mortgage accts and budget

floyd Joramo's Avatar

floyd Joramo

01 Feb, 2019 10:23 PM

How do you handle the budget for mortgage payments?
Checking acct. payment $1000
Interest Exp Acct 600
Escrow Exp Acct 200
Principal Loan 200

Budget doesn't allow or account for the Principal $200. to the loan?

  1. 1 Posted by mhoggie on 02 Feb, 2019 12:54 AM

    mhoggie's Avatar

    just a user,

    This is a contentious issue with IK. Even though in the past it was allowed, the budget feature no longer will pick up a mortgage or loan payment in the budget because it's considered a transfer from one account to another. If you didn't have the mortgage or loan set up in MD, and wanted to budget a payment amount, then no problem. But if you build the mortgage or loan in MD, it's a transfer so they don't pick it up currently. But there are work around methods that several of us use to include loan payments in our budgets. Here is a link to one of those discussions.
    http://help.infinitekind.com/discussions/budgeting/1488-budgeting-transfers

  2. 2 Posted by Craig Smyser on 21 Feb, 2019 04:53 AM

    Craig Smyser's Avatar

    Just wanted to chime in as someone who thinks it is absolutely insane that Moneydance cannot properly work mortgage payments. While workarounds others have offered are nice to know, it is crazy that they are needed. How in the world this basic part of budgeting is not only excluded but requests to fix simply ignored is beyond any reasonable persons comprehension.

  3. 3 Posted by mhoggie on 21 Feb, 2019 12:03 PM

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    Just a user,

    Yep, you have lots of agreement on this subject.

  4. 4 Posted by vit on 15 Mar, 2019 02:07 AM

    vit's Avatar

    The competing application called Sanuel Family allows budgeting mortgage payments as well as setting and tracking saving goals. It would be pretty helpful to have these features in MD.

  5. 5 Posted by dwg on 15 Mar, 2019 03:16 AM

    dwg's Avatar

    I'm a fellow user.

    For what ever reason it looks like TIK have implemented Discretionary or Category budgeting, whereas it seems many people would like to have Cash Flow budgeting.

    Perhaps TIK felt that mortgage payments would be handled a bit like Taxation payments and be taken out before anything else happens as the set payment amount is fixed.

    There are various budgeting systems none are wrong they are just different.

    It sounds like people should be requesting that a Cash Flow budgeting option be developed for Moneydance, which would allow for payments for mortgages, personal loans etc.

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