A mortgage is a long-term loan that you use to finance a property. Managing your mortgage effectively is crucial for maintaining good personal finance.
With Wallet, you can track your mortgage payments as regular expenses. You can categorise these records under ‘Mortgage’ or use a specific label like ‘Home Loan’. This method allows you to see how much of your income is going towards your mortgage payments.
The total repayment amount of a mortgage is usually higher than the borrowed amount due to interest. So, it’s a good idea to enter the total amount that will be paid in the end into the debt for more accurate tracking.
How to Setup a Mortgage Account
Android
- Select '≡' in the top left
- Select 'Debt'
- Create a new Debt by tapping the '+' button in the bottom right.
- Select 'I Borrowed'
- Select the second option 'Create Debt Account'
- Select 'Manual Input'
- Fill in the details
- Account Name
- Bank Account Number
- Type: Mortgage
- Initial Value: Fill in the total mortgage amount including fees. Select the '-' to make the balance negative.
- Currency
- Color
- Save the account
- Now you can add records and track your mortgage payments and keep an eye on your progress towards paying it off.
iOS
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Web App
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