subject:"Re\: \[GNC\] mortgage refinance"

Re: [GNC] mortgage refinance

2021-03-21 Thread pyz01

Parker -- for the case I was demonstrating, the old loan amount is not 
pertinent since you have been paying it down.  I keep track of the principal 
balance still remaining in the loan - so if the original loan was $100,000, the 
actual principal amount still due is less than that since you have been paying 
the loan down.   Notice - in Derek case he is also not taking into account the 
old loan amount, since, the old loan amount is not pertinent; but instead 
talking about the remaining principal balance -- which is very pertinent. 

So in my case - I have the exact principal amount due on my existing loan.  So 
keeping with Derek example, let's say, for your example, that amount is $95,000 
remaining principal balance.

Old Mortgage loan account --- Increase transaction - (new loan) $105,000.  
Since my mortgage account shows the $95,000 still remaining, this shows a 
temporary balance of $200,000 ( the amount of the new loan and the amount of 
the still remaining principal balance of the old loan).

Now I credit this same account (decrease transaction) the amount the bank paid 
off from the old loan (the remaining principal balance of $95,000).  The next 
result is the balance is now the total principal balance of the new loan 
$105,000. 

As I said, there are several way to do this and a lot depends on what accounts 
you have setup and how you have them setup.  For me, this is the easiest way to 
keep the same account, and just replace the old loan with the new loan.  The 
split transaction I have to do this includes various accounts and amounts for 
the expenses included in the closing statement -- but the net affect is the 
mortgage account changes from the old outstanding principal balance to the new 
one.  And as I make payments in the future, the principal balance is decreased 
by the principal portion of my payment and the interest goes to an interest 
expense account to keep track of my deductible interest (in a separate 
account). 

This is the long answer to essentially say I just replace the old principal 
balance for the new principal balance. 

-Original Message-
From: Derek Atkins  
Sent: Sunday, March 21, 2021 7:08 AM
To: Parker Graham 
Cc: py...@cox.net; gnucash-user@gnucash.org
Subject: Re: [GNC] mortgage refinance

Let's say your old loan has $95,000 remaining.
Your new loan is $105,000
I am ignoring loan costs, interest prepays, escrow, etc.

You would create a transaction:

  Loan Payout   Old Loan   Debit   $95000
New Loan   Credit $105000
Cash   Debit   $1

I.e., you will Increase cash $10k, and then pay off the old loan and take out 
the new loan.

-derek

On Sun, March 21, 2021 9:41 am, Parker Graham wrote:
> not following, please give me example such as original loan is
> 100,000.00 refi loan is 105,000.00
>
> thanks
>
> On 3/21/21 9:36 AM, py...@cox.net wrote:
>> Several ways to do this.   Here is the easiest way I know:
>>
>> Mortgage Loan (start loan B)   Increase - Loan Amount
>> Mortgage Loan (start loan B)Decrease -Principal Amount
>> remaining
>> from Loan A
>>
>> Net result - New loan amount before first payment.  Now the two 
>> entries are actually the net result of a split transaction entry that 
>> comes right from the closing statement received from the mortgage 
>> company.  If you follow that statement - you should be good to go.
>>
>> Hope that helps.
>>
>>
>> -Original Message-
>> From: gnucash-user  
>> On Behalf Of Parker Graham
>> Sent: Sunday, March 21, 2021 6:25 AM
>> To: gnucash-user@gnucash.org
>> Subject: [GNC] mortgage refinance
>>
>> Have mortgage set up in system but refinanced it and need help on how 
>> to payoff existing loan and set up new loan
>>
>> ___
>> gnucash-user mailing list
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-- 
   D

Re: [GNC] mortgage refinance

2021-03-21 Thread Peter West


> On 22 Mar 2021, at 12:13 am, Derek Atkins  wrote:
> 
> Peter,
> 
> On Sun, March 21, 2021 10:07 am, Peter West wrote:
>> What’s the other side of the new loan set-up? Cash at bank?
>> 
>> So
>> LiabilityLoan A  100,000 Cr
>> LiabilityLoan B  105,000 Cr
>> AssetBank105,000 Dr
> 
> This is wrong -- your Debits and Credits don't sum to zero.

Loan A is an existing loan, so that is just eh current balance on Loan A. I 
should have shown that somehow, but I was assuming an existing loan.


