far, but the purpose of this all was to incorporate the loan
into MSMoney; I mean that MSMoney calculates with it, in the lifetime
planner etc. As I have it now MSWMoney calculates an amount for interst and
principal that I cannot change. But I only pay interest. I cannot change it
in the bills area and I cannot change it in the loan itself. The balloon
amount is exactly the same as the loan amount, but otherwise it won't work.
Beacuse there is a balloon amount, MSmoney calculates a principal.

Maybe, if i have put it correctly, you have a clue about what to do then.

Thanks,

Eric
"Chris Cowles" <NoSpam[at]For.me> schreef in bericht
news:%23ualtRGEGHA.516[at]TK2MSFTNGP15.phx.gbl...
- quote -

There is no direct way to transfer the proceeds of a loan somewhere. I wish
here were. If I were designing Money, there would be. Chris outlines the one
method known to exist. The FAQ at http://umpmfaq.info/faqdb.php?q=86
outlines the way to do this without the transfer. It creates an Income entry
somewhere that is not tied to the loan except in your head and in the
transaction memo. As to the loan amount and the same amount for the balloon,
this makes sense for an interest only mortgage. It reflects what's really
happening.

"Eric" <evdslh[at]tiscali.nl> wrote in message
news:43ba2179$0$709$5fc3050[at]dreader2.news.tiscali.nl...
- quote -

"Eric" <evdslh[at]tiscali.nl> wrote in message
news:43ba2179$0$709$5fc3050[at]dreader2.news.tiscali.nl...
- quote -

For the new loan, start with $0 principal, $0 payment, and $0 balloon. Enter
the interest number of payments specified by the bank. Record the principal
transfer.

Go back and modify the loan terms. Enter the effective date of the changes
as at least 1 calendar day after the date of the transfer. Enter the correct
payment, number of payments, and balloon, if any. Let Money calculate the
interest. It will know the principal already, because of the transfer
transaction.

This should accomplish what you want. You may have to play with the
effective dates of the different events, to make it happy.
--
Chris Cowles
Gainesville, FL

Hello Dick,

I don't seem to get a refinancing of my mortgage into money 2006. The link
you gave puzzles me. All I need is to enter a new loan for my house, which
has a variable rate and is an interest
only mortgage. When I enter the loanthrough the wizard, I always end up with
a loan amount and the same amount for the balloon. This "workaround"is fine,
but when I want to transfer then from the new loan to the old loan (through
a temp account), I end up wit a loan that has twice (once form the entering
and another from the "transfer") the amount I actually owe.

Any thoughts on that?

Thanks very much,

Eric

"Dick Watson" <littlegreengecko[at]mind-enufalready-spring.com> schreef in
bericht news:etkciNP$FHA.3392[at]TK2MSFTNGP14.phx.gbl...
- quote -

The only thing that makes it hard is all of the limitations on Principal
Transfer and Loan Payment. Beyond that, it works pretty much straight off
the settlement sheet.

"Steve" <sjcohen730[at]aol.com> wrote in message
news:1134153288.372401.291290[at]g47g2000cwa.googlegroups.com...
- quote -

Thanks Dick. Seems like the process is even more difficult with Money
2006 than when I did it with Money 1999. Basically, I had to "play"
with the payoff loan to get the liability reflected as of December 31.
The new loan "starts" January 1st because the first payment is due
February 1st. In reality we incorporated the December interest on the
old loan and the remainder of the December interest on the new loan
into the amortization of the new loan. No cash payout. I worked it out
to MY satisfaction, but I'm sure most people doing refinancing who
aren't accountants will have lots of trouble doing it right with Money
2006. Steve

See http://umpmfaq.info/faqdb.php?q=86. As always, post questions back here.

"Steve" <sjcohen730[at]aol.com> wrote in message
news:1134079453.254168.289110[at]g49g2000cwa.googlegroups.com...
- quote -

A question I should be able to find an answer to but can't. I've just
refinanced my mortgage loan and want to enter the transaction into
Money 2006. I see how I can enter the new loan information, but how do
I handle the payoff for my old loan? Thanks, Steve