How To Setup A Mortgage Account In MoneyCoach

Set up mortgage tracking in MoneyCoach by deciding what you want to monitor: the monthly payment, extra payoff savings, or the remaining loan balance. Most users should combine a repeating payment with a Smart Goal or loan account so the mortgage stays visible every month.

TL;DR

• Use a repeating payment for the monthly mortgage.
• Use a Smart Goal if you are saving for extra repayments, a down payment, or a payoff target.
• Use a transfer if you track a separate mortgage or loan account.
• Turn on reminders so the payment is not missed.
• Review the plan monthly alongside your budget.

Video Tutorial

Choose the right setup

There are three common ways to track a mortgage in MoneyCoach:

• Monthly payment tracking: add the mortgage payment as a repeating expense.
• Loan balance tracking: create a loan-style account and record payments as transfers.
• Extra payoff planning: create a Smart Goal for extra principal payments, down payment savings, or a payoff target.

Pick the simplest setup that matches how much detail you want to maintain.

Step-by-step guide

1. Create a Smart Goal

Create a Smart Goal when you want to save toward a specific mortgage-related target.

1. Open the Smart Goals card from Overview.
2. Tap the + button.
3. Enter a clear goal name, such as Mortgage Extra Payment.
4. Enter the target amount.
5. Set a deadline if you have one.
6. Tap Save.

If you need the full Smart Goal walkthrough, see How To Create a Smart Goal.

2. Add the mortgage payment

If you only want to track the monthly payment as spending:

1. Add a new transaction.
2. Choose Expense.
3. Enter the mortgage payment amount.
4. Choose the account the payment leaves.
5. Choose or create a category such as Mortgage.
6. Make it repeating on your payment schedule.
7. Turn on reminders if needed.
8. Save the transaction.

If you track a separate mortgage or loan account, use a repeating transfer from your checking account to the mortgage or loan account instead.

3. Review it monthly

Use your budget and calendar to review upcoming payments before they happen. This makes the mortgage part of your monthly plan instead of a surprise after the fact.

Additional information

To make room for extra repayments, create a budget and review your spending categories. For broader loan tracking, see How To Manage Property Loans.