On Mon, 1 Dec 2003 08:16:03 -0000, "Glyn Simpson, MVP" <glyn[at]serf.orgwrote in microsoft.public.uk.money:

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Ah! Of course. Very smart.

And I was thinking, these sorts of loans would be ideal for
buy-to-lets where the rental income can't gear with the variable
mortgage payments.
--
Jamie Stallwood
newser[at]bra-and-knickers.project76.tv
http://www.project76.co.uk
[Remove underwear to reply to this message]

Nope, left the loan term as stated on the paperwork. The loan amortisation
schedule shows I'd pay it off beforehand. I did however, set it up as an
interest only loan.


"Jamie Stallwood" <gnu[at]toad.com> wrote in message
news:gmljsvc9s8in5njju4ba1kvjllm253m4gr[at]4ax.com...
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On Sun, 30 Nov 2003 08:23:30 -0000, "Glyn Simpson, MVP"
<glyn[at]serf.org> wrote in microsoft.public.uk.money:

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I am presuming that when you set up the loan, you had to work out what
loan term to set, how did you calculate that?
--
Jamie Stallwood
newser[at]bra-and-knickers.project76.tv
http://www.project76.co.uk
[Remove underwear to reply to this message]

I have a similar loan, I pay the same amount each month, and if rates
change, then the overpayment is less, so less money goes on the principal. I
handle this by adjusting the interest rate, leave the monthly payment blank
and run through the options. At the end of the wizard, you can add other
fees - i add a principal transfer at this point to make the total payment
equal to the fixed amount I pay.

When I get the statement every six months, or look it up online, I manually
adjust the payments to have the exact principal and interest payments for
the fixed amount I pay

--
Glyn Simpson, Microsoft MVP - Money

Check http://support.microsoft.com/default...d=fh;EN-GB;mny
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"skube" <sean[at]skube.com> wrote in message
news:673933b2.0311291411.1ece5949[at]posting.google.com...
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Hello, I'm hoping someone will be able to help me out. Or perhaps
offer some suggestions...

I'm using MS Money 2004 and have setup a variable rate loan (for my
Canadian mortgage). Whenever my bank changes their rate, my payment
does NOT change. Only the ratio of how much of my payment goes to
interest and how much goes to the principal changes.

Apparently, MS Money doesn't recognize this type of loan agreement as
it changes the entire payment amount to reflect the new rate. I
thought I could get around this problem by simply accepting the
payment amount that MS Money calculates, then creating an extra loan
payment amount on the same day to adjust the principal. However, this
produces a balance which is slightly off.

There doesn't seem to be any method where one can enter the new rate
AND the payment amount since MS Money doesn't like the numbers as they
work together.

I can't understand how more people haven't had this issue. I can't
find any solution anywhere.