Dick
Fri Jul 16 16:52:38 CDT 2004
If I'm understanding the deal here correctly and thinking clearly about
this, the only way to really do this is to transfer the money to a "Money
For Nothing" cash account when you make the "payments," then make the real
monthly payments plus extra principal from that account to your real
mortgage loan. This intermediate account should grow in value. That growth
is how much "Money For Nothing" you are paying this guy to do this for you.
You should periodically expense this balance back to $0 with something like
a "Miscellaneous:Fees" expense.
You might also want to call you real lender and ask them how you could do
the same thing directly with them and use the money you are saving to pay
down your loan faster.
"Tammy" <anonymous@discussions.microsoft.com> wrote in message
news:002301c46b74$fe3f82d0$3501280a@phx.gbl...
> Hi,
> I need help with tracking my mortgage. I pay on a biweekly
> plan & also add additional principal. Then the company
> taking my draft payments sends the monthly payment to my
> loaner.Can I track (& how)these biweeklys & have them
> reflect the faster payoff of principal? This loan will end
> earlier than the scheduled 15 years but currently, I can
> only guess because of the complications so the
> amoritization is way off. thanks for any advice tammy
>