[GNC] Dealing with escrow account

[Stan Brown (using GC 4.14)]

On 2023-11-02 12:04, Michael or Penny Novack wrote:
> You are unlikely to receive an amortization table for free (I would have
> had to pay a bit extra for it and that was four? decades ago.

Truth-in-Lending legislation has changed A LOT in those four decades. At
closing for my house, three years ago, I received an amortization table
whether I wanted it or not.

Even without an amortization, table, I think it is not so hard to figure
amortization as you imply. I suspect (but don't know for sure) that the
need to match standard, legally mandated methods of computing the Annual
Percentage Rate (APR) of a loan have caused banks to adopt more uniform
methods of amortization.

And if nothing else, the homeowner can always look at the monthly
statement from the mortgage company. It shows principal (not
"principle"), interest, and escrow component of the next payment due.

BTW, GnuCash's loan wizard matched my amortization table perfectly. If
there were really so many amortization methods out there, that would
have been quite a remarkable coincidence.

Stan Brown
Tehachapi, CA, USA
https://BrownMath.com