I am not currently on the market for a loan, but late night deep-dives into the internet can end in weird places. After one of my Googling sprees the other night, I discovered that there are tons of loan calculator tools to help you save, budget, invest and borrow money – all in the form of apps. You can calculate payments, interest, and the cost of credit all from your phone. That’s nuts to me and I didn’t believe it until I accidentally came across a top 10 list of the best loan calculator apps by a website called App Grooves (I’ll include a link in case you feel like taking a look for yourself) and decided to see if any of them were helpful or if they were mostly just a waste of time.
Best 10 Loan Calculator Apps by AppGrooves
I was honestly pretty shocked to find out that you can calculate your car, home equity, student, and mortgage and VA loans with a personal loan payment calculator on your mobile device, and it actually works. In fact, I was so happily surprised by some of these apps, I wanted to bring them to your attention right away so you wouldn’t miss out if you are someone who needs a loan now.
Trying to determine your auto loan payments? I would recommend you take a look at Loan Calculator. Not only can you do everything you would expect to do with an auto loan calculator, you also have an assortment of additional features like calculating your payments based on your loan amount, or doing the reverse and calculating the amount of the loan, you can take out based on the monthly payments you can afford. Loan Calculator can even account for early payments and track any loan you actually do take out, so you know exactly what you are paying at all times.
I do think it is important to note that, at this time, Loan Calculator does not have an option for making down payments. On the other hand, it does appear that the developer is actively involved with the users and may be making an update to include this soon. So, if this is something you really want in a loan calculator, keep these things in mind.
Loan Calculator – What If?
Loan Calculator – What If? is particularly useful if you’re interested in finding potential answers to a variety of “what if?” scenarios over the course of your loan. All you have to do is enter the data for your loans and it acts as a car loan calculator, showing you the interest and amortization schedule, which I think is really helpful. You can also enter unique “what ifs,” like if you paid more or less for a period, so you can see how you are monthly and total payments might change.
Loan Calculator – What If? works well, but I think some users who are less experienced with loan calculators may find the “what if” interface a little confusing. Just go into it expecting to spend a little extra time getting the hang of all the features.
Loan Calculator IQ
If you are on the market for something a little simpler, Loan Calculator IQ is another good option. You have the ability to quickly enter the monthly payment, interest rate, loan amount, and the loan term to get graphs of all the relevant information, which is really helpful if you’re anything like me and you need visuals to help you understand key concepts. Of the apps, I am recommending here, this is the only one that offers graph displays of the information, so that is something to note if you prefer to see the numbers laid out visually.
You might want to also be aware that Loan Calculator IQ does not calculate compound interest rates, so if you are looking at an APR, the calculation will likely be off. But if you’re just interested in an app you can use for simple ballpark calculations or you know for sure that your interest rate won’t be compounded, then you’ll be fine.
Loan Calculator %
Basic, basic, basic, that is what Loan Calculator percentage is, so if you are new to the game of loan calculations, this is the one I would recommend to you. All you have to do is plug in the loan amount, the loan term or length, and the interest rate, and the app determines your monthly payments, monthly interest, total interest, and total payments. You can get it all done in one go, which makes the whole experience easier and less stressful.
However, Loan Calculator percentage is so simple that it does not provide an amortization schedule; a feature many apps like these other apps include. If that is not something you are interested in, then do not worry about it. But, if an amortization schedule is important to you, then Loan Calculator % might not be the app you’re looking for.
I am honestly so pleased that I found these great apps because I know that when I am finally ready to take out a loan, I will have the tools I need to make it simple and stress-free. Whether you are ready to take out a loan tomorrow or you just like to be prepared, I highly recommend you check out at least one of these loan calculator apps to make your entire personal loans experience better.