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chadclark

May 3rd

Great question! Interest is not typically displayed as part of the account balance of a loan, although the total cost of the loan is going to be greater than the principal balance displayed on the account - which is what I think you are referring to. Interest isn't included because the amount you owe is the Principal amount, but the amount of interest you end up paying is dependent upon how quickly you can pay back the loan. For budgeting purposes, you need to determine how much you are going to apply towards those accounts each month, understanding that a portion of that payment will go to principal and a portion to interest. If you are able to pay additional principal, the less you will pay in interest over the life of the loan. For investment accounts, the balance should reflect the current balance of that account including any appreciation or interest earned. If you have questions or see discrepancies between balances in the MW app and your actual statements, please report them to support@moneywise.org and we'd be happy to help!
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