Loan Accounts on Mobile
Loan accounts are uniquely designed to help you track your loans and budget for their payments. From mortgages, car loans, and medical loans, to personal and student loans, YNAB Loan accounts are here to help you budget for your payments, and pay off debt!
But first - if you have credit card debt, we recommend using the Credit Card account type for that. Learn more about it here!
And second—if you have an offset mortgage, we recommend using a Tracking account instead of a Loan account.
In This Article
Adding a Loan Account
To add a Loan account, tap the Add Account button, and then tap Unlinked or Linked.
After tapping Add Accounts > Unlinked, select the account type from the Loan Accounts list. If you don’t see your account type listed, choose Other Debt.
Enter the name of the account, the balance you owe, the interest rate, and minimum monthlypayment amount. If you choose a Mortgage account, you’ll also be asked if your monthly payment includes escrow or fees.
YNAB will then ask you to choose a budget category where you’ll budget for payments to this loan. You can choose an existing category, or create a new one!
Loan accounts cannot import transactions, but our import partner can provide data - like the current balance - to help create the account.
To set up a Linked Loan account, tap Add Account and select Linked. Follow the prompts to connect to the bank that services the loan. Not all lenders will be available for connection, so if you don’t see your lender/bank in the Connections list, we recommend setting up the Loan as an Unlinked account.
Linked Loan accounts will not import payments or transactions. However, you can create a Scheduled Transaction for your loan payments, and YNAB will automatically enter the payments each month! The steps to create a Scheduled payment are below.
- Enter a Loan Payment
- Import a Loan Payment
Open the Loan account and tap the Add Transaction button.
Enter the amount in the Payment Amount at the top, and ensure the toggle is green to indicate it’s an inflow.
For the Payee, choose the transfer Payee for the account that is making the payment.
The category field will say Category not needed. YNAB will automatically add the payment to the paired budget category for this loan.
If the payment happens monthly, you can schedule it to repeat automatically by tapping the Repeat field and selecting the frequency of this payment. You can also add a Memo, if you’d like!
Option 1: Tap on the category you’ll use to budget for your loan payments, then tap on Details (above the keypad). Tap “Create a target.” Enter the amount of your monthly payment and the payment due date. Then, tap Save Target!
- Option 2: You can also create a Target by tapping the pencil icon in the top right of your screen (this will bring you to Edit Mode). Then, tap on the category you’ll use for loan payments, and enter the amount of your monthly payment. To choose a payment date, tap “Monthly Debt Payment” and enter the date of your monthly payment.
Recording a Loan Payment
Each Loan account will have a paired budget category where you’ll assign funds for your payments. When you make a payment, an outflow transaction will be added to the account register of the account that made the payment, and the payment will be deducted from the Loan account’s paired category in your budget.
There are two ways to record a loan payment:
Enter a Loan Payment
Import a Loan Payment
Loan accounts cannot import transactions, but if your budget accounts are linked, you may notice your loan payment import into the account that made the payment (i.e. Checking).
The first time a loan payment is imported into one of your budget accounts, YNAB won’t know that the outflow transaction is a loan payment. To adjust it, change the Payee of the imported transaction to be a transfer to the Loan account. YNAB will change the category field to say Category not needed, and the payment will be added to the paired budget category for this loan!
Adding Targets to Loan Account Categories
Targets help you reach your loan payoff goals by reminding you to assign funds for them! You can set a Target to pay a set amount toward the loan each month, or pay off the loan by a chosen date.
There are two ways to add a Target to a category in the mobile app.
Check out this Help Doc to learn how to add, edit, and delete Targets in the mobile app!