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