Why can't I specify a real payoff date for Loan type account?
I have a real payoff date.
Why does YNAB keep insisting on changing my payoff date to some seemingly random date in 2060 when my HELOC loan have to have everything paid for by September 2051?
This is extremely irritating. I don't want to have to change the dropdown from 2060 to September 2051 every single time to see if my monthly payment has so far been bigger than what YNAB says my monthly payments has to be, based on the payoff date I specified. But in order to do that, I have to change it from 2060 to the real payoff date very time.
I don't get it. Why would YNAB be so interested in the year 2060? Seems like a pretty random number.
Orchid Pilot Thanks for posting this - and for your patience while many of us were out for the US holiday! With the Target/Pay Off calculator for loan accounts, changing the payoff date will impact the monthly payment amount - and vice versa.
It sounds like you'd like to have your payoff date set for September 2051, but that when you do that, the payment amount isn't quite right. And perhaps when you set the Target for your actual monthly payment amount, the payoff date is thrown into 2060. Do I have all of that right?
If so, it may be that the loan details need a bit of adjusting. I'd be happy to take a closer look at this account so that we can fine-tune things together! If you’re interested in that, go ahead and enable Support Access for your account. Once you’ve done that, let me know—and mention whether you’d like to continue the discussion here or via email instead, and I'll take a closer look!
HELOC interest is not calculated using the same formula that YNAB's loan payoff feature uses to calculate interest, which is a monthly simple interest calculation. HELOCs use average daily balance and number of days in the statement period, like a credit card, which means the date of the payment makes a huge difference as well as the number of days in a statement period.