SCENARIO 4: Partial Payment received on time


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.

Entering Partial Payment received on time

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.

Partial Payment received on time applied

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.

Under payment shown as only partial payment applied

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