Track your mortgage and renewal dates

Record a property's mortgage to see its current balance, its payoff schedule, and the all-important renewal date.

Before you start

• Mortgage tracking works on all plans and for any property, rented or not.
• The optional renewal reminders, a heads-up at 120, 60, and 30 days before renewal, are a Pro and up feature.
• Have your lender, original amount, interest rate, term, amortization, payment amount and frequency, and the start and renewal dates ready.

Steps

1. Open the property and go to the Mortgage tab.
2. Choose Add mortgage and enter the lender, original amount, rate, term, amortization, payment amount and frequency, and the start and renewal dates.
3. Save.

What happens next

• Wealthru works out the current balance and a full payoff schedule from the terms you entered, all exact to the cent.
• The renewal date appears in the property's Key dates with a countdown.
• On Pro and up, you also get renewal reminders at 120, 60, and 30 days out.

Notes

• The mortgage record is the authoritative payoff record. It is separate from the rough mortgage balance you may have entered under property financials.
• Net worth, covered in *Property valuation and net worth*, subtracts the current mortgage balance from the property's value to show your equity.

What happens when it renews

Knowing the date is half the question. To see what the payment becomes at a higher rate, see See what your payment becomes at renewal. It is the What if it renews higher? control on this same Mortgage tab.

When the balance is not going down

Some mortgages do not pay down. If your payment covers only the interest, the balance stays the same. If the payment is less than the interest, the shortfall is added on and the balance goes up, so you can end up owing more than you borrowed. Both are real mortgages and both are recorded normally here.

Wealthru shows the balance either way, and the mortgage card says which of the two is happening. That matters for your net worth, because the balance is subtracted from what your properties are worth. If your net worth dropped after a recent update, this is usually why: the balance was previously being reported as paid off, and it is now reported as it stands.

Your interest is still deductible either way, and the T776 pack claims the interest you actually paid over the year.