Easy Loan Payoff Calculator

The reason that I got this app was because I wanted to be able to see the effect on my mortgage of making extra payments both for motivation and to weigh what was worth doing. Of the apps that I have tried, this one does that the best. However, I have a few suggestions/requests. 1. In addition to the monthly and yearly extra payment, add a one time extra payment option. For example, what is the benefit if I put my tax return or bonus toward my mortgage. 2. Allow previous extra payments to be saved showing how much benefit there has already been from the extra payments I have made. 3. Allow a start date to be set so you can look and see where you are in your progress instead of just seeing numbered payments. 4. (Optional) Add the ability to set a target end date and calculate how much to pay each month to reach that goal. Thanks for the app and I hope it continues to get better.

OK, calculating interest is simple. So why am I still sitting here after 10 minutes trying to figure out this program? People want to buy a program like this in order to make simple calculations about paying off a loan. I'd like to be able to input my data and then run about 10 different solutions to figure out what would work for me in paying off a loan. If this does this I sure can't figure it out after 10 minutes because it is not idiot proof or it does not do that. In either case if a software program takes more time for me to figure out than buying another software program then it is poorly designed. This package is poorly designed.

This app has been so useful: 1. When I was trying to sell my house last year and people wanted to do contract for deed and I needed an easy way to figure what the monthly payments would be for whatever I was trying to sell my house. 2. When I want to do "what if" situations about a home equity loan against my house and see from various amounts I am considering borrowing, what my monthly repayment amount would be. 3. When my wife loans me a sum of money to help me pay something, how many months I need to knock off of her (share of the bills) $500 monthly payments to pay her back. It is so super to be able to play with different loan amounts, interest rates, and length of time to repay scenarios to compare the various monthly payments on what works best for me. Hope this review helps. 😉