I'm basically copying this from a recent iTunes review*, but I hadn't seen this suggestion as a feature request. If I had I would have 'liked' it:
In MW2..."When you create a loan, you provide the principal balance, interest rate, and next payment date AND for some reason the loan's remaining duration. The app then gives you the option of making equal payments OR a customized payment plan (baselines by the equal payment plan).
"Because it's calculated this way, my monthly payments are off by S0.30 every month... If I want the payments to be exact, I need to create a custom payment plan by editing EVERY payment.., for a 30 year mortgage that is 360 edits. Going back to loan account entry.
"[Couldn't] I just enter principal amount due, interest rate, due date, and MONTHLY payment? This would accurately calculate the final payment date."
Thank you for copying the review here! We're working on making the Loans account more flexible as well as the ability to import custom payment plan from a CSV file.
Good thinking Jon, much better.
As a side issue that stems from the current implementation, I find it frustrating that I can't specify an additional monthly amount above the principal + interest. Right now, I have am paying an amount on my mortgage that is based on a previous (higher) interest rate and thus principal + interest doesn't actually represent what I pay each month.
Of course I can handle this two ways...
1. Edit 360 transactions to manually adjust.
2. Call the bank, tell them to drop my monthly repayments to the minimum and the schedule an additional payment each month to continue paying the current amount
However, thats just a pain. Ideally, I would be able to set the principal, interest rate, repayment date & monthly repayment as you've said and it'll sort it out nicely.
An additional nice-to-have would be the ability to schedule adjustments into the payment plan based on time, and have the amortisation schedule update accordingly. Such scheduled adjustments would be:
- Lump sum payments
- Interest rate change at x months (in Aus many people are on 'starter' interest rates that change after a year or two)
- Interest only repayments for x months
I'm afraid we can't yet tell when this feature would be coming.
Pawel, I can only imagine all the work that goes into creating one of these applications... so I do appreciate it is not east for a developer to catch criticism from a bunch of users who haven't developed an application. That said, we are your customers and the application is literally unusable for those customers who would like to track our debt payments as part of our overall financial portfolio. I don't understand how it is possible this issue has not yet been resolved. The calculations are extremely straight forward and personal finance applications have 2 or 3 primary functions, and the rest is just added features. A personal financial application needs to be able to track check/savings transactions, tallying a running total along the way. The application also needs to be able to store monthly recurring payments to enable forecasting, reminders, etc... And lastly, if the application also tracks the balance of outstanding loans, it needs to be able to accurately calculate the payment (let alone the final principal balance).
I removed your application from my phone a year ago for a competing application that works (and doesn't track loan balance, but at least I can hard code my fixed payments). Admittedly, I preferred the layout, look, and functionality of MW2... but I can't use the application because you guys can't figure out how to program a simple accounting calculation that is more than 100 years old... I re-download the MW2 app every once in a while to check if you've been able to fix the glitch, but I'm no longer surprised that it still can't calculate a simple loan payment. I've all but relegated this application to the application graveyard in my iTunes account.