Mortgages

General Discussions and Announcements

Mortgages

Postby PaulB » Sat Feb 21, 2009 7:09 am

I started a new thread but this is roughly based on where the following thread left off:

http://forum.mthbuilt.com/viewtopic.php?f=2&t=72&p=288&hilit=mortgage#p288

How have people setup Mortgage accounts? This is one of the most important features for me of a finance package. I want to keep track of my outstanding loan amount and how much principal I am paying off each month.

Please correct my assumptions:
- The house is an asset and the value you purchased it at?
- The mortgage is a liability and is valued at the mortgage value at the time of the house purchase?

In MS Money I had a Mortgage account that was setup for me using a wizard. I entered the total loan amount, the period of the loan, the monthly payment (mine is fixed for loan period of 5 years), the remaining field of interest rate was then calculated for me. When I pay out the mortgage each month it is a transfer from my current account (sorry check account) to my mortgage account which then shows me the principal and interest split automatically. How can I do the same in My Money?

Thanks,

Paul
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Re: Mortgages

Postby mthadm » Sat Feb 21, 2009 10:22 am

You have couple of choices:

1) Enter a split transaction, where parts of the split equal your monthly payment, model your splits after your normal mortgage payments, i.e. some parts are going against principal, some parts are going against interest, there could be an escrow payment associated, such as insurance and property taxes etc.

2) Model your mortgage payment as a transfer against principal asset and manually deduct the interest you get from the lenders statement, these are sent typically bi-annually or annually.

We are planning on adding wizards to model the mortgage payments automatically, it is actually on the list of approved functionality for 2009. So you can enter the mortgage payments manually for the time being and then use the wizard once it is released.

Thanks
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