Consolidating Loan or Mortgage accounts into a single payment

There are many occasions where you might have a single payment for a loan or mortgage, but that loan or mortgage is made up of a number of individual loans.

If the payment is to the same lender, then consider consolidating the loan accounts.

Multiple Interest only mortgages will have a combined balloon payment, combined monthly payment, but an interest rate which might be slightly difficult to work out - however, Money allows you to leave one entry blank, so leave the interest rate blank and let Money work it out when setting up the loan. The gist is, therefore, to add them together, add the monthly payments together and get Microsoft Money to work out a weighted interest rate.

Add a loan which has a zero balloon amount to the mix (i.e. a repayment loan), and it's very similar - sum up the balloon payments and monthly payment and do the same thing.

With any loan, Microsoft Money will do it's best to calculate the exact split between interest and principal, however, these won't always match what the bank says to the last penny due to different ways that banks have of calculating these figures.

Category: Loans

Keywords: mortgage, loan

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