Combination/Piggyback loans? (80-20, or 80-15-5)


A

aaronsegal

Has anybody found a simple way to track once asset (eg, HOUSE) with a
combination loan?
In my case, for example, the home will be purchased as follows:
* 5% downpayment
* 80% in a fixed-rate 30 year term
* 15% in a fixed-rate 15 year term amortized over 30 years (BALLOON)

And on that note, in the case of the balloon loan, if I enter the balloon
amount, do I need to do anything special to ensure 30 year amortization (on a
15 year term)? Or is that implied with the balloon.

-Aaron
 
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D

Dick Watson

I'm not sure you can associate one asset with multiple loans. But for all
that association buys you (I'm hard pressed to name anything, besides
recognizing the association, that Money does with the knowledge) I'm not
sure it matters.

The loans/down are easy.

Transfer the 5% to the asset account. Loan 1 is completely straightforward.
Loan 2 sounds more complicated. I'm not sure Money will let you setup a
balloon prior to the end like that, but I think it can. At any rate, you can
also just setup a 30 year loan and not tell it about the balloon. 15 years
from know when it matters, Money as we know it will have ceased to exist
anyway.
 

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