I already submit a ticket for this but I would appreciate any feedback. My situation is like this
So I'm trying to setup my loan account and for the life of me I cannot get the same amounts on MoneyWiz as I get from my bank.
So let's try together
APR 4.0130 (Here my bank has 4.0130345)
Duration 185 months
Start Date 10/09/2015
First due date 10/10/2015
Payment Plan Equal Payments
Schedule - Here is the problem
MoneyWiz shows 877.47 pm but my bank says 881.92 pm
Can anyone help on how to align this?
Thanks in advance
Can you please take a look at the guide on our website? http://silverwiz.freshdesk.com/support/solutions/articles/206558-loan-accounts
We've attached a formula file that displays how are we calculating the loan - perhaps it'll be useful in your case. It's at the bottom of the guide.
I can't use the loan accounts, yet in a very basic context ...
There is a problem, the first payment always appears with a mountain of interest equal to 0.00 instead of 643.17 in my example below.
And other payment are false as the repartition between interest and principal amount each month.
As I've said, our current loans formula might not fit all loans as each bank - especially banks from different countries - might be setting up the loans differently. We are working on a more universal solution that would allow the Loan account to be more customised.
It's just mimic MS Money 99. In this application, put up the four variables. You filled 3 and he figured the last. Variables: Principal, Interest%, term, amount of each installment. In the case reported here, you would enter the value of the portion of the loan, ie 881.92, with the principal, the loan term and then the program would calculate% rate. Everything's solved. Unfortunately MoneyWiz does not use this technique. In my case, I have several loans, I will adjust the rate several times until the value of the portion match the value of the Bank
Thank you for outlining this! I'll be sure to forward this information to our team. As I've noted, we will be re-working the Loan accounts integration in one of the future updates but there's no estimate date for that improvement just yet.
new user. same problem. i understand from your notes that we have option to type in the interest, principle and total amount manually... is there a better way? can we, say, upload these numbers... or set the loan account to a specific emi for a specific period.... that would work just fine... as in many cases, loan principle and interest are for the same purpose...
on a general note, i see your app compares poorly to ynab in terms of data entry... not happy, as i see this as an attempt to upsell
please give a feasible solution. it has been 5 months since you said you were working on updates in this thread.