Using the workbook
Loans
Tracking what you owe — lenders, total due, monthly payment and interest rate, loan codes on repayments, past payments and future payments, progress and status.
On this page
The 💵 Loans tab tracks money you owe — a mortgage, a car loan, a student loan, money borrowed from family. You record each repayment as an expense; MonetrixOS adds them up and shows what's left.
| Column | What to enter |
|---|---|
| Loan Name | A name you recognise, for example Car loan. |
| Loan Code | A short code for this loan, for example CAR-ME. You'll put it in the description of each repayment. |
| Owner | The household member the loan belongs to. |
| Lender | Who you owe. Choose from your list of lenders. |
| Start date | When the loan started. |
| End date | When it should be fully repaid. |
| Total Due Amount | The total you have to repay. |
| Monthly Payment | Your usual monthly repayment. |
| Interest Rate | The yearly interest rate in percent, for example 5.25. Leave it blank if there's none. |
| Total Paid (auto) | The repayments recorded so far. |
| Remaining Balance (auto) | Total due minus total paid. |
| Progress (%) (auto) | Total paid as a percentage of the total due. |
| Status (auto) | See Statuses. |
The Monthly Payment and Interest Rate don't change the total paid or remaining balance; they are used to generate payments and by the debt payoff planner.
A repayment is an expense on the Transactions tab whose Description contains the loan's code, for example Car loan CAR-ME.
It counts toward Total Paid when:
- its type is Expense (for example, sub-category
Car Loan); - its description contains the loan code, in upper or lower case;
- it is dated on or after the loan's Start date.
- In the sidebar, select More, then Loans. The Loans tab opens too.
- Select + Add loan.
- Fill in Loan name, Code (tags payments), Owner, Lender, Start date, End date, the total amount, the monthly payment and, if there is one, Interest rate (% per year, optional). For a lender who isn't on your list yet, choose ➕ New lender… and type the name.
- Choose whether to generate payments (see below).
- Select Save.
If the loan started a while ago, tick Auto-generate the payments already made. MonetrixOS creates one expense per month, from the start date up to today, for the monthly payment amount. Choose:
- Payment day of month — the day the payment is taken each month;
- Payment sub-category — for example
Car Loan. It must be an expense sub-category; - Paid from account — the account the payments come out of.
Months that already have a repayment with the loan's code are skipped, so you won't get duplicates. The loan needs a code, a start date in the past and a monthly payment.
Tick Create a recurring entry for the payments to come to add a monthly rule on the Recurrings tab. It starts on the next payment day and ends on the loan's end date, so future repayments are recorded automatically. The loan needs a code and a monthly payment.
- 🎉 Repaid — nothing is left to pay.
- ⏳ In Progress — there's still a balance and the end date hasn't passed.
- 🚨 Overdue — the end date has passed and there's still a balance.
- Unknown — something is missing: check that the loan has a total due above zero, a start date and an end date.
Your lenders are the names in the Lender dropdown. You set the first ones up in the setup wizard. To change them later, select More, then Lenders in the sidebar, use + Add lender or Remove, and select Save lenders.
The sidebar's Debt payoff planner uses your loans' remaining balances, monthly payments and interest rates to show how fast you can be debt-free. See Analytics & debt payoff.