accounting for additional payments to principal using the loan account
I set up a new mortgage loan account. It works like a charm to handle the regular monthly PITI payment. Recently, however, I made an extra payment towards the principal. How can I account for this in the loan balance? It would be simple if I could simply add the additional principal payment as a new transaction in the loan register, reducing the principal balance, but the loan register doesn't seem to allow that to be done.
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1 Posted by dwg on Nov 23, 2019 @ 04:27 AM
I'm a fellow user.
This old Knowledge base article may help you.
https://infinitekind.tenderapp.com/kb/archive-everything-else/archive-how-can-i-add-extra-principal-payments-to-a-mortgage
2 Posted by denbarth on Nov 23, 2019 @ 05:00 AM
Thank you! That article did describe a way to apply extra principal payments. I did several searches of the discussions and knowledge base but I never found this article. I appreciate your help!
- Dennis
System closed this discussion on Feb 22, 2020 @ 05:00 AM.