InvestCalc Gives a Detailed View of Financial Future

Barbara Holbrook — Mon, 31 Aug 2009 23:00:39 +0000

InvestCalc is a handy calculator app that (unsurprisingly) provides users with the ability to calculate how their money might grow over the life of an investment. Created by Reva Technologies, the app can also calculate debts such as long-term loans and provides an amazing amount of financial insight for $0.99.

InvestCalc has screens for three types of financial holdings — property, investments and loans. There is also a fourth screen for reviewing your favorites, but we’ll get to that in a minute. From the property, investment or loan screen, users can enter the specific details of a potential or actual transaction to see how the terms will affect their bottom line.

The app seems pretty thorough. InvestCalc offers slots for all the necessary particulars — even a space for entering extra payments on revolving accounts. The more information you provide, the more accurate the calculations will be. And, once you get your results you can easily email them to a friend or co-signer.

Tracking financial transactions over the long haul isn’t really much fun. And, it’s hard to get excited about a calculator. However, after playing around with this app, I must say that InvestCalc presents some interesting details. Who knew my car loan actually cost nearly $4500! For the privilege of making five years of monthly payments the interest came to a pretty hefty sum. Next time, I’ll try harder to make an extra payment early on. Turns out even one or two extra payments during the first couple years of a loan can add up to big savings on interest.

Speaking of savings, financial flakes can use InvestCalc as a motivational tool. Remember that favorites section I promised to talk about? This is where it really comes in handy.

After entering the details on any of the three screens, users can opt to save the information as a “favorite.” Just tap the star in the corner and InvestCalc will save the loan or investment info and categorize it so you can find it again later.

You can use this to compare outcomes of several “what if” scenarios or to remind yourself of the power of compound interest. Then the next time you’re ready to splurge on a nifty new iPhone case, pull out InvestCalc and take another look at the amortization chart of your favorite savings plan. You’ll notice that $50 a month doesn’t sound like much, but if you invest it for 30 years… well, that’s a heck of a lot of iPhone apps.

app_name: InvestCalc
rating: 7/10

LoanPad Offers Great Way to Compare Different Loans

Anna Axster — Thu, 20 Nov 2008 19:00:58 +0000

LoanPad is a useful assistant to anyone thinking about a loan or paying a loan. The first iPhone app by developer centerThread, loanPad offers the possibility of analyzing different loan scenarios and it lets the user save numerous loans to compare or manage.

loanPad allows you to enter any loan’s characteristics before calculating payments and balances. In case you change anything in your entries (like, for example, a prepayment or interest rate adjustments), loanPad will recalculate the loan’s entire payment schedule. loanPad furthermore offers the option of adjusting PMI rates, which are then included in the loan schedule.

With all the information entered, you can email any loan schedule to friends or family.

Unlike other apps like Loan Calc, loanPad may not be the perfect solution for a simple answer. But loanPad offers a lot more information and it is a great app for anyone looking for a complete schedule for any loan with the option to store multiple scenarios, which make it easy to compare different possibilities.

Related Articles: Bank of America, Mobile Banking Apps

app_name: loanPad
rating: 7/10

AppCraver » Loan Calculators

InvestCalc Gives a Detailed View of Financial Future

LoanPad Offers Great Way to Compare Different Loans