Buying a new church building with saved funds and a loan

[truehope]

Hi. Our church just purchased a new building. We were able to pay $80,000 to the previous owner with the understanding that we will take out a loan for the remaining amount of $55,000. Can someone walk me through setting up this new asset correctly so it reflects the whole value, not just the $80,000 we put down, and also how to set up the loan?

Once we get the loan, I will need to set up the liability account for the loan principle. I will also set up expense accounts for the monthly payments to principle and to interest. How do I post the principle payment both the expense account and to the liability account without it looking like we posted twice the amount??

Any help with this process would be greatly appreciated!!

Thanks!
Anna