Loans
Model a mortgage, car loan or personal loan — repayments, interest and payoff over time.
2 min read
A loan is money you owe that shrinks as you repay it. Steer models your loans properly — repayments, interest, and the slow march to zero — so your debts show up accurately in your cash flow and net worth.
Adding a loan
Tell Steer the essentials of the loan:
- The amount borrowed (or the balance remaining).
- The interest rate.
- The repayment schedule — how much you pay and how often.
- The term, or how long until it's paid off.
From there, Steer works out your repayment plan and folds it into your projection automatically.
What Steer calculates
Your regular payment, split between interest and the amount that actually reduces what you owe.
How much of each payment is interest early on versus later, as the balance falls.
When the loan reaches zero — and how extra payments could bring that date forward.
Rates that change
Some loans have a rate that changes — a fixed period that rolls onto a variable rate, for example. Steer handles this with the same "use the rate that's in effect" approach used for price changes: schedule the new rate from its start date, and Steer re-works the repayment plan from that point.
Extra payments
Thinking about overpaying? You can model extra payments and watch the effect — a chunk off the principal can shave months (and a surprising amount of interest) off the loan. It's a great thing to explore in a simulation.
How loans show up
- In your net worth, a loan is a liability — it reduces what you're worth, and that drag eases as the balance falls.
- In your cash flow, the repayment is a recurring outflow.
- On your Overview, loans appear in the assets & liabilities list behind your headline figures.
Included free
Viewing loans in your baseline projection is free. Testing loan changes inside what-if scenarios is part of Pro simulations.