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 and set what you currently owe (the opening balance). 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 — and the reminder is honest about being a nudge, not a record. Nothing is recorded until you record it.