>> 
>> Then
>> AssetBank100,000 Cr  -> 5,000 Dr
>> LiabilityLoan A  100,000 Dr -> Zero balance
>> LiabilityLoan B  105,000 Dr
>> 
>> Like that?
> 
> I think I understand what you are trying to say, and *I'm* very confused
> by what you are saying!!!
> 
> -derek
> 
>> 
>> Peter
>> 
>> —
>> Peter West
>> p...@ehealth.id.au
>> “Now is the judgment of this world; now will the ruler of this world be
>> cast out.”
>> 
>>> On 21 Mar 2021, at 11:42 pm, D via gnucash-user
>>>  wrote:
>>> 
>>> New loan gets a new liability account. Transaction from new loan top old
>>> loan pays off old loan. Old loan goes to zero, is reconciled, and can be
>>> set as placeholder and hidden, if desired. Future transactions pay new
>>> loan.
>>> 
>>> On Mar 21, 2021, 09:26, at 09:26, Parker Graham  wrote:
 Have mortgage set up in system but refinanced it and need help on how
 to
 payoff existing loan and set up new loan
 
 ___
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> 
> 
> -- 
>   Derek Atkins 617-623-3745
>   de...@ihtfp.com  www.ihtfp.com 
> 
>   Computer and Internet Security Consultant

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Re: [GNC] mortgage refinance

2021-03-21 Thread Derek Atkins

Peter,

On Sun, March 21, 2021 10:07 am, Peter West wrote:
> What’s the other side of the new loan set-up? Cash at bank?
>
> So
> Liability Loan A  100,000 Cr
> Liability Loan B  105,000 Cr
> Asset Bank105,000 Dr

This is wrong -- your Debits and Credits don't sum to zero.

>
> Then
> Asset Bank100,000 Cr  -> 5,000 Dr
> Liability Loan A  100,000 Dr -> Zero balance
> Liability Loan B  105,000 Dr
>
> Like that?

I think I understand what you are trying to say, and *I'm* very confused
by what you are saying!!!

-derek

>
> Peter
>
> —
> Peter West
> p...@ehealth.id.au
> “Now is the judgment of this world; now will the ruler of this world be
> cast out.”
>
>> On 21 Mar 2021, at 11:42 pm, D via gnucash-user
>>  wrote:
>>
>> New loan gets a new liability account. Transaction from new loan top old
>> loan pays off old loan. Old loan goes to zero, is reconciled, and can be
>> set as placeholder and hidden, if desired. Future transactions pay new
>> loan.
>>
>> On Mar 21, 2021, 09:26, at 09:26, Parker Graham  wrote:
>>> Have mortgage set up in system but refinanced it and need help on how
>>> to
>>> payoff existing loan and set up new loan
>>>
>>> ___
>>> gnucash-user mailing list
>>> gnucash-user@gnucash.org
>>> To update your subscription preferences or to unsubscribe:
>>> https://lists.gnucash.org/mailman/listinfo/gnucash-user
>>> If you are using Nabble or Gmane, please see
>>> https://wiki.gnucash.org/wiki/Mailing_Lists for more information.
>>> -
>>> Please remember to CC this list on all your replies.
>>> You can do this by using Reply-To-List or Reply-All.
>> ___
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-- 
   Derek Atkins 617-623-3745
   de...@ihtfp.com www.ihtfp.com
   Computer and Internet Security Consultant

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Re: [GNC] mortgage refinance

2021-03-21 Thread Derek Atkins

Let's say your old loan has $95,000 remaining.
Your new loan is $105,000
I am ignoring loan costs, interest prepays, escrow, etc.

You would create a transaction:

  Loan Payout   Old Loan   Debit   $95000
New Loan   Credit $105000
Cash   Debit   $1

I.e., you will Increase cash $10k, and then pay off the old loan and take
out the new loan.

