If youre thinking about buying your first home, or even if youre thinking about refinancing an existing home youre probably aware of how frustrating it can be trying to understand what various interest rates really mean for you and your family. This is not something you want to try and figure out with a pen and paper; fortunately, you dont have to. Interest 4 Loan Calculator is a great little app that can do all these calculations for you. This is a free app and its compatible with the iPhone, iPad, and iPod touch.
Easy Interest Calculations
Have you ever had someone try to explain the difference to you between simple interest and compound interest? Chances are your eyes were glazing over as they did it. Well not to worry, because as long as you know the interest rate, and which type of calculation is being used, Interest 4 Loan Calculator can do the rest for you. You wont have to go back to school and get an extra degree to figure it out. After all the bottom line really is figuring out how much its really going to cost you.
There are a couple of issues with this app though. You will have to contend with some ads, but this is mostly just in the form of banner ads at the bottom. They arent really overbearing. The other thing I found a little confusing with this app was that the numbers dont default to zero: you have to physically change them yourself. Its easy to make a typo, which you obviously dont want to do with sensitive calculations. This app will require 2.4 Mb of free space on your iOS device.
How it Works
There are four different types of interest calculations you can do with this app: simple interest, compound interest, equal total, and equal principle. There are two ways of switching between calculation types: you can swipe right to left or tap on the menu icon in the top right corner. Either way works just fine its just a matter of personal preference.
The process of entering information is quite simple. For each line you simply replace the apps sample amount with the actual number you wish to use. There are only three items you need to enter for each calculation type: principal amount, annual interest rate, and loan term. The app does the rest for you and displays the information at the bottom of the app for you. It will display the amount of interest you can expect to pay over the loan term as well as the total amount including interest. If you wish to share your calculations with a spouse or other family member, you can do so by tapping on the sharing icon in the top left corner. It all works seamlessly.