Description
Amortize is an easy to use amortization schedule calculator for your iPhone and iPod Touch.
Use Amortize to quickly find out the monthly payment, or view the entire amortization schedule. Just input the principal, interest rate, and number of years and:
Click Show Monthly Payment to quickly see the monthly payment, or click Show Amortization Schedule to see the full schedule.
What's New in Version 1.1
Fixed a number of bugs relating to the calculations. Now they are more accurate. Also, Amortize now works on international regional settings.
Customer Reviews
Finally the amortization schedule, but need one more calculation
Waiting for an app like this that calculates the amortization schedule. And shows nicely on the screen. However it is quite common to know the payment and then need to calculate for the interest rate, or know three of the four variables and would like to calculate the fourth. So should have a fourth entry for the payment amount and then can you (developer) set it up so it calculates the unknown amount? In other words, if you knew the loan amount, period of time, and the payment amount, it would calculate the interest rate. Or if you knew the rate, payment amount and the loan amount, it would calculate the term. Then it would definitely be a five star app. And of course still show the amortization schedule in any case.
A one trick pony, but it's a pretty good trick
Would love to see additional features, like multiple entries or an editable recents screen, or graphing capabilities, or excel export. Would also like the ability to calculate a loan balance based on the desired payment, and the ability to choose between months and years when entering the loan term.
That said, it does exactly what it says, and does it well. This will be a lifesaver for car shopping.
There are some issues with the Amorize Program
There is a rounding issue with the interest or payment calculation and the display is off by one month.
Ex: $150,000 for 30 years at 6% is $899.33, which is calculated correctly (rounding?)
What it should display for first 4 months is:
-----------Beginning --------------------------------Amount to----Ending
Month--Balance--------Interest---Payment-Principal------Balance
1---------$150,000.00--$750.00--$899.33----$149.33------$149,850.67
2---------$149,850.67--$749.25--$899.33----$150.08------$149,700.59
3---------$149,700.59--$748.50--$899.33----$150.83------$149,549.76
4---------$149,549.76--$747.75--$899.33----$151.58------$149,398.18
INSTEAD, it is showing the following:
-----------Beginning----------------------------------Amount to---Ending
Month--Balance--------Interest---Payment--Principal-----Balance
1---------$150,000.00--$749.25--$899.33----$150.07------$149,850.67
2---------$149,850.67--$748.50--$899.33----$150.82------$149,700.59
3---------$149,700.59--$747.75--$899.33----$151.58------$149,549.78
4---------$149,549.78--$746.23--$899.33----$152.34------$149,398.20
More adjustment is necessary for this to be a truely viable application that others may be able to count on.
- Free
- Category: Finance
- Updated: Nov 14, 2008
- Current Version: 1.1
- 0.0 MB
- Language: English
- Seller: Interlook Corp.
- © Interlook Corp.
Requirements: Compatible with iPhone and iPod touch. Requires iPhone OS 2.1 or later.
