The entry for my house purchase looks like this:
2014-12-18 Buy house
Assets:Fixed:House $445,000.00 ; Selling price of
house
Assets:Current:XYZ Bank:Checking $455.76
Expenses:Interest:Mortgage Interest $390.60
Expenses:Taxes:Property Tax $282.49 ; Current qtr taxes
Expenses:Taxes:Property Tax $2,154.00 ; Next qtr taxes
Expenses:Utilities:Sewer $18.45 ; Current qtr sewer
Expenses:Utilities:Sewer $141.48 ; Next qtr sewer
Expenses:House:Warranty $32.10
Liabilities:Loans:Mortgage Principal $-427,750.00 ; PV of mortgage
at t=0
Assets:Current:XYZ Bank:Savings $-20,500.00 ; Down payment
Assets:Current:AnAssetAccount $-5,001.37 ; More money down
Assets:Current:Escrow $960.49
Expenses:House:Settlement $440.00 ; Origination charges
Expenses:House:Settlement $325.00 ; Appraisal fee
Expenses:House:Settlement $75.00 ; Tax service
Expenses:House:Settlement $50.00 ; Appraisal management
Expenses:House:Settlement $2,301.00 ; Title services and
lender's title insurance
Expenses:House:Settlement $105.00 ; Owner's title
insurance
Expenses:House:Settlement $220.00 ; Government recording
charge
Expenses:House:Settlement $300.00 ; Survey
This establishes the "Liabilities:Loans:Mortgage Principal" account which
tracks the loan balance. "Assets:Fixed:House" can be used to calculate
your equity (as in home equity, not an equity account type). Various
charges need to be paid at closing time: title fees, current and next
quarter taxes, utility services, etc. It also categorizes
"Expenses:Interest:Mortgage Interest" as a separate category from other
types of interest, for tax purposes. Finally, it also seeds the
"Assets:Current:Escrow" account which is the source account for paying all
sorts of property tax and insurance expenses.
A monthly mortgage payment might look like this:
2015-03-23=2015-04-01 (1000) Loan Servicing Company
Liabilities:Loans:Mortgage Principal $585.63
Liabilities:Loans:Mortgage Principal $100.00 ; Pay a little extra
principal every month
Expenses:Interest:Mortgage Interest $909.08
Assets:Current:Escrow $1,024.48
Assets:Current:XYZ Bank:Checking $-2,619.19
This set up has tracked my mortgage payments and balances for several
years, down to the penny.
On Fri, Feb 19, 2021 at 8:40 AM Alex Branham <[email protected]> wrote:
> Thanks for the responses! So it sounds like your monthly payments look
> something like:
>
> 2021-03-06 foo
> liabilities:mortgage:principal $ -X
> expenses:interest $ -X
> assets:checking
>
> I'm having trouble figuring out what the initial house purchase entry
> should look like, though. Did you create something like an "assets:house"
> account with 1 house in it? Or did you balance against "equity:house" or
> something else?
>
> 2021-02-06 someone
> assets:house 1
> house
> liabilities:mortgage $ -X
> assets:checking $ -X
>
> Thanks!
>
> On Mon, Feb 8, 2021 at 2:42 AM Alan Schmitt <
> [email protected]> wrote:
>
>> On 2021-02-06 23:31, Yuri Khan <[email protected]> writes:
>>
>> > On Sat, 6 Feb 2021 at 22:46, [email protected] <
>> [email protected]> wrote:
>> >
>> >> How do people track their housing/mortgage/interest in ledger? Do you
>> recommend just a simple "Expense:Mortgage" account or a more micro level
>> with e.g. "Expenses:Interest:Mortgage" and "Equity:House" for the
>> interest/principle?
>> >>
>> >> Any and all thoughts/tips/tricks welcome, thanks!
>> >
>> > I did pretty much that. The principal is a Liabilities subaccount
>> though.
>>
>> I do the same thing: I have a Liabilities account were the loan was
>> initially deposited (which balanced getting the cash in my account) and
>> an interest Expenses account. Each monthly payment is dispatched between
>> the two, slowly decreasing the Liabilities that remain.
>>
>> Best,
>>
>> Alan
>>
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