Tracking irregular loan payments (Land Contract)
Hello, I sold a property on Land Contract about a year ago. We fully amortized the purchase price over 5 years with interest. We also added a separate escrow amount for property taxes. Buyer has been making very irregular payments (irregular in the frequency and amount). Buyer is currently behind with payments. I would like to produce an accurate loan statement so that we can both see where things are at. Can anyone point me to a spreadsheet that allows for multiple irregular payment dates, and applies the correct amount to P&I. Also, I am unsure how to handle the escrow payment as the payments are never allocated to P/I vs. Escrow. Thank you