How do I enter a mortgage or other term loan?
Where to find it: LOANS → Add loan
Open LOANS and add a loan. Select the borrower, lender and loan type. A bank is Other as lender; select the fixed/variable and open/closed type that matches the contract.
Enter the current balance as of the last payment, the start or latest renewal date, term length, payment frequency and interest assumptions. For a future loan, enter the amount to be borrowed and its future start. The original principal is separate from today’s outstanding balance.
Enter either the payment amount or the number of payments left for amortization as requested. Number of payments is not a number of years: 20 years of monthly payments is 240 payments. The payment frequency and interest-compounding interval are separate settings.
For a mortgage, select the property as collateral after entering it in REAL ESTATE. Save and inspect the amortization table. Loan payments are calculated from this entry; do not include the same principal and interest again in EXPENSES.