Fwd: Mortgage Questions -- Escrow handling

Tommy Trussell tommy.trussell at gmail.com
Thu Apr 26 22:46:05 EDT 2007


sorry I forgot to cc the list

---------- Forwarded message ----------
From: Tommy Trussell <tommy.trussell at gmail.com>
Date: Apr 26, 2007 9:44 PM
Subject: Re: Mortgage Questions -- Escrow handling
To: Josh Sled <jsled at asynchronous.org>


On 4/26/07, Josh Sled <jsled at asynchronous.org> wrote:
> Use the druid to get an idea of the SXes and (template) transactions
> that it creates, then modify them, or create more suitable SXes and
> template transactions by hand.  Use ad-hoc variables in the SXes to be
> prompted for the correct principal/interest payment fractions, which you
> can enter from your paystub or compute externally.

Thanks for the response... as it turns out I expressed my concern a
little backwards. The principal and interest part is what I was hoping
I could automate. I don't use a "paystub," all that gets drafted from
my checking, so I don't know the exact principal and interest
allocations until I get my quarterly statement.

I was hoping I could have it calculate the exact principal and
interest allocations so I don't have to go back and adjust them when I
get a statement (or remember), later. I remember Quicken was able to
handle it, but it's been about ten years since I did all that with a
previous mortgage, so I don't remember how involved their "druid" was.

I've dug around for a formula that would help me with this, but I
haven't found one yet... I copied what the druid set up and (as you
said) it doesn't have a way to manage the additional principal. The
formulas don't look at the ACTUAL remaining amount in the loan, just
the original amount.

The Mortgage and Loan Repayment druid set up the following based on
the information about my mortgage. The $330 and $804 are the annual
amounts paid out of escrow. $100,000 is the original amount of the
loan. 0.05625 is the interest. 360 is the term of the loan.

TWO transactions (I'd prefer one) within the single scheduled item:

Mortgage Payment - Escrow
 -acct: current assets:bank acct
  funds out (aka credit): pmt( 0.05625 / 12 : 360 : 100000.00 : 0 : 0
) + 330 + 804
 -acct: current assets:escrow
  funds in (aka debit): pmt( 0.05625 / 12 : 360 : 100000.00 : 0 : 0 )
+ 330 + 804

Mortgage Payment - Payment
 -acct: current assets:escrow
  funds out (aka credit): pmt( 0.05625 / 12 : 360 : 100000.00 : 0 : 0 )
 -acct: liabilities:mortgage (principal)
  funds in (aka debit): ppmt( 0.05625 / 12 : i : 360 : 100000.00 : 0 : 0 )
 -acct: expenses:mortgage interest
  funds in (aka debit): ipmt( 0.05625 / 12 : i : 360 : 100000.00 : 0 : 0 )


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