Loan & Lease Calculator: Plan

A loan and lease calculator with a payoff plan. Enter the amount, the period and the interest rate to get the monthly instalment, the interest and the total you pay back. Then add the loans and leases you are paying now and see when the last one ends. It runs on your phone with no internet, no account and no phone number. THE CALCULATORS 1. Loan calculator. Amount, period and rate in, and you get the monthly instalment, the total interest and the total repayment. It also works as a lease calculator for a vehicle lease with equal monthly rentals, and for a personal loan or any other loan paid in fixed instalments. 2. The instalment I can manage. Enter your income and what you pay each month now, and see the instalment that still fits. 3. Compare two loans. Two sets of terms side by side, judged on the total cost and not only on the monthly amount. 4. Settling early. See how many months disappear and how much interest you avoid when you pay a fixed extra amount each month. 5. Debt load. How much of your income is going to instalments, and how much is left over. PAYOFF PLAN List every loan and lease you have: the outstanding balance, the rate and the monthly instalment. The app then shows: • the time until you are free of debt and the interest still to come • how that changes when you add an extra amount each month • two orders to pay in — highest rate first or smallest balance first — and the cost of each • each loan as a numbered step, with the time it takes to finish Handy when you are deciding which facility to settle first, or checking whether combining several into one would cost less. What you enter is kept on your phone only. Nothing is uploaded. EXAMPLE Rs. 500,000 over 36 months at 14 percent a year: an instalment of about Rs. 17,090 and about Rs. 615,200 in total. Over 60 months the instalment falls to about Rs. 11,630, but the total rises to about Rs. 698,000. The longer period costs about Rs. 82,900 more. ALSO INCLUDED • Price per unit: compare two pack sizes and see which is cheaper for what you get • Principal and interest charts, and the schedule with and without extra payments WHAT THIS APP DOES NOT DO • It does not lend money and does not pay out cash • It does not accept applications, NIC copies or other documents • It does not list banks, finance companies or pawning centres and does not connect you to one • It does not look up or change your CRIB record • It does not give financial or legal advice IMPORTANT This app is a calculator only. It is not a bank, a finance company or a lender, and it is not linked to any financial institution, the Credit Information Bureau or any government body. All results are estimates based on the figures you enter. Interest is calculated on the reducing balance, with the annual rate divided over twelve months. A facility quoted at a flat rate will give a different instalment. Fees, insurance and penalties are not included. Check the final cost in your own agreement. The app is free and has no ads.

The app is now a calculator only. New Plan tab: add the loans and leases you have and see when you will be free of debt, what an extra amount each month saves, and which one to settle first. The form warns you when an instalment does not cover a month of interest. The home screen is simpler. Works without internet; your figures stay on your phone.