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

Let Us Help

Get in touch if you’re having problems, need something specific or have questions about our spreadsheet.

Claim FREE upgrade

Existing customers of Lender Software Pro v1.7.x claim a FREE upgrade to v2.0.x

© 2023 Testament Research, Inc.

Get started for FREE Today. Register and Download NOW!

Want to Upgrade from Lite to PRO?. Upgrade and Unlock for $79.99

Microsoft® Windows® and Microsoft® Excel® are registered trademarks of Microsoft Corporation in the United States and other countries. Mac® and macOS® are trademarks of Apple Inc., registered in the U.S. and other countries.

By continuing to browse or by clicking 'Dismiss' you agree to the storing of cookies on your device to enhance your site experience and for analytical purposes. To learn more about how we use cookies, please see our Cookies Policy and Privacy Policy.