Developer: Kevin O'Keefe
Price: $1.99 Download on the App Store
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.