when creating a loan account you'll be asked your interest rate and minimum monthly payment after you select your account type

Loan Accounts – YNAB Help

Loan accounts are uniquely designed that will help you monitor your loans and funds to your loan funds. From mortgages, automobile loans, and medical loans, to non-public and student loans, YNAB Loan accounts are right here that will help you funds to your funds, and repay debt!

But first—when you have credit card debt, we advocate utilizing the Credit Card account sort for that. Learn extra about it right here!

In This Article

Adding a Loan Account

To add a Loan account, click on the Add Account button, after which click on Unlinked or Linked.

Unlinked

1

Select the account sort from the Loan Accounts listing. If you don’t see your account sort listed, select Other Debt.

2

Enter the title of the account, the stability you owe, the rate of interest, and minimal fee quantity. If you select a Mortgage account, you’ll even be requested in case your month-to-month fee consists of escrow or charges.

3

YNAB will then ask you to decide on a funds class the place you’ll funds for funds to this loan. You can select an current class, or create a brand new one!

when creating a loan account you'll be asked your interest rate and minimum monthly payment after you select your account type

Linked

Loan accounts can’t import transactions, however our import companion can present information – like the present stability – to assist create the account.

To arrange a Linked Loan account, click on Add Account and choose Linked. Follow the prompts to hook up with the bank that providers the loan. Not all lenders can be out there for connection, so should you don’t see your lender/bank within the Connections listing, we advocate organising the Loan as an Unlinked account.

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Linked Loan accounts is not going to import funds or transactions. However, you may create a Scheduled Transaction to your loan funds, and YNAB will robotically enter the funds every month! The steps to create a Scheduled fee are under.


Recording a Loan Payment

Each Loan account can have a paired funds class the place you’ll assign funds to your funds. When you make a fee, an outflow transaction can be added to the account register of the account that made the fee, and the fee can be deducted from the Loan account’s paired class in your funds.

There are two methods to file a loan fee: 

  • Enter a Loan Payment
  • Import a Loan Payment

Enter a Loan Payment

1

To enter a loan fee, open the Loan account and click on Add Activity.

2

Choose Add Payment.

3

Enter the quantity within the Payment Amount subject. If there are Available funds within the loan’s fee class, the overall Available quantity will present robotically because the Payment Amount.

4

In the From Account subject, select which account made the fee.

5

Choose the Date of the fee, and add a Memo should you’d like!

Import a Loan Payment

Loan accounts can’t import transactions, but when your funds accounts are linked, you might discover your loan fee import into the account that made the fee (i.e. Checking). The first time a loan fee is imported into one among your funds accounts, YNAB received’t know that the outflow transaction is a loan fee.

To regulate a fee that imported, change the Payee of the imported transaction. Select the Payment & Transfers Payee for the Loan account. YNAB will robotically select the paired funds class!

the payee on the imported transaction should be changed to select a transfer to the debt account. no category is needed.

In the longer term, YNAB will bear in mind the switch Payee and can robotically select that Payee for the subsequent imported loan fee!


Adding Targets to Loan Account Categories

Targets assist you attain your loan payoff objectives by reminding you to funds for them! You can set a Target to pay a set quantity towards the loan every month, or repay the loan by a selected date.

1

To add a Target, open the Loan account and click on “Create Debt Payment Target.”

the option to create a debt payment target is on the right under the Budget Category

2

This button will take you to the paired funds class and can open the Debt Payment Target for that class!

3

If you’d wish to pay a set quantity towards the loan every month, enter that quantity within the Monthly Payment part. YNAB will robotically calculate the Payoff Date and remaining Interest primarily based on the Monthly Payment quantity.

4

If you’d wish to repay the loan by a sure date, enter the Payoff Date and YNAB will robotically calculate the month-to-month fee required to repay the loan by that date.

5

Choose the date that your month-to-month funds are due, and click on Save Target!

the Due Every dropdown is under your monthly payment amount and allows you to choose the day your payment is due

To study extra concerning the Debt Payment Target, try the Targets Help Doc!