In microsoft.public.money, AstraWeb wrote:

- quote -

Set up the mortgage with the payment data, but don't enter the
interest rate; let money compute that. Do enter a Balloon payment
equal to the principal.

Why do you think it only calculates interest accrual on a monthly basis? (I
don't understand what you mean by calculating the "interest rate" on a daily
basis.) Is your issue that you want to make payments more frequently than
the loan was setup for and the interest calculation isn't changing from the
monthly values? That requires setting the loan up again. You can hand adjust
each payment to the interest value of your choice once it's in the
(checking) account register.

"AstraWeb" <darrenecm[at]hotmail.com> wrote in message
news:4042927c$0$38405$c3e8da3[at]news.astraweb.com...
- quote -

I too am totally confused as to how to set up my interest-only mortgage
whose rate is also calculated on a daily basis. Hopefully someone will
chance along and answer our dilemma

- DE

"Oscar" <anonymous[at]discussions.microsoft.com> wrote in message
news:1394401c3f81a$3c6ed340$a301280a[at]phx.gbl...
- quote -

On setting up a mortgage account using the mortage wizard,
the program insists on calculating interest on a monthly
basis, rather than the daily basis by which most banks
operate. I can find no way to over-ride this manually.

I am still using Money 2001 but it appears to be the same
in later versions.

Any help would be appreciated.


Oscar