Loan Planner - first payment in a different month

I just took out a 36-month car loan.  Although the origination date is in December, the first payment isn’t due until January, and the payoff date isn’t until January 2025.

When I enter the loan terms in the new loan account, naturally enough it shows a payoff date 36 months away - December 2024.

If I don’t make my first payment until January, will the payoff date self-correct? Or will the amortization be messed up? Similarly, if I go ahead and make a payment in December, will that cause problems?

Just trying to anticipate the issues so I can make any recommended workarounds ahead of time.

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  • I think the recommended workaround is to not use YNAB's loan feature. Use a tracking account in YNAB. If you need further information/encouragement about debt payoff, use a spreadsheet or

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  • Orange Tugboat If you don't make your first payment until January, that payoff date should adjust all on its own! If you make a payment in December, YNAB will calculate interest, so if that's not happening in real life, you may need to make a balance adjustment down the line.

    • Rachel Thanks! I thought it might work that way, so thanks for confirming. 

      • Paul2020
      • paul2020
      • 1 mth ago
      • Reported - view

      Rachel My escrow amount has changed for 2022. Beginning with January's mortgage payment I will be paying a slightly lower amount. I am also going to change the date of my payment from the first of each month to a week earlier. When I try to enter this information into the loan account, YNAB thinks, erroneously, that I am paying extra for December.  I have followed the advice above from Move Light Sound Life with my auto loan because there is simply too great a discrepancy between YNAB and the lender's numbers.  It is just not going to ever add up, it seems. I may have to do that with the mortgage, too. But first:

      Are you saying that if I make January's mortgage payment in December I will have to make a balance adjustment?

      Thanks for your time. Based on my experience so far with this new feature, it appears that it will only work well with interest free loans. 

    • Paul2020 Thanks for your patience while we were on break. :) If you make a January mortgage payment in December—and you've already made December's payment—no interest will be calculated on that second "January" payment, so you'll need to update your loan balance to ensure its accurate.

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