Split mortgage payment

Hello looking for some pro advice please!

I used to split my mortgage payment into 2 categories under 2 headings- Mortgage under Recurring Bills, and Overhead under Apartment. 

We have a rental unit and it helps us pay the mortgage.  I have a category group called Apartment that has all of the real expenses (cleaning, taxes, utilities, supplies, repairs) plus a category called Overhead and one called Apartment Income.  I do a negative budget entry in Apartment Income every month so the entire category group zeroes out.  Any extra income stays in Apartment Income and offsets repairs that come up.

With the new mortgage feature, I'm unable to split my mortgage payment, so I have had to increase my budget in Recurring Bills and now I don't have the offset in Overhead in Apartment.  So the income will pile up in there, visually.  But we do need to use the apartment income to help pay the mortgage.

I'm looking for an elegant way to still use the apartment income to offset the mortgage and for it all to look correct.   

Any suggestions would be really welcome!

Thank you,

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  • Don't use the new loan "feature" because it's unimaginably designed for an exceedingly narrow use-case. 

    Do what you used to do.

    Alternatively, go back to a tracking account for the mortgage, but actually treat your apartment income as income, categorized to RTA. This will help reports. If you're worried about accidentally losing track of the number for the apartment income and using it for something frivolous, I can offer a small trick there.

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    • Move Light Sound Life - Thank you!  The first suggestion is my fall back if I can't figure anything out.  But  I do plan to pay down principal when possible and I like the robustness of the new mortgage feature.

      What is your tip, if I were to blend in Apartment income with everything else?

    • Slate Gray Cobra There are a few workflows I would consider. All operate with the basic understanding that the only inflows that don't go through RTA before being assigned are refunds or reimbursements (there's another compatible R word, but I forget). This makes the reports give you correct numbers.

      Option 1: You know how much your tenant is paying in rent. Simply make monthly funding (savings builder, I think it's called now?) targets that add up to that amount, spread across acceptable categories (mortgage, home maintenance, rental costs, taxes, what have you). Make a note in the categories so you know where the numbers are coming from, if needed to remind yourself later. A separate Apartment Income category is unnecessary, as the income will be separated by payee in the I/E report.

      Option 2: Temporarily hold your apartment income in your apartment income, like you do now. Except, don't negative budget the money to remove it. Instead, when RTA is already a clean $0, change the category of the income transaction to be RTA, then assign the money to pertinent categories until RTA = $0.

      I would do option 1 because it's less work and categories. I think the only benefit of option 2 is that it mimics what you're doing now, so it will be familiar while fixing the inaccurate reporting.

      If you're Buffered, option 1 doesn't change. However, option 2 can be held in your INM until you're ready to recategorize it in isolation. The benefit here is that INM eliminates the need for a separate Apartment Income holding category in option 2 as well.

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