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Balloon amount loans / zero amortization (interest only) loans

Where I live, loans on your home are typically split in two loans where one, making up at most 50% of your home value, is a interest only loan where you don't pay any amortizations. I would like to have support for this type of loan.

Legally, they are often set up as a loan with 60 year payback time with a balloon amount equaling the original loan amount, so this could be solved by introducing support for balloon amount loans and increasing the maximum loan duration from 480 months to 720 months (or why not making it an entry field instead of a list field while you are at it).

This will be killing two birds with one stone as many automotive loans are balloon amount loans.

Did you receive any feedback on this? I have similar type (Interest only) of loans and having trouble setting up on the moneywiz.

Hello everyone,

I'm very sorry that we did not reply to this topic before. This type of loan is currently indeed not supported in MoneyWiz but we are working on making the loans feature more universal overall. This is not likely to come in the 2.6 update I'm afraid which is the next one scheduled but we are aware that our customers need more flexibility when it comes to loan creation and management so we are working on this internally!

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