FAQ > Data Entry On The Worksheet

Why is Insurance and Taxes in the Loan Section?

Loan, Tax & Insurance

In the “Loan, Tax & Insurance” section of the Customize page for a property on SimplifyEm.com Property Management Software, you may notice that Insurance and Taxes are listed alongside the Loan. This might seem confusing at first, but there’s a practical reason for it.

Tracking Insurance and Taxes

Many loan agreements include payments for both taxes and insurance, often bundled into one monthly payment. When lenders structure loans this way, they typically collect these amounts as part of your mortgage payment, then hold the funds in escrow and pay taxes and insurance on your behalf. SimplifyEm.com Property Management Software reflects this common practice by grouping taxes and insurance with the loan, providing a more accurate picture of your property’s expenses and how they are paid.

SimplifyEm’s Setup for Loans

By setting up your loan in the software, you can ensure that payments for taxes and insurance are properly accounted for in the same manner they are in your actual loan arrangement. This makes it easier to track all associated costs in one place, simplifying the management of property finances and helping you stay organized.

In short, SimplifyEm’s setup aligns with real-world loan practices, giving you the flexibility to mirror how your payments are actually structured, whether they include taxes and insurance as part of your loan or not.