Setting up Mortgage Loan

shiner03's Avatar

shiner03

22 Jul, 2019 07:27 PM

I'm confused about setting up my mortgage loan. On one help thread, the instructions were: From the Menu select Account → New Account → Loan. This is what I did. But on another thread by Tom Freeman https://infinitekind.tenderapp.com/discussions/switching-from-another-personal-finance-program/8331-help-setting-up-home-loanasset

he said Create a new asset called loan on home make it a sub account of the home account. Put in the current principal of the loan. On the side bar the home loan should be listed below and slightly aside of the loan. The total listed on the side bar should be your current equity ( home value minus principal).

Which method is correct?

This second method seems better because in the sidebar, you can instantly see how payments to the principal loan increase the value of the home asset. Tom Freeman's screenshot of this is attached

  1. System closed this discussion on 21 Oct, 2019 07:30 PM.

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