mortgage amortization error

I made a large extra principal payment on my mortgage. MS Money produced an 
updated amortization schedule showing the new principal payment would be a 
much larger percentage of my total payment (that is, each payment would 
include much less interest than before).

The actual allocation for the next payment on July 1 followed the original 
amortization schedule rather than the new one.

 In dollars, in June my monthly payment of $870 included $584 in principal.  
In July--after the large extra payment--the amortization schedule showed the 
July payment would be about $710 in principal.  Instead the amount entered by 
MS Money was about $586 in principal.

Please--how do I fix this?


0
Utf
7/1/2010 2:04:52 PM
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I guess my first question is did you make sure that the actual split values 
for the extra principal payment assigned the amount correctly to the 
principal transfer and that it reduced the loan account balance as it 
should?

You might also want to go in and update the account details and it will 
probably tell you that it needs to recalculate the loan amounts...

"DC Robert" <DC Robert@discussions.microsoft.com> wrote in message 
news:D7FE8694-FB33-4768-B01F-E476863B9409@microsoft.com...
> I made a large extra principal payment on my mortgage. MS Money produced 
> an
> updated amortization schedule showing the new principal payment would be a
> much larger percentage of my total payment (that is, each payment would
> include much less interest than before).
>
> The actual allocation for the next payment on July 1 followed the original
> amortization schedule rather than the new one.
>
> In dollars, in June my monthly payment of $870 included $584 in principal.
> In July--after the large extra payment--the amortization schedule showed 
> the
> July payment would be about $710 in principal.  Instead the amount entered 
> by
> MS Money was about $586 in principal.
>
> Please--how do I fix this?
>
> 
0
Dick
7/2/2010 12:57:17 AM
Reply:

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