unofficial microsoft.public.money FAQ and A
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Q) I just took out an interest only mortgage; how do I setup such a loan in Money?
A) Set it up like any other mortgage loan except set a balloon payment equal to the borrowed amount. If you know the payment amount, leave the interest rate blank and Money will calculate it for you. It may differ slightly from the quoted rate for lots of reasons that aren't worth losing sleep over. If it differs by a lot, more investigation is probably in order. Answer derived from one provided by Cal Learner -- MVP.
"ltrox43" pointed out that there is now an MSKB item on this subject. They take a lot more words to say what's above.
References:
MSKB: 893719 interest only mortgage
Please see this disclaimer if you are using Money 2005 or this comment if you are using Money 2006.
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How to do things in Money: Mortgages and stuff Q) We just sold our house--how do we account for this in Money? |
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Last update: 10 December 2006 |
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