DRUAngell wrote:
- quote -

Create an interim bank account called Loan Escrow or something like that.
Revise the loan payment on the loan side so it comes out of that account.
Create a weekly scheduled checking account transaction for 1/4 of the
payment amount, categorized as a transfer (not loan payment) to the Loan
Escrow account. If the schedules and payment amounts can be balanced, the
account balance should be approximately $0.

There may be a problem if the amortized payment cannot be scheduled for an
exact multiple of the frequency of the checking transaction. If you can't
work that part out, Money is simply not capable of dealing with it.

Did you do any financial analysis of this transaction? Is the mortgage
company actually giving you credit for paying weekly? Or are they simply
holding your money (and getting the benefit of it) and posting it to your
account only monthly? That's what many mortgage companies do, and they make
extra money at your expense.
--
Chris Cowles
Gainesville, FL

I just bought a house not long ago and I created a new Loan account as well
as a new Asset account during that process. I allowed Money to make the
calculations that it could based on the loan terms and everything worked out
perfectly. When I view the details of the payment it shows a value for
Insurance: Homeowner's/Renter's (escrow account associated with loan) and it
also splits the Principle and Interest. Both of these show Calculated for
amount.

I recently switched my payment terms with the loan company to a weekly
payment instead of monthly to allow for easier budgeting, but I'm having
trouble now editing this Bill in Money.

I go into my Bills Summary page and I right click and go to Edit, Edit
Series. I then switch the frequency to Weekly. I also change the Amount
field to 1/4 of my current monthly payment. Then, I view the details of the
split and change the Insurance part to 1/4 of the current monthly amount.
Again, the other 2 fields show Calculated.

The problem is that it's leaving an unassigned amount (the rest of the
current monthly payment) and will not allow me to change the calculated
fields in any way. Therefore, I cannot update this bill.

Any information on how I can get this fixed would be greatly appreciated.
Thanks!