How to handle Refi?

So I am changing banks and doing a refi - pay off old bank and start a new bank with cash out option,


OLD bank has 440K loan in YNAB, the new bank will be 516K - so how do i reflect this in YNAB?

New bank will pay off old bank and give us cash out of $65K (TBB??)



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  • I just did something similar since my mortgage just got transferred to a new company. Create the new account and transfer the balance of the old account to the new account. Reconcile the old account to the 0 balance and close it. It's as simple as that.

    In the new account add a transaction for the additional 65K loan. The 65K will appear in TBB. Now you can budget it.

  • Ok thanks - does it matter if its a linked account or not?

    • Turquoise Hail  It doesn't matter if your accounts are linked for direct deposit or not.  If an account is linked when you close it, it will automatically unlink.

    • Dela ok


      What if I add the new account as "unlinked" now but find out later that I am able to Link it?

      Is it possible to link it online after its created?

    • Turquoise Hail Absolutely! All you'll need to do is click the little edit button (pencil) next to the account name then Link Account when you're ready. :)

  • Just jumping in to add a bit more context to what Superbone said. Here's the step-by-step to set up that new mortgage Tracking Account:

    • Create a new mortgage Tracking Account with a starting balance of $0. You can make it unlinked to start.
    • Then, close your current mortgage account. When you close it, you'll be prompted to transfer the balance to your new mortgage Tracking Account.
    • Finally, you'll want to make a Reconciliation Balance Adjustment in the new account so the balance accurately reflects what you owe. 
    • Later on, if you are able, you can link the new Tracking Account.

    As for the cash out money, I'm assuming you'll receive a check at closing, which you'll deposit to an on-budget savings or checking account. So, you'll want to add that transaction as an Inflow: To be Budgeted in the deposit account. Then, give the dollars jobs! :)

  • when I try to close the current loan account I get this - Before you can close this account, the balance will have to be zeroed out. An adjustment transaction will be created for $xxxxx


    It doesnt give me the option to transfer the balance to the new loan account created

      • Superbone
      • YNAB convert since 2008
      • Superbone
      • 1 mth ago
      • Reported - view

      Turquoise Hail You can make the adjustment transaction a transfer by choosing the new loan transfer payee. Transfer accounts are at the top of the list.

    • Superbone I dont follow

    • Turquoise Hail After closing and zeroing out the old loan account, I'd just create a new account with the balance of the new loan. You can edit the transaction as Superbone suggested, but since these are both tracking accounts, it's not going to affect your budget or reports.

      I'd keep it simple! Close the old loan, create the new loan, and enter a deposit into your checking account for the cash out.

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