HomeBank

How to track mortgages accurately?

Asked by Drew

I have a mortgage that started at $93,600. I created a new Liability account and set the starting balance to -93600.00.

But my monthly payments are fixed rate of mixed nature. For example in the first month I paid $784.11 which the bank distributes thusly:

Principal: $123.26
Interest: $351.00
Escrow: $309.85 (for property taxes)

By their accounting, the new loan balance is $93,476.74.

So in HomeBank I've got an internal transfer from checking for $784.11, but how to record that correctly?

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Revision history for this message
Maxime DOYEN (mdoyen) said : 		#1

there is no existing dedicated feature for that
so I would say I don't know

Revision history for this message
Mistyk (skrzynkapanamarcina) said : 		#2

Dont use internal transfer for that.

I use two different transations to handle this.
One is my outcome for Bank ($784,11 for You)
Second is my income to Liability account ($123,26 for You)

Greetings

Revision history for this message
Drew (andrew-m-heath) said : 		#3

I ended up logging it like this:

- internal transfer from checking to mortgage account of full value ($700)
- escrow - electronic payment OUT of mortgage account
- interest - electronic payment OUT of mortgage account

the remainder is what the principal has been reduced by

it also allows me to neatly see how much I'm paying in escrow (taxes) and interest over a given time period

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Krish White (krishwhite) said (last edit ): 		#4
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Krish White (krishwhite) said : 		#5

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