How to track bi-weekly mortgage payments?

Hello everyone!

I’m curious to know how do you track your bi-weekly mortgage payments with GoodBudget. From what I understand, the debt accounts are made to track monthly payments, am I right?

You’re right in that the budget for debts is set up as a monthly amount. However, you can get around this by multiplying your biweekly payment by 26, then dividing by 12 to reach your monthly target. As far as payments, you’re certainly allowed to enter more than one debt transaction per month, and if you’re making biweekly payments then automating those is probably the easiest way to accomplish your goal. You will likely still need to go in and adjust the interest and principal amounts for an amortized loan, but making payments biweekly is pretty straightforward.

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PS–you’ll also want to be sure those Fills are set up for the Add function, not the Set function because you’ll want to roll over the amount remaining each month.

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Personally, I don’t track my mortgage as a Debt account as I don’t see any benefit in doing so in GB, and I see several reasons not to. I don’t think it’s worth the inevitable fiddling of principle vs interest amounts to make it match your actual statements. I just have a monthly envelope that I fill on the first day of a month and pay from on the last day of the month. Using a biweekly envelope the same way is straightforward.

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I completely agree! I track my mortgage directly through the lender, and just have a “fixed expenses” envelope in which I allocate that payment.

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