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Forced Interest Only Mode |
Moneylender has many options for working with Interest Only scenarios.Select the "Interest Only" mode on either the Regular Payment dialog of the Loan Wizard or from under the Loan menu. Moneylender assumes the regular payment setting equals the interest amount, regardless of rate. This setting is only used when computing default regular payment amounts and creating amortization reports for a loan. If your amortization table shows a change in balance during an interest-only period in a loan's repayment, check this box to cause MLP to correct the amortization schedule. When receiving payments, marking a payment as Interest Only will tell Moneylender to leave the principal unchanged, applying the payment only to outstanding principal. 
To turn on and off the Interest Only Mode during the life of a loan, create a new Regular Payment record () and click on "Interest Only."Important!!!! DO NOT USE INTEREST ONLY SETTINGS TO CHANGE THE AMOUNT OF INTEREST DUE if the change is more than a few cents. If the interest is $200 on a loan and a payment of $10,000 comes in and is recorded as an interest only payment, Moneylender will report no change in the outstanding principal, and $10,000 of the payment went to interest. These settings are available to override small errors caused by rounding. |