Share My Creation Real Decisions Loan/Mortgage App (with Escalation)

Real Decisions Loan App

There are loads of loan apps out there. Nevertheless, I decided to post new one because I couldn't find one that allows for escalation (increasing payments annually at a given rate). After all, if you receive a salary increase each year (I know, I know, the last few years have been different, but hopefully we'll get back to those days soon), why not increase your loan/mortgage payments in line with your expected increases.

Doing this not only reduces the mortgage term, but saves many thousands in interest payments, so it's definitely worth investigation.

You can reverse any of the calculations to find any missing value (Repayment Amount, Loan Amount, Interest Rate, or Term).

Because Escalation is a factor in my calculations, I couldn't simply use the functions from my Financial Functions library, so I used the Approximation and Guesswork approach (warning: shameless plugs for my other posts).

Anyway, after many hours of effort getting my app written and tested, there have only been a couple of downloads. Anyone got any ideas on how I should go about promoting the app to appropriate people (Financial Advisers, Mortgage Advisers, and any individuals that are considering taking out a loan/mortgage?

Here's the summary from the App site to give you more info on what the app does . . .

The key benefits of using the Real Decisions app are:
1) It’s exceptionally easy to use, but it is extremely powerful
2) You can find any missing element of your loan (Loan Amount, Repayment, Interest Rate, Term, or Final Payment), all using the same screen
3) Shows a complete payment schedule – select an annualised summary or go for the full payment schedule of Payments, Interest, Capital paid and Balance
4) Some great graphics to help you understand the loan structure and the payment schedule – including interest vs capital, how the loan is paid off, and a comparison between interest vs capital vs balance.
5) A really cool feature where you can compare your loan against an unlimited number of scenarios (e.g. what happens if the interest rate changes? Or how payments are affected by different loan durations, etc.)
6) Most loan tools insist on a fixed payment amount, so something you rarely find is the ability to index-link your loan. After all, if you get a pay increase, why not increase your mortgage payments? This tool allows you to examine how increasing payments can help you to pay off your mortgage much faster, and save paying all that extra interest. (And we make it unbelievably easy to do it!)

With this app you can do so much . . .
• Calculate how much you can borrow based on your premiums
• Find out what your repayments would be for a given loan amount
• Check out the interest rate based on your loan amount and your repayment amount
• Discover how long it would take to pay off any loan
• Figure out how increasing payments affect the total repayment and the loan term
• You can even calculate interest-only loans

Choose your own payment frequency including Weekly, Monthly, Quarterly and Yearly.

Use the fast-input options to ‘flex’ your loan – we’ve added some very useful up/down arrow buttons so you can quickly create your own ‘what-if’ scenarios. Each one is individually operated, and configurable.

There’s also a great Help, FAQ and Glossary so there’s always a helping hand.


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