Personal Finance Manager Help/FAQ

JDM Software

Debts

The "Debts" tab is basically an amortization calculator. It allows you to generate a schedule by which you can pay off any of your debts with fixed, periodic payments.

The spreadsheet shows the amount of principal and interest due for each pay period. It also displays the amount of interest paid (up to that date) and the remaining principal balance. Due to rounding, the final payment will sometimes vary slightly from your regular payment amount.

You can always check how much you have actually paid toward a debt or loan by using the "Transactions" tab and selecting the "Categorical" view from the main menu and selecting the "Debts" tab within the "Transactions" window. It is up to you to make the payments and follow the schedule.

Topics

Creating New Debt Names
Computing a Payment Schedule

Creating New Debt Names

The names of the debts which you can select in the "Debt Select" menu above the spreadsheet are the names you have created in the "Account and Category" editor in the "Personal Profile" tab. The default name is "Other." You can add specific loans and mortgages to this list by making new subcategories under the "Debts" category.

Alternatively, you can add, edit, and remove debts directly from the "Debts" tab. To add a new debt, enter a unique name into the "New Debt Name" entry field, enter any desired parameters for the new debt, and select "Add." To edit a debt, enter a new name as just described, select the name you wish to edit in the "Debt Select" menu, and select "Edit." Values from the old debt name will be updated to reflect the parameters currently entered. To remove a debt, choose the name from the "Debt Select" menu and select "Rem."

Back to Top Back to Topics

Computing a Payment Schedule

Select a debt or loan name in the "Debt Select" menu. Then, enter the compounding period (how often interest is compounded on the loan) and the pay period (how often you make payments on the loan - usually monthly). Enter the total amount of the principal in the "Amount" entry field, and enter the interest rate beside it in the "Int. Rate" field.

Select the start date for your payments in the "Payment Start Date" entry. Do the same with the "Target Pay-off Date." The start date must precede the pay-off date.

Finally, select the "Update Table" button in the bottom-right corner of the "Debt Options" frame, and your schedule will be computed. The total principal, total interest, and regular payment amounts are displayed across the top of the tab in the information bar.

You can, at any time, edit the parameters for any debt. Just make the appropriate changes and select the "Update Table" button when the new parameters are set.

Back to Top Back to Topics