Loan Simulator for Mac
Making informed decisions when it comes to taking a loan represents an important part of one’s financial success. Loan Simulator is a small application that offers you the possibility to analyze various loan scenarios and decide which one is best for you.
Working with Loan Simulator is extremely easy since the app comes with a clean, organized design and basic simulation tools. Right off the bat, in the app’s main window you must select the type of loan you want to simulate: conventions (simple interest loans), interest only, adjustable rate or Canadian style.
If you are not familiar with the Canadian model, for this type of loan the interest is compounded every 6 month, without taking into account the payment frequency. In this situations, like for all the other loan types except the interest only plan, you can also set a “balloon” amount which represents the final balance.
The next step is to specify the borrowed amount, the interest rate, the loan term and the compound frequency (yearly, every 6 months, monthly, once every two weeks or weekly) and the first day of payment.
What’s more, you can set up an extra amount that will be added to each payment or you can specify the periodic payment amount and the app will automatically calculate the value for the extra payment.
Loan Simulator generates a payment plan which you can easily follow in the app’s main window. If you would like to see the total principal and the interest value up to a specific payment, simply put your cursor over that entry in the amortization panel. In addition, you can make adjustments directly in the amortization table: Loan Simulator will re-calculate the payments automatically.
All in all, Loan Simulator delivers simple, basic and intuitive tools for quickly analyzing the periodic payment and the amortization table for different types of loans.