Help Calculating Student Loan

#2 01-26-2008, 05:01 PM

Hi Cal,
OK...
The interest rate (I think) is well defined by the bank at 6.875% by the
bank for this particular loan.
In addition to the other information below, (20 years, 8,500 loan) my
monthly principal + interest payment is $75.81.
Still MS Money doesn't like these numbers.

So I followed your suggestion an left the timeline blank, and MS Money
calculated my loan at 15 years. Either my bank (over the phone) told me the
wrong timeframe (they said it is a 20 year loan) or something is still wrong
with the way I entered it in Money...
Thanks for your help.
Brad

"Cal Learner-- MVP" wrote:

- quote -

> In microsoft.public.money, bpvarian wrote:
> > Hello,
> > I have Microsoft Money Plus, and I am trying my hardest to put in my student
> > loan...
> > > I even called the student loan provider to make sure I had my terms correct.
> > The interest is calculated when the company receives my check.
> > Original Loan Amount = $8,500 (this is just one of many loans =)
> > Interest Rate: 6.875%
> Interest rate is often the one to leave blank if you know the
> payment schedule. This is because there is some variation in how
> banks calculate the rate.
> > Loan Length: 20 years
> If you know the payment and amounts, then you could leave this
> blank. The number should come out close to 20 years if your other
> figures are right.
> > Principal + Interest: $8621.67 (meaning this is the payoff amount if I payed
> > it on that date).
> What Money would be looking for you to do is to enter the monthly
> payment amount -- assuming you don't leave this one blank. $8621.67
> would be an excessively large monthly payment.
> > Balloon amount: No idea what this is or what it means. But according ot MS
> > Money, it only needs the Principal + Interest amount OR the Balloon amount.
> Balloon amount is the amount of a special last payment. The amount
> is often zero. For an interest-only loan, it would be the amount
> borrowed.
> > > So any ways, with these values in there, when I hit Next, Money says that
> > "The Loan account values you entered don't work together. Please go back adn
> > change the numbers (etc, etc, etc)
> > > Any ideas on what I am doing wrong?!?!
> > thanks,
> > brad

#1 01-26-2008, 02:56 PM

Thanks Cal, your help is really appreciated. I will try it when I get home.

"Cal Learner-- MVP" wrote:

- quote -

> In microsoft.public.money, bpvarian wrote:
> > Hello,
> > I have Microsoft Money Plus, and I am trying my hardest to put in my student
> > loan...
> > > I even called the student loan provider to make sure I had my terms correct.
> > The interest is calculated when the company receives my check.
> > Original Loan Amount = $8,500 (this is just one of many loans =)
> > Interest Rate: 6.875%
> Interest rate is often the one to leave blank if you know the
> payment schedule. This is because there is some variation in how
> banks calculate the rate.
> > Loan Length: 20 years
> If you know the payment and amounts, then you could leave this
> blank. The number should come out close to 20 years if your other
> figures are right.
> > Principal + Interest: $8621.67 (meaning this is the payoff amount if I payed
> > it on that date).
> What Money would be looking for you to do is to enter the monthly
> payment amount -- assuming you don't leave this one blank. $8621.67
> would be an excessively large monthly payment.
> > Balloon amount: No idea what this is or what it means. But according ot MS
> > Money, it only needs the Principal + Interest amount OR the Balloon amount.
> Balloon amount is the amount of a special last payment. The amount
> is often zero. For an interest-only loan, it would be the amount
> borrowed.
> > > So any ways, with these values in there, when I hit Next, Money says that
> > "The Loan account values you entered don't work together. Please go back adn
> > change the numbers (etc, etc, etc)
> > > Any ideas on what I am doing wrong?!?!
> > thanks,
> > brad

01-26-2008, 02:19 PM

In microsoft.public.money, bpvarian wrote:

- quote -

> Hello,
> I have Microsoft Money Plus, and I am trying my hardest to put in my student
> loan...
> I even called the student loan provider to make sure I had my terms correct.
> The interest is calculated when the company receives my check.
> Original Loan Amount = $8,500 (this is just one of many loans =)
> Interest Rate: 6.875%

Interest rate is often the one to leave blank if you know the
payment schedule. This is because there is some variation in how
banks calculate the rate.

- quote -

> Loan Length: 20 years

If you know the payment and amounts, then you could leave this
blank. The number should come out close to 20 years if your other
figures are right.

- quote -

> Principal + Interest: $8621.67 (meaning this is the payoff amount if I payed
> it on that date).

What Money would be looking for you to do is to enter the monthly
payment amount -- assuming you don't leave this one blank. $8621.67
would be an excessively large monthly payment.

- quote -

> Balloon amount: No idea what this is or what it means. But according ot MS
> Money, it only needs the Principal + Interest amount OR the Balloon amount.

Balloon amount is the amount of a special last payment. The amount
is often zero. For an interest-only loan, it would be the amount
borrowed.

- quote -

> So any ways, with these values in there, when I hit Next, Money says that
> "The Loan account values you entered don't work together. Please go back adn
> change the numbers (etc, etc, etc)
> Any ideas on what I am doing wrong?!?!
> thanks,
> brad

#-1 01-26-2008, 02:00 PM

Hello,
I have Microsoft Money Plus, and I am trying my hardest to put in my student
loan...

I even called the student loan provider to make sure I had my terms correct.
The interest is calculated when the company receives my check.
Original Loan Amount = $8,500 (this is just one of many loans =)
Interest Rate: 6.875%
Loan Length: 20 years
Principal + Interest: $8621.67 (meaning this is the payoff amount if I payed
it on that date).
Balloon amount: No idea what this is or what it means. But according ot MS
Money, it only needs the Principal + Interest amount OR the Balloon amount.

So any ways, with these values in there, when I hit Next, Money says that
"The Loan account values you entered don't work together. Please go back adn
change the numbers (etc, etc, etc)

Any ideas on what I am doing wrong?!?!
thanks,
brad

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