Loan Calculator - 11.5

App offers a variety of useful features catering to loan calculations. Users can explore the application to discover ways to save money through various prepayment strategies. Options include monthly, ad-hoc, and annual payments, alongside variable interest rates and fixed EMI amounts.

The app distinguishes itself by implementing real-world loan scenarios effectively. Users can delve into detailed descriptions, view screenshots and videos, and experiment with the application firsthand to understand its operational flexibility.

With two distinct loan modes available within the app, users can input annual extra dues specific to their loan type. For instance, home loans allow entries for property tax, insurance, and HOA dues; while auto loans consider annual road tax, insurance, and fuel maintenance costs. This enables the app to compute the effective monthly expenditure for each loan.

Key functionalities of the app include the calculation of Equated Monthly Installments (EMI) based on the provided loan amount. The app generates an amortization schedule that outlines important details such as date, interest, principal amount, and outstanding balance for every month throughout the loan tenure.

Moreover, the app offers high flexibility by allowing users to input multiple floating interest rates during the loan tenure. Users can incorporate prepayment information in various forms such as monthly, yearly, or on an ad-hoc basis. Additionally, users have the option to fix EMI amounts at any point during the loan term.

Furthermore, the app supports comparison between three different loan interests, allowing users to evaluate EMI amounts along with total interest paid and total loan amount repaid. Detailed statistics showcasing money saved and tenure reduction are presented through tabular formats and pie charts for analytical purposes.

A notable disclaimer advises users to verify results in line with their bank's interest rate calculations before making financial decisions. Interest rates and computations may vary across different financial institutions. For feedback or inquiries, users are encouraged to reach out to the app's support team.