Mortgage setup Q for 2006

08-16-2005, 01:22 PM

I don't see any reason that you wouldn't set this up as an amortized loan.
Since you don't have insurance or taxes, it'll be quite clean.

--

"Andrew" <justme[at]nowhere.com> wrote in message
news:43017368$1_3[at]newsfeed.slurp.net...
- quote -

> Okay, I've had mortgages in the past but this one is different than past
> mortgages (no Escrow). What's the best way to setup the following
> mortgage in MM2006?
> Principle/Interest payment only
> I pay Taxes on my own so I'll need a separate account for that and will
> probably transfer the money into savings or a CD since taxes aren't due
> right away.
> The Home Owners Insurance I pay out of pocket too. The first year has
> been paid for out of closing costs, but in 2005 I will have to pay for it.
> I had about $3000 in Earnest Money that I just stuck in House/Downpayment
> category but then $2500 of that $3000 went to Closing Costs and I didn't
> really do anything with that yet.
> Any tips are appreciated. I know that everyone has their own way of doing
> this but I'd like to find a cleaner way where it all works out in the
> budget and reports as time goes on.
> Thanks!

#-1 08-16-2005, 05:00 AM

Okay, I've had mortgages in the past but this one is different than past
mortgages (no Escrow). What's the best way to setup the following mortgage
in MM2006?

Principle/Interest payment only

I pay Taxes on my own so I'll need a separate account for that and will
probably transfer the money into savings or a CD since taxes aren't due
right away.

The Home Owners Insurance I pay out of pocket too. The first year has been
paid for out of closing costs, but in 2005 I will have to pay for it.

I had about $3000 in Earnest Money that I just stuck in House/Downpayment
category but then $2500 of that $3000 went to Closing Costs and I didn't
really do anything with that yet.

Any tips are appreciated. I know that everyone has their own way of doing
this but I'd like to find a cleaner way where it all works out in the budget
and reports as time goes on.

Thanks!

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