Add a loan or other liability
Add a mortgage, student loan, personal loan or any other debt with Add Account, then Custom Liability. Enter amounts as positive numbers; FIYR saves them as debts.
Loans you link through Plaid (from Link Account) are added automatically. Use Custom Liability for debts your bank can't link, like a family loan, medical bill or private student loan.
Steps
- Click Add Account in the sidebar (on a phone, More, then Add account) and choose Custom Liability.
- Pick a LIABILITY CLASS, such as 🏠 Mortgage, 🚗 Vehicle Loans, 📚 Educational Loans, 💰 Personal Loans or 💳 Credit Card Debt.
- Type a NAME, for example "Shellpoint Mortgage". Names must be unique among your debts.
- Fill in INTEREST RATE, LOAN TERM (MONTHS) and MONTHLY PAYMENT.
- Set START DATE: the month your history starts from.
- Type the CURRENT BALANCE (what you owe today) and STARTING BALANCE (what you originally borrowed).
- Set LOAN START DATE, the date of your first payment period. The amortization schedule counts from here.
- Click ADD LIABILITY.
The fields and what they do
| Field | What FIYR uses it for |
|---|---|
| STARTING BALANCE | The original loan amount. It becomes the loan's Purchase Value and the starting principal of its amortization schedule. |
| CURRENT BALANCE | What you owe today. This is the number subtracted from your net worth. |
| START DATE | Where the loan's history begins. FIYR fills one value per month from here to today in a straight line from the starting balance to the current balance. |
| INTEREST RATE, LOAN TERM (MONTHS) | With the starting balance, these build the amortization schedule. |
| LOAN START DATE | When the schedule starts. If empty, FIYR uses START DATE. |
| MONTHLY PAYMENT | Saved with the loan for your reference. The schedule calculates its own principal-and-interest payment. |
| PAYOFF TARGET DATE (OPTIONAL) | Not used yet. You can leave it blank. |
Type every amount as a positive number. FIYR stores debts as negative numbers, which is why they show with a minus sign in red on the page.
Example: you borrowed $24,000 for a car in June 2023 and owe $14,500 today. Starting balance $24,000, current balance $14,500. Your net worth drops by $14,500, and the loan's history runs from −$24,000 in June 2023 to −$14,500 this month.
Keeping the balance current
A manual loan doesn't update itself. Each month, the monthly value review asks for its new balance, or you can click the amount on its row and type the new balance any time. Debts show with a minus sign; keep it when you type, for example -14200.
Credit cards
Linked credit cards are 💳 Credit Card Debt automatically, and their balance owed lowers your net worth. Add a card by hand only if it can't be linked; remember to update its balance monthly.
Common questions
Should I type my loan balance as a negative number?
Not in the Custom Liability form: type positive amounts and FIYR makes them debts. When you edit a debt's value later on the Net Worth page, it shows with a minus sign, and you keep the minus sign.
What is the difference between Start Date and Loan Start Date?
Start Date is where the loan's value history begins. Loan Start Date is where its amortization schedule begins. If you leave Loan Start Date empty, FIYR uses Start Date.
Does adding a loan include escrow?
The amortization schedule covers principal and interest only. Taxes and insurance in your payment are not part of the loan balance.
My loan is linked through my bank. Do I need to add it here?
No. Linked loans appear automatically. Open its editor to add the rate, term and original amount if you want an amortization schedule.
Still stuck?
Email us. A real person who builds FIYR reads every message.