[Kmymoney-devel] [Bug 288844] New: KMymoney gives a wrong loan payment (auto-calculated) for a specific type of mortgage

[Laurent Gandillon]

https://bugs.kde.org/show_bug.cgi?id=288844

           Summary: KMymoney gives a wrong loan payment (auto-calculated)
                    for a specific type of mortgage
           Product: kmymoney4
           Version: 4.6.1
          Platform: Compiled Sources
        OS/Version: Linux
            Status: UNCONFIRMED
          Severity: wishlist
          Priority: NOR
         Component: general
        AssignedTo: kmymoney-devel at kde.org
        ReportedBy: laurent.gandillon at gmail.com


Version:           4.6.1 (using KDE 4.7.2) 
OS:                Linux

Hi,

NOTE. This may not be a bug, but rather a feature request.

First of all, KMymoney is a very nice tool so thank you for developing it.
It is easy to use and does what exactly I want.

BUG/FEATURE REQUEST :

The payment that KMymoney calculates when creating a loan account does not
match what I was given by my bank for my UK mortgage.

This may be because the interests I have to pay every month are not
re-calculated at each payment, but at the beginning of a 12 months period.
KMymoney basically gives two choices EITHER the interest rate gets recalculated
when the payment is received OR when the payment is due.
In my case, I believe (but may be wrong) that my interest rate should be
re-calculated every 12 payments.
I also played with the "Interest Compounding Frequency" field with no luck.

I am no expert in banking and therefore can not go into more details, but if it
helps, I found the BBC mortgage calculator below doing exactly what I am after
:
http://www.bbc.co.uk/homes/property/mortgagecalculator.shtml

Many thanks to keep me informed,
Regards.

Laurent G.


Reproducible: Always

Steps to Reproduce:
Create a new loan account.
When the "Payment (Principal and interests)" field is calculated, the value
does not match the BBC mortgage calculator results (whatever the values used
are).

Actual Results:  
An example below :

A loan of £20000 at 5% for 5 years is calculated at £377.42 per month by
KMymoney.
On the BBC mortgage calculator an equivalent loan would be £384.95 per month.

Expected Results:  
Maybe the software could leave the choice of calculating the interest rate
every X payments intead of automatically recalculating it for each payment.

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