mortgage escrow

Steve Caldara's Avatar

Steve Caldara

21 May, 2019 11:13 PM

1) Is there a way to split the mortgage escrow amount into multiple accounts. Some $ for property tax and some $ for property insurance?

2) right now I'm putting the PMI insurance (included in my monthly mortgage payment) into the escrow account when setting up the loan. How do I not include it in escrow (see #1 above) but still have it show as part of my monthly payment?

Thanks.

  1. 1 Posted by jimmplsmn on 24 May, 2019 04:51 PM

    jimmplsmn's Avatar

    Hi Steve,

    Since no one has chimed in on your request I'll give it a shot.

    Assuming the PMI insurance is a fixed amount use a split transaction for your mortgage payments, allocating one of the splits in your mortgage payment to the PMI account. In the same way you can split the property tax and insurance amounts into their own accounts. When you wish to see total escrow not including the PMI I would run a report using property tax and insurance as inputs.

    If for some reason the PMI insurance is a variable amount then it is more difficult to set up an accurate reminder for future transactions but you could still estimate it and then edit the transactions as they occur to account for it.

    • Jim
  2. 2 Posted by Steve Caldara on 24 May, 2019 08:03 PM

    Steve Caldara's Avatar

    Thanks. man.

    Steve Caldara
    [email blocked]
    303-229-4160

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