A loan is an account whose balance is what you still owe. The design principle: you record payments; the engine handles interest. You never have to compute an amortization schedule yourself.
Setting up a loan
Create an account with the loan type. The field is called Loan Amount, and it means what you owe right now, not what you originally borrowed — the schedule, EMI and payoff date are all worked out from it. If you took a $400,000 home loan in 2018 and $260,000 is left, put $260,000. You then choose the style:
- EMI loan: you add the interest rate and the payment day. This unlocks automatic interest posting (below) and the prepayment simulator.
- Simple loan: just a balance you pay down manually, with no rate. Good for a friend-and-family loan or anything without formal interest.
Interest posts itself (EMI loans)
If your loan is an EMI loan with a rate and a payment day, Wealth Mutant posts each month's interest onto the loan automatically. You'll see it in the loan's history as a system entry, and the owed amount grows by exactly that much. (It's a per-loan setting you can toggle off.) A simple loan, or one created without a rate or payment day, never auto-posts interest; its balance only moves when you record payments.
On the first of the month, a Smart Insight summarizes what interest cost you across all loans — the number banks prefer you not to look at.
Payments are just transfers
An EMI or any repayment is a transfer from your bank account to the loan. That's the whole model:
- what you owe = opening debt + posted interest − your transfers in
There's no separate "loan payment" form to learn, and partial or extra payments need no special handling. They're transfers too.
The prepayment simulator
Open the loan's detail page and ask the question your bank won't answer: what does one extra payment actually do? Slide the extra monthly amount and watch two numbers move: interest saved and how many months earlier the loan ends. The compounding works for you in reverse: small extras early are disproportionately powerful.
Reminders
If you set a payment day, Wealth Mutant reminds you before it. The reminder is honest about being a nudge, not a record. Nothing is recorded until you record it.
