There's a somewhat out-of-date FAQ on refinancing at
http://umpmfaq.info/faqdb.php?q=86. I say somewhat out of date because it
refers to a wizard that isn't there anymore. Also the referenced article
deals with a real refi. In your case, you could skip lots of the steps. It
might also just not be worth it. You could hand edit 24 transactions a year
to match data from your statements and/or the lender's website.

"bleitner" <bleitner[at]discussions.microsoft.com> wrote in message
news:123E4BE8-9C3F-40E4-A858-1DF200F57F86[at]microsoft.com...
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refinancing was mentioned earlier, I assume that would be an option to
getting my loan fequency to twice monthly and allow P&I to be auto
calculated? If this is an option, how do you do a refinance in Money? I
don't see any options to do it and Help doesn't offer anything? I'll also
check the google groups as you suggested.

Thanks!
Bob


"Dick Watson" wrote:

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I guess I'm out of good ideas. I've never tried a test case (or real world
case) of this, so I'm not sure how best to workaround. Nor do I know why
they let you edit loan terms besides payment frequency. It does come up here
form time to time though. You might search the archives of group
microsoft.public.money at http://groups.google.com.

"bleitner" <bleitner[at]discussions.microsoft.com> wrote in message
news:C6068FC3-3AF1-424E-A24B-C12DA6CBE637[at]microsoft.com...
- quote -

Hi Dick,

Thanks for the reply. I can enter a loan payment in the register but if I
tie it to the loan then it calculates the P and I based on the the monthly
frequency. This doesn't help much because I don't know what the
amoritization schedule is from month to month so it makes it a little hard to
do it this way. If I change the frequency of the bill it doesn't change the
frequency of the loan and the payment is still calculated based on the loan.
Since the split shows calculated for the P and I, and I can't change it, it
just makes the original payment amount due twice a month. If I change the
total then it barks at me the that the sum of the splits doesn't match the
total payment, but none of the options allow me to change the splits because
they're calculated. Any other ideas or suggestions? I don't understand why
when you set up a loan it asks you the frequency, but if you go to edit it
you can edit everything else but the frequency???

Thanks,
Bob


"Dick Watson" wrote:

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Independent of the P&I in the loan setup, what happens if you just go to a
register and enter a Loan Payment? What happens if you just change the
frequency of the scheduled Loan Payment and don't worry about the Loan
Setup? I know in the case of extra principal it calculates the owed interest
in a payment as a function of the balance since the last payment without
regard to the original amortization schedule. It really doesn't matter what
the dialog boxes say--what matters is what it calculates in the payment it
puts in the register.

"bleitner" <bleitner[at]discussions.microsoft.com> wrote in message
news:1B275FB3-A2BB-4E1B-A508-3434C2DB0C01[at]microsoft.com...
- quote -

Hi Dick,

I can add a new line item for extra principle transfer, but at this moment
it doesn't do me any good because I have only one payment per month and the
split for P&I is calculated based on the loan. If I could change the
frequency from once a month to twice a month then I think I would be good,
but I can't find any way to change that??? Any other ideas?

Thanks!
Bob

"Dick Watson" wrote:

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comments below...

"bleitner" <bleitner[at]discussions.microsoft.com> wrote in message
news:436B93E0-7E24-4AD7-85E0-C8D5463FC6CF[at]microsoft.com...
- quote -

I'll have to investigate that.

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Go into the scheduled loan payment in Bills & Deposits and edit the series
of Loan Payments. In the splits, add another Principal Transfer line in the
amount of extra principal for each loan payment.

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Hi Cal,

Thanks for the reply. It actually is a bi-monthly type program and they
throw in an extra payment annually that's divided up across all payments,
pluss I rounded up a little. A little extra goes a long way, turns a 30 yr
mortgage into a 23 1/2 yr mortgage. Anyway, I read what the link below
contains about a refinance but don't have that option in money 2007 deluxe,
when I go to my mortgage account the only thing under analyze loan is view
amoritization schedule, not consider refinance. I even created another dummy
loan and it was the same, plus when I went to add in the extra I now chose to
add to principle to round up there was no where to add that. It told me to
do it after I create the loan in loan details but can't find anywhere to do
it there. It's funny that you can change all the other loan terms, like
length, interest, P&I, and baloon amount, but you can't change the frequency
or add extra to principle? Any other thoughts you have would be appreciated.

Thanks,
Bob

"Cal Learner-- MVP" wrote:

- quote -

In microsoft.public.money, bleitner wrote:

- quote -

Looking at
http://articles.moneycentral.msn.com...YourHouse.aspx
it would seem that you are using a method much better than the more
common biweekly programs sold by third parties.

While you could model this more precisely by scheduling payments to
be taken from a separate account and then making principal payments
with the extra, it seems easier to treat this as a refinance of your
mortgage. http://umpmfaq.info/faq.html#Q86

Hi,

I recently took advantage of an accelerator program with my mortgage company
in which you pay your monthly mortgage payment twice a month instead of once.
The problem is that I orginally set up my mortgage payment for once a month
and when I go to try and change it to twice a month both the principle and
interest lines in the details view show the amount as calculated. When I try
to change the total amount and the frequency the details view (split) is
coming up as wrong because it's calculating it as a monthly payment not
bi-monthly. How can I fix this?

Thanks,
Bob