Biweekly Payments on a Mortgage
I'm trying to set up a new mortgage where payments are made every 14 days... (i.e. not bimonthly, but biweekly).
Moneydance can't seem to handle the amortization correctly (close, but no cigar). Part of the issue is that 26*14 = 364, which means in actuality there are 26.0714 payments per year, or 26.1428 payments during leap years. However, Moneydance only allows integer values into "how many payments per year".
So what happens is I enter a specified payment because the calculated payment is slightly off. Similarly, the principal/interest values are a couple of dollars off as well.
Is there a workaround, or do I just have to create a Liability account instead and do this by hand [i.e. principal/interest as two payments each month (whoops - every two weeks)?] Also, if this is the only solution (i.e. Liability account) does anyone else have a methodology to make it a bit easier?
Comments are currently closed for this discussion. You can start a new one.
Keyboard shortcuts
Generic
| ? | Show this help |
|---|---|
| ESC | Blurs the current field |
Comment Form
| r | Focus the comment reply box |
|---|---|
| ^ + ↩ | Submit the comment |
You can use Command ⌘ instead of Control ^ on Mac
1 Posted by dtd on 03 Nov, 2023 12:43 AM
Hmmm... I know you can't link a mortgage loan in MD to an associated "Mortgage Loan" account at the bank, but can you link a Liability to that associated bank account, and thus get the "correct value" transactions downloaded?
System closed this discussion on 02 Feb, 2024 12:50 AM.