Amortization What-If v 1.1

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Description:

Features:

• Full detailed amortization table showing:
  • the monthly payment amount
  • the total interest to be paid over the life of the loan
  • the amount of the monthly payment going to reduce the principle for each month
  • the amount of the monthly payment going to interest for each month
  • the total accumulated principle paid for each month
  • the total accumulated interest paid for each month
  • the total accumulated principal and interest paid for each month
  • the remaining principle balance owing for each month
• Down payments in $ or percentage
• Dynamically add one or more extra payments anytime during the life of the loan
• Dynamically change one or more monthly payments during the life of the loan
• Escrow amount to be added to the monthly payment
• Escrow start date to show the current remaining principle balance
• Calculates not only your monthly payment but also how much interest and time you can save over the life of your loan when you make extra payments or increase your monthly payments
• Automatic bi-weekly payment savings calculation (new with v1.1)

Screen Shots:

Initial screen		The detailed amortization table after entering some basic loan information. The monthly P&I is $1,292 and the total interest for the loan is $231,176		Entering a new monthly payment of $1,600
With a new monthly payment of $1,600 starting from month 6, the interest reduction is $87,636 and the time reduction is 10 years and 2 months		Showing a principle balance of 0 with a time reduction of 122 months (i.e., 10 years and 2 months)		Entering an extra payment of $1,000
With a new monthly payment of $1,600 starting from month 6, and an extra payment of $1,000 in month 12, the interest reduction is $89,326 and the time reduction is 10 years and 4 months		With an escrow closing date (start of loan) of 9/09, the current month is highlighted with a remaining principle balance of $226,615

Buy it from the iTune store