-derek

On Sun, March 21, 2021 9:41 am, Parker Graham wrote:
> not following, please give me example such as original loan is
> 100,000.00 refi loan is 105,000.00
>
> thanks
>
> On 3/21/21 9:36 AM, py...@cox.net wrote:
>> Several ways to do this.   Here is the easiest way I know:
>>
>> Mortgage Loan (start loan B)   Increase - Loan Amount
>> Mortgage Loan (start loan B)Decrease -Principal Amount
>> remaining
>> from Loan A
>>
>> Net result - New loan amount before first payment.  Now the two entries
>> are
>> actually the net result of a split transaction entry that comes right
>> from
>> the closing statement received from the mortgage company.  If you follow
>> that statement - you should be good to go.
>>
>> Hope that helps.
>>
>>
>> -Original Message-
>> From: gnucash-user  On
>> Behalf Of Parker Graham
>> Sent: Sunday, March 21, 2021 6:25 AM
>> To: gnucash-user@gnucash.org
>> Subject: [GNC] mortgage refinance
>>
>> Have mortgage set up in system but refinanced it and need help on how to
>> payoff existing loan and set up new loan
>>
>> ___
>> gnucash-user mailing list
>> gnucash-user@gnucash.org
>> To update your subscription preferences or to unsubscribe:
>> https://lists.gnucash.org/mailman/listinfo/gnucash-user
>> If you are using Nabble or Gmane, please see
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>> You can do this by using Reply-To-List or Reply-All.
>>
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-- 
   Derek Atkins 617-623-3745
   de...@ihtfp.com www.ihtfp.com
   Computer and Internet Security Consultant

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Re: [GNC] mortgage refinance

2021-03-21 Thread Peter West

What’s the other side of the new loan set-up? Cash at bank?

So
Liability   Loan A  100,000 Cr
Liability   Loan B  105,000 Cr
Asset   Bank105,000 Dr

Then
Asset   Bank100,000 Cr  -> 5,000 Dr
Liability   Loan A  100,000 Dr -> Zero balance
Liability   Loan B  105,000 Dr

Like that?

Peter

—
Peter West
p...@ehealth.id.au
“Now is the judgment of this world; now will the ruler of this world be cast 
out.”

> On 21 Mar 2021, at 11:42 pm, D via gnucash-user  
> wrote:
> 
> New loan gets a new liability account. Transaction from new loan top old loan 
> pays off old loan. Old loan goes to zero, is reconciled, and can be set as 
> placeholder and hidden, if desired. Future transactions pay new loan. 
> 
> On Mar 21, 2021, 09:26, at 09:26, Parker Graham  wrote:
>> Have mortgage set up in system but refinanced it and need help on how
>> to
>> payoff existing loan and set up new loan
>> 
>> ___
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Re: [GNC] mortgage refinance

2021-03-21 Thread D via gnucash-user

New loan gets a new liability account. Transaction from new loan top old loan 
pays off old loan. Old loan goes to zero, is reconciled, and can be set as 
placeholder and hidden, if desired. Future transactions pay new loan. 

On Mar 21, 2021, 09:26, at 09:26, Parker Graham  wrote:
>Have mortgage set up in system but refinanced it and need help on how
>to
>payoff existing loan and set up new loan
>
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Re: [GNC] mortgage refinance

2021-03-21 Thread Parker Graham


not following, please give me example such as original loan is
100,000.00 refi loan is 105,000.00

thanks

On 3/21/21 9:36 AM, py...@cox.net wrote:

Several ways to do this.   Here is the easiest way I know:

Mortgage Loan (start loan B)   Increase - Loan Amount
Mortgage Loan (start loan B)Decrease -Principal Amount remaining
from Loan A

Net result - New loan amount before first payment.  Now the two entries are
actually the net result of a split transaction entry that comes right from
the closing statement received from the mortgage company.  If you follow
that statement - you should be good to go.

Hope that helps.


-Original Message-
From: gnucash-user  On
Behalf Of Parker Graham
Sent: Sunday, March 21, 2021 6:25 AM
To: gnucash-user@gnucash.org
Subject: [GNC] mortgage refinance

Have mortgage set up in system but refinanced it and need help on how to
payoff existing loan and set up new loan

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Re: [GNC] mortgage refinance

2021-03-21 Thread pyz01

Several ways to do this.   Here is the easiest way I know: 

Mortgage Loan (start loan B)   Increase - Loan Amount
Mortgage Loan (start loan B)Decrease -Principal Amount remaining
from Loan A

Net result - New loan amount before first payment.  Now the two entries are
actually the net result of a split transaction entry that comes right from
the closing statement received from the mortgage company.  If you follow
that statement - you should be good to go. 

Hope that helps. 


-Original Message-
From: gnucash-user  On
Behalf Of Parker Graham
Sent: Sunday, March 21, 2021 6:25 AM
To: gnucash-user@gnucash.org
Subject: [GNC] mortgage refinance

Have mortgage set up in system but refinanced it and need help on how to
payoff existing loan and set up new loan

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Re: [GNC] mortgage refinance

Re: [GNC] mortgage refinance

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Re: [GNC] mortgage refinance

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Re: [GNC] mortgage refinance

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