Who doesn’t have a loan with a financial institution? Whether you’ve got a good job or not, chances are you have a car loan, a credit card debt, a house mortgage or some such loan you have to pay off. And often these debts come with high interest rates.
Optimal Payment Debt Calculator App Review
Loans are one of the best ways to pay off something that is too expensive to buy on cash. But it can often end up choking our monthly budget. If you have taken a loan, one look at your loan statement will tell you that the interest you’re paying is just so high.
But it doesn’t have to be so. You can try and find a payment system that lets you keep the interest payment to a minimum level. The Optimal Payment Debt Calculator App from Elias Lorette is designed to help you with just that.
The calculator lets you see the complete details of the loan you’ve taken from the bank. You can see how long you’ll have to make the scheduled payments, how much interest you have to pay and also the percentage (%) of interest you will pay on the debt.
Based on this, you can input different payment amounts to see which option entails the lowest interest charges. By paying off sums set for payment on the principal only early on in the loan, you can drastically reduce the amount. This is made possible by changing the amount of the monthly payments or by adding payments to the principal.
How to Determine Low Interest Rates
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Let us say you’ve taken a loan for $6000.
You want to pay only 5% interest, no more. That works out to $300 a month.
You can input these values in the app and find out how much you will need to pay every month. That’s until you reach a 5% result. ($457 for 14 months, given a loan rate of 8%).
You can also input different amounts until you get a payment with an interest rate that seems reasonable to you. You can then determine whether to double the payment or assign a specific value towards principal payment.
The app lets you easily see how much money you can save with the different payment options. This will help you determine how much sooner you can pay off the debt. In the end, you may end up saving thousands of dollars on your repayments.
If you’re interested in this Optimal Payment Debt Calculator, you can click the link below to buy it. Its $2.99 on Google Play.