This scenario is for when a Partial Payment is received ON TIME.
For this scenario the Payment is going to be recorded as less than what is normally expected. The Normal Payment including Escrow should be $917.29, but the borrower only sent $500.00.
Click on the Record Payments worksheet.
In our example, the first payment is due March 1 2021.
We received this payment on March 8 2021. Enter 3/8/21 in Column B.
Note that you can now see the Amount Due in Column C as soon as the date is entered into Column B.
The Amount Due is shown as $929.17 (including $200 escrow). There is NO Late Charge as the payment is not Late.
In this example you receive $500.00 (including $200 escrow) but you DID NOT receive the FULL Normal Payment.
Enter $500.00 in Column E.
Since you only received a Partial Payment Amount, enter the Total to Apply in Column M which is $500.00.
You will note that the $200 escrow payment has been Applied to Escrow in Column N. If you are not escrowing, nothing will appear.
We have also added in the Check Number in Column H and the Cleared Date in Column I for clarity.
To see how your payment has been applied, scroll to the right to Columns S onwards.
From the $500.00 applied, Column V shows that there was only $300.00 to Apply to Interest and Principal. There is nothing in Column X for Principal as this is an Interest Only loan. The amount To Interest should have been $729.17 but because the full payment was not received, the amount left over after Escrow is $300.00 and is shown in Column W.
Column AH shows that there was an under payment of $429.17 as the Full Payment was NOT received. Column AJ shows how much the payment should have been.
Get in touch if you’re having problems, need something specific or have questions about our spreadsheet.
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