When you add a Real Estate asset with a mortgage, Exirio will automatically update its balance to account for your monthly repayments, based on the terms of the mortgage.
Exirio's mortgage calculator assumes equated monthly installments (EMI), which means each month you pay the same amount (made of an interest and a capital repayment component) for the duration of the mortgage. Also, it presumes a fixed interest rate: if your mortgage has a variable rate, all you need to do is edit the mortgage information each time the rate changes (the transactions automatically added for the period before the change will not be impacted).
The first monthly payment for your Mortgage may refer to a period that is not actually a month. On Exirio, this payment is then pro-rated according to the dates you input (the Mortgage Start Date and the First Mortgage Payment Date) and it will then be smaller or larger than your future monthly payments depending on the number of days in between these two dates.
If this initial period is longer than a month but your first payment is equal to all future monthly payments (i.e. you are given a "free" initial period, as it may be the case with some US lenders), in order for the calculations to be correct you need to set the Mortgage Start Date not as the date you received the funds, but the date exactly one month before the first payment is due.
Although EMI is the most common kind of mortgage, there are actually too many mortgage types to count, often with jurisdiction-specific characteristics. Therefore, it may be that your specific agreement implies monthly payments or amortization schedules that are different from what Exirio calculates. Should that be the case, you can manually edit the mortgage balance and interest payments, or reach out to us ([email protected]) so that we can assist you with a better alternative to accurately track the real value of your real estate investment.