How to adjust loan

I set up a loan 3 years ago where the interest rate was known and the
desired monthly payment. Money permoved this correctly and determined
the length of the loan. At this point the interest rate has been
lowered. I went into Monday and attempted to change the interest rate.
It is still deisre to have the same monthly payment, just at a lower
interest rate. This will of course satify the loan sooner. Money
however only allows me to change either the interest rate or the monthly
payment. It wants to keep the number of remaining payments identical to
what it previous had been.

Am I over looking some easy way to change the payment schedule on the
loan so that I can change the interest rate while holding the monthly
payment constant?

Art McClinton

Glyn
Sun Sep 05 05:36:33 CDT 2004

Where abouts are you trying to change the details of the loan? You should be
in the loan account details (rather than bills/deposits) as you can change
all parameters in there.

--
Glyn Simpson, Microsoft MVP - Money
http://money.mvps.org

Check http://support.microsoft.com/default.aspx?scid=fh;EN-GB;mny
for UK tips and fixes for MS Money. To send Microsoft your wishes or
suggestions, use http://register.microsoft.com/mswish/suggestion.asp
or http://www.microsoft.com/uk/support/money/feedback especially
if it's a UK specific wish.

I do not respond to any unsolicited email regarding Money

"Art McClinton" <art@nova.org> wrote in message
news:cZs_c.4872$aW5.279@fed1read07...
>I set up a loan 3 years ago where the interest rate was known and the
>desired monthly payment. Money permoved this correctly and determined the
>length of the loan. At this point the interest rate has been lowered. I
>went into Monday and attempted to change the interest rate. It is still
>deisre to have the same monthly payment, just at a lower interest rate.
>This will of course satify the loan sooner. Money however only allows me
>to change either the interest rate or the monthly payment. It wants to
>keep the number of remaining payments identical to what it previous had
>been.
>
> Am I over looking some easy way to change the payment schedule on the loan
> so that I can change the interest rate while holding the monthly payment
> constant?
>
> Art McClinton
>

Chris
Sun Sep 05 05:48:07 CDT 2004

Change the loan parameters to match the bank. Let it calculate the new
payment. Save. Then go back and revise again, this time editing only the
part where you put escrow, etc. Add a line categorized as 'Principal
Transfer'. You won't see it in a list - you have to type it in. The amount
of the principal transfer should be the difference between the new adjusted
payment and the amount you want to pay. Save.

The loan amortization schedule will reflect the extra principal payment.
--
Chris Cowles,
Gainesville, FL


"Art McClinton" <art@nova.org> wrote in message
news:cZs_c.4872$aW5.279@fed1read07...
>I set up a loan 3 years ago where the interest rate was known and the
>desired monthly payment. Money permoved this correctly and determined the
>length of the loan. At this point the interest rate has been lowered. I
>went into Monday and attempted to change the interest rate. It is still
>deisre to have the same monthly payment, just at a lower interest rate.
>This will of course satify the loan sooner. Money however only allows me
>to change either the interest rate or the monthly payment. It wants to
>keep the number of remaining payments identical to what it previous had
>been.
>
> Am I over looking some easy way to change the payment schedule on the loan
> so that I can change the interest rate while holding the monthly payment
> constant?
>
> Art McClinton
>

Art
Sun Sep 05 10:16:56 CDT 2004

I am in to loan accounts details. I opened up the account register,
clicked on the accounts details and then attempted to use the wizard to
change the interest rate. It assumes that the period will remain
constant and thus only allows me to enter either the monthly payment or
the interest rate. But this loan has a fixed monthly payment and a
variable interest rate and hence a variable number of payments.

Chris - it is not a "standard" bank loan.

Glyn Simpson, MVP wrote:
> Where abouts are you trying to change the details of the loan? You should be
> in the loan account details (rather than bills/deposits) as you can change
> all parameters in there.
>

Glyn
Sun Sep 05 10:41:14 CDT 2004

HI, if you press the 'change loan terms' under the account details, one of
the options allows you to change the loan length. You could leave that blank
if you want Money to recalculate it based on the interest rate and monthly
payment you put in.

--
Glyn Simpson, Microsoft MVP - Money
http://money.mvps.org

Check http://support.microsoft.com/default.aspx?scid=fh;EN-GB;mny
for UK tips and fixes for MS Money. To send Microsoft your wishes or
suggestions, use http://register.microsoft.com/mswish/suggestion.asp
or http://www.microsoft.com/uk/support/money/feedback especially
if it's a UK specific wish.

I do not respond to any unsolicited email regarding Money

"Art McClinton" <art@nova.org> wrote in message
news:r5G_c.7097$aW5.3357@fed1read07...
>I am in to loan accounts details. I opened up the account register,
>clicked on the accounts details and then attempted to use the wizard to
>change the interest rate. It assumes that the period will remain constant
>and thus only allows me to enter either the monthly payment or the interest
>rate. But this loan has a fixed monthly payment and a variable interest
>rate and hence a variable number of payments.
>
> Chris - it is not a "standard" bank loan.
>
> Glyn Simpson, MVP wrote:
>> Where abouts are you trying to change the details of the loan? You should
>> be in the loan account details (rather than bills/deposits) as you can
>> change all parameters in there.
>>
>

Art
Sun Sep 05 10:53:08 CDT 2004

Thanks. I knew it had to be there. I for some reason got side tracked
with the button to change the interest rate.

Glyn Simpson, MVP wrote:

> HI, if you press the 'change loan terms' under the account details, one of
> the options allows you to change the loan length. You could leave that blank
> if you want Money to recalculate it based on the interest rate and monthly
> payment you put in.
>