Loan amortization

[oceans777]

I am setting up Microsoft Money 2006, and I would like to have my mortgage
listed as one of my accounts, so I can automatically see how much principle
is still owed. I also would like to have my mortgage set up as an automatic
bill each month. However, when I have the automatic payment set up, it
simply deducts that entire payment (PITI) from the principal amount owed,
even though I have a fixed loan and my principle payment changes each month.
I would like to set it up somehow so that when I automatically pay the
mortgage, the amount of the loan remaining changes to the correct amount of
principal each month without me always having to go type it in. Is this
possible? And, if so, how do you do it?!

 

[Dick Watson]

Yes.

The following way:

1) Use Advanced Register for all accounts. Essential Register should be
called Lame Register.
2) Setup an account as a Loan Account to represent the mortgage.
3) Setup a Bill (use Advanced Bills for the same reason noted above) that is
a Loan Payment:[name of loan account setup in step 2]. The Setup Accounts
wizard for Loan Accounts will offer to do this for you.
4) Enter the Loan Payments from Bills Summary and then make sure to match
the downloaded transaction to the scheduled Loan Payments. For more on this
read the correct 10% of threads in the newsgroup that deal with everybody's
problems making this work.

 

[R. Ian Lee]

Be sure that the category for your Bill is setup as "Loan Payment: my
mortgage account". Until I figured out this was available, I was just
setting it up as a "Transfer" and getting the effect you describe. When you
choose "Loan Payment" then Money will split the payment correctly.

Yes.

The following way:

1) Use Advanced Register for all accounts. Essential Register should be
called Lame Register.
2) Setup an account as a Loan Account to represent the mortgage.
3) Setup a Bill (use Advanced Bills for the same reason noted above) that
is a Loan Payment:[name of loan account setup in step 2]. The Setup
Accounts wizard for Loan Accounts will offer to do this for you.
4) Enter the Loan Payments from Bills Summary and then make sure to match
the downloaded transaction to the scheduled Loan Payments. For more on
this read the correct 10% of threads in the newsgroup that deal with
everybody's problems making this work.

I am setting up Microsoft Money 2006, and I would like to have my mortgage
listed as one of my accounts, so I can automatically see how much
principle
is still owed. I also would like to have my mortgage set up as an
automatic
bill each month. However, when I have the automatic payment set up, it
simply deducts that entire payment (PITI) from the principal amount owed,
even though I have a fixed loan and my principle payment changes each
month.
I would like to set it up somehow so that when I automatically pay the
mortgage, the amount of the loan remaining changes to the correct amount
of
principal each month without me always having to go type it in. Is this
possible? And, if so, how do you do it?!

 

[harrelsonesq]

Minor caveat to Ian's post: "Loan payment:my mortgage account" is the right
categorization. Beware, though, that there is another category of just "Loan
Payment."

DO NOT USE this one, as it does not do what you want. It also appears before
the correct one as you are scrolling, and the correct one is in
alphabetical, but almost invisible, position between the "Credit Card
Payment:xxxxx" list and the "Transfer:xxxxx" list, in "Special"
transactions, so it is very easy to overlook.

I'm one of the many people who have "had trouble making this work," in the
NG, and that turned out to be what I done to screw it up. After having gone
to all the trouble to set it up correctly, I assigned the just plain "Loan
Payment" category by mistake to the next transaction, which immediately
caused it to stop working.

My .02, so hopefully no one else will do the same.

Susan

Be sure that the category for your Bill is setup as "Loan Payment: my
mortgage account". Until I figured out this was available, I was just
setting it up as a "Transfer" and getting the effect you describe. When
you choose "Loan Payment" then Money will split the payment correctly.

Yes.

The following way:

1) Use Advanced Register for all accounts. Essential Register should be
called Lame Register.
2) Setup an account as a Loan Account to represent the mortgage.
3) Setup a Bill (use Advanced Bills for the same reason noted above) that
is a Loan Payment:[name of loan account setup in step 2]. The Setup
Accounts wizard for Loan Accounts will offer to do this for you.
4) Enter the Loan Payments from Bills Summary and then make sure to match
the downloaded transaction to the scheduled Loan Payments. For more on
this read the correct 10% of threads in the newsgroup that deal with
everybody's problems making this work.

I am setting up Microsoft Money 2006, and I would like to have my
mortgage
listed as one of my accounts, so I can automatically see how much
principle
is still owed. I also would like to have my mortgage set up as an
automatic
bill each month. However, when I have the automatic payment set up, it
simply deducts that entire payment (PITI) from the principal amount
owed,
even though I have a fixed loan and my principle payment changes each
month.
I would like to set it up somehow so that when I automatically pay the
mortgage, the amount of the loan remaining changes to the correct amount
of
principal each month without me always having to go type it in. Is this
possible? And, if so, how do you do it?!