New loan payment has incorrect calculated amounts RRS feed

  • Question

  • As part of my transition to Money Sunset, I ran the "nuke bills" repair feature, as my file had slowed down considerably.  I was updating from MS$2007, but that should be irrelevant.

    Nuking the bills got rid of all bills including my mortgage payment.  I went to recreate the bill by creating a new bill and  selecting "Loan Payment" as the category.  I then selected the mortgage account.  As expected in the split screen Money shows both principal and interest, with both entries listing "Calculated" under the amount.  However, the sum of the splits does NOT add up to the payment amount that is recorded in the loan.  In fact it adds up to considerably more!   When I entered an actual payment it applied all this extra to principal, which is clearly a problem.

    Any ideas on how to fix this?



    Sunday, February 6, 2011 4:32 AM

All replies

  • I've tried changing the loan terms (i.e. the number of payments left) to force the bill to change.  The amount of the bill automatically changes to match the payment the loan has computed.  But no matter what I do, when I open the split it tells me that there is $871.48 unassigned.  The value is constant, no matter how I muck around with the terms of the loan.
    Sunday, February 6, 2011 4:57 AM
  • I would think of this maybe as a refinance. If you have been just making the basic payments, then you could set this up as a mortgage where payments have already been made. Whenever you set up a loan in Money where there are a known series of payments, don't enter the interest rate. Instead let Money compute the interest.

    I don't know how the taxes and/or insurance included the payments gets set up. I have never done that.

    http://umpmfaq.info/faqdb.php?cat=23#Q86 has useful info including how to handle a mortgage refi.

    Monday, February 7, 2011 12:19 AM
  • I had a similar problem in Sunset with a loan payment I had set up in Money Plus. My loan payment was $1253, with principal, interest and escrow. However, after converting to Sunset, I clicked my loan payment to enter into my register and the total subtracted in my checking account was 1410 (or something similar). I thought I had clearly made a mistake, so I deleted the transaction and found it again in bill pay for the next month. It said 1253. The sum of the splits for principal, interest and escrow were listed and correct. I hit enter  and went to my register. AGAIN, the subtracted amount was 1410.  I checked and the principal and interest had changed, but did not add up to 1410.

    I tried to do the same as you, go to the actual loan for hints about the problem with no luck. I finally deleted the bill pay and recreated it. Then it worked as before in Money Plus.

    Strange that changing to Money Sunset totally put a wrench in that loan payment.

    As a side note, I am wondering if I should nuke all my bills. When I click on Bill Pay, I have to wait 15 seconds (looking at a blank screen) before it appears.  It does seem worse in Sunset. But I did a trial nuke the bills about a month ago, and the Bill Pay was still slow to appear, even though blank. So I figured it was something else causing the slowness.

    Monday, February 7, 2011 5:53 AM
  • Cal - I've tried changing the loan terms to no avail.  According to the loan terms in the loan account itself, Money tells me the payment is $1500.  I've taken out any taxes/escrow/insurance extra payments.  I then create a new bill, Money asks me for the relevant loan, and immediately sets up the Amount of the payment to $1500 - so far so good.  Because it is a loan payment, Money shows the split as Principal Transfer: Calculated, Loan/Interest: Calculated.  This is what I would normally expect from a loan.  HOWEVER, the Sum of the splits, rather than $1500 ends up being $2371.48, and Money tells me there is ($871.58) unassigned.    I've tried shortening the loan, increasing the loan length, changing the interest rate.  No matter what I do there is always ($871.48_ unassigned!  If I then go ahead and enter the payment, the Principal portion paid to the loan ends up being $871.58 higher, with ($871.58) unassigned, so the total payment matches the actual payment Money had computed for the loan!

    srhodes - Unfortunately recreating the bill is what I'm trying to do, so I'm kind of hosed.  I do recommend you consider nuking the bills.  When I converted from 2007 to Plus, it was taking 10 seconds for the bills screen to appear.  I nuked the bills, recreated them all, and now it takes less than a second.  It was a pain to recreate all the bills, but it worke much better now (Loan issue notwithstanding).

    Tuesday, February 8, 2011 3:02 AM
  • Even stranger - I attempted to change the loan terms.  I can change so that either "loan length" or "principal+interest" is calculated, and Money computes the value.  In either case the bill has the $871.58 issue.  However, I tried changing the loan terms to make the "Interest rate" calculated and Money told me the terms don't work together - which makes no sense since I'm leaving one of the terms empty.  Something seems to have gotten hosed with this loan.   I'm close to just creating a brand new loan, as much as it pains me to have non-reality modeled in Money.
    Tuesday, February 8, 2011 3:13 AM
  • Carlos, did you ever figure out a solution to this? I just had interest rate changes on a couple of loans, and now Sunset is doing the the same thing to me. I'm pulling my hair out looking for a solution.
    Tuesday, May 17, 2011 9:16 PM