forum.mthbuilt.com

I have an auto loan set up, but there is no easily recognizable way to make payments on it, nor is the procedure covered in the online manual.

How do you enter a loan payment?

Does the software automatically apply principal and interest proportionally based on the date of payment (for simple interest)?

Thanks

Hello,


When setting up a new loan please also setup memorized payment transaction, it is the last step on the loan setup screen.

Once you have this setup it will appear on your calendar at your chosen frequency (monthly, weekly, etc) and when entered it will automatically calculate and apply correct principal and interest and post it against the loan


Thanks,

And what if I wish to make a lump sum prepayment? Will it account for the reduction in earned interest going forward?

You loan is amortized so the lump sum will be applied to the principal outstanding, but your scheduled loan payments will not change; you will need to modify loan information for that to happen


Thanks,

I wouldn't expect the payment to change. Merely the duration of payments based on the recalculated amortization schedule.

So, to be clear, if I enter a lump sum payment, the amortization schedule will or will not recalculate automatically?

MyMoney will calculate the amount owed automatically but will not recalcualte amortization schedule. You can select the loan account, click Edit and the click 'Recalculate' in the dialog, this will prompt you to adjust your loan parameters and memorized payments if you so choose

Thanks,