This assistant creates a loan repayment scheduled transaction. When used to setup a scheduled transaction, the assistant creates a variable formula so that the compounding interest is correctly calculated. To start this assistant manually go to Actions → → .
The Mortgage and Loan Repayment assistant opens with a screen that briefly describes what this assistant does. The three buttons at the very bottom of the screen will not change while using the assistant.
The button is used to exit the assistant and cancel creating the scheduled transaction. Any selections you have made in this assistant up to this point will be lost.
The button will bring up the previous screen so you can change a selection made on that screen.
The button will bring up the next screen so you can continue though the assistant.
The next screen allows you to enter the basic loan information. This is usually the information provided by the bank when loan and disclosure documents are given to the borrower. Here you can also setup an account that the scheduled transaction will use to enter the payment transaction.
Loan Account: Choose an account for the loan payment transactions or use New... to setup a new account for the transactions.
Loan Amount: Enter the amount of the loan.
Interest Rate: Enter the loan interest rate.
Type: Choose the type of loan. If an adjustable rate is used the frequency screen is enabled.
Interest Rate Change Frequency: Choose the frequency for the rate change and the start date of the rate change.
Start Date: Choose the date the loan is starting on.
Length: Enter the length of the loan.
Months Remaining: This should be automatically calculated. Choose how many months are remaining on the loan.
The next screen is used to set escrow, insurance and tax options for the loan. It is mainly used for mortgage payments. When each of the options here is set, this enables additional pages in the assistant to setup those portions of the payments. All of the pages will be described here, even though some may not show if that option is not chosen.
... utilize an escrow account for payments?: This selection enables the use of an account setup for tracking escrow payments. If the mortgage or loan uses an escrow account to pay taxes, insurance, etc then setup an account here.
... pay "Taxes"?: adds an additional page to setup a scheduled transaction to pay taxes.
... pay "Insurance"?: adds an additional page to setup a scheduled transaction to pay insurance payments.
... pay "PMI"?: adds an additional page to setup a scheduled transaction to pay PMI payments.
... pay "Other Expense"?: adds an additional page to setup a scheduled transaction to pay other expenses.
The next screen is used to setup the details of the scheduled transaction for the Loan Repayment.
Transaction Memo: The name entered here will be used as the name for the scheduled transaction, the description of the scheduled transaction and the memo.
Payment Amount: Shows the variable used to calculate the payment amount.
Payment From: Choose an account to pay the loan amount from.
Principal To: Choose an account to transfer the principal part of the loan to.
Interest To: Choose an account to transfer the interest part of the loan to.
Remainder to: Choose an account to transfer the rest of the payment amount to.
Repayment Frequency: Select the Frequency and start date for loan repayments.
The next screen is used to setup the details of the scheduled transaction for the Tax payment.
Transaction Memo: The name entered here will be used as the name for the scheduled transaction, the description of the scheduled transaction and the memo.
Amount: Enter the payment amount.
Payment From: Choose an account to pay the tax amount from.
Payment To: Choose an account to transfer the tax payment to.
Repayment Frequency: Select the Frequency and start date for tax payments.
The next screen is used to setup the details of the scheduled transaction for the Insurance payment.
Transaction Memo: The name entered here will be used as the name for the scheduled transaction, the description of the scheduled transaction and the memo.
Amount: Enter the payment amount.
Payment From: Choose an account to pay the insurance amount from.
Payment To: Choose an account to transfer the insurance payment to.
Repayment Frequency: Select the Frequency and start date for insurance payments.
The next screen is used to setup the details of the scheduled transaction for the PMI payment.
Transaction Memo: The name entered here will be used as the name for the scheduled transaction, the description of the scheduled transaction and the memo.
Amount: Enter the payment amount.
Payment From: Choose an account to pay the PMI amount from.
Payment To: Choose an account to transfer the PMI payment to.
Repayment Frequency: Select the Frequency and start date for PMI payments.
The next screen is used to setup the details of the scheduled transaction for the Other Expense payment.
Transaction Memo: The name entered here will be used as the name for the scheduled transaction, the description of the scheduled transaction and the memo.
Amount: Enter the payment amount.
Payment From: Choose an account to pay the other expense amount from.
Payment To: Choose an account to transfer the other expense payment to.
Repayment Frequency: Select the Frequency and start date for other expense payments.
The last screen gives you a list of three choices to finish the assistant.
The button is used to exit the assistant and cancel creating a new loan scheduled transaction. Any selections you have made in this assistant up to this point will be lost.
The Back button will bring up the previous screen so you can change a selection made on that screen.
The Finish button creates the scheduled transaction.
You should now have the Mortgage or Loan Repayment scheduled transaction setup.