Mortgage Questions -- Escrow handling

Tommy Trussell tommy.trussell at gmail.com
Tue Apr 24 18:49:25 EDT 2007


I've been using GnuCash for awhile now... so far so good. (I'm still
on 1.8.12 in Ubuntu Dapper but I'll be able to upgrade to a 2.x
version soon.)

I decided to start having Gnucash track my home mortgage, but the
Druid is being a little TOO smart and I can't tell how to fix it. I
think I will have to figure out the formulas and enter them myself,
because the numbers are not coming out right.

I don't care about tracking the exact amounts before 1/1/2007, so I
reconciled my escrow account and my principal account against the end
of year 2006 statement from the mortgage company, and adjusted the
payments I've already logged for 2007 so they reflect the actual
interest, principal, escrow and additional monthly principal I have
paid each month. (I figured it would help the druid calculate the
correct amounts.)

I let the druid set up the mortgage, which goes back to 1 October 2005

HOWEVER it's being TOO tricky... The druid sets up the scheduled
payments for the accounts INCLUDING the Escrow using a formula.
HOWEVER in practice, I pay whatever escrow amount the bank says I
should because they keep a minimum balance in escrow based on some
formula and analysis of my actual property tax and insurance payments
they pay out of escrow. I also pay an additional principal amount
every month, SO the principal and interest will vary more every month.

So I'd rather the druid suggest a fixed monthly amount for the escrow
and let me adjust it. I tried to edit the scheduled transaction to
some fixed amounts for the escrow and for the single total amount
transferred from my checking account each month, but nothing doing --
the transaction editor wouldn't let me change any of the formulas to a
fixed amount.

I just want to avoid having to twiddle the amounts each month.

I am probably making this too complicated, and maybe I just need to
ditch the druid and enter some formulas in the scheduled transaction
editor by hand. Recommendations?


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