Here’s a list of 5 loan calculator apps for Android which you can use to figure out at least some ballpark figure of what the cost for taking out a loan would be. Let’s be clear, loans should not be taken out based on what a smartphone app told you. Other costs, the infamous fine print, might apply and whatever you do, make sure that you thoroughly inform yourself about every little caveat of a loan agreement before signing anything.
With that in mind, let’s have a look at the loan calculator apps that I tested.
Simple Loan Calculator
Simple Loan Calculator can calculate annuity, fixed and differentiated payments. Left column holds settings for tweaking the loan numbers, starting with the basics like loan amount, annual interest rate and the duration of the loan.
Other loan tools are also available, down payment, disposable commission, monthly commission and last payment of the loan can also be calculated. When you’re done, tap on the Calculate button in the top right corner. Results are shown on the right. Comparison of results is possible, when you need to compare two loans.
Loan EMI Calculator
Loan EMI Calculator is more simplistic than Simple Loan Calculator, despite the fact that the latter has “simple” in its name. 4 types of loan calculations can be performed using Loan EMI Calculator.
What you see on the image above is a loan calculation based on standard inputs like loan principal, interest rate and loan tenure. What’s also available are loan affordability, loan amortization and loan comparison calculators. Interface isn’t quite as nice as that of Simple Loan Calculator, but it gets the job done.
Get Loan EMI Calculator.
Also, have a look at Free Loan EMI Calculator App for Android.
Loan Calculator by CityJams
Loan Calculator is another very simplistic loan calculator app that’s easy to setup and can get a quick overview of what a cost of a loan is going to be.
Just type in the loan amount, duration of the loan, annual interest rates, repayment starting date and read out the results of the calculation near the bottom of the app window. I suggest you use the app vertically, because it’s easier to read everything.
Get Loan Calculator.
Loan Calculator by Anton Rybin
This loan calculator app adds a bit of that complexity that we saw in Simple Loan Calculator.
There are two main tabs. The first one is going to do the basic loan calculation, and give you info like the total interest amount, and the monthly payment. The second “Scheduler” tab is going to give you a detailed breakdown of the payments, for each month.
Get Loan Calculator.
Also, have a look at Simple EMI Calculator For Windows 8: Bank Loan Calculator.
Karl’s Mortgage Calculator
I haven’t included any mortgage calculators in this list of loan calculator apps, so here Karl’s Mortgage Calculator to restore the balance.
As you can see, it offers a lot of useful options. After setting up the initial values, and calculating the payment amount, you’ll also get a payment schedule, graphs, charts, summaries, you name it. Use the tabs at the top to switch between everything that Karl’s Mortgage Calculator has to offer.
Get Karl’s Mortgage Calculator.
Conclusion
A combination of Karl’s Mortgage Calculator and Simple Loan Calculator are my suggestion if you’re looking for a loan calculator app. With these two you have two most common types of loans covered. Let me know what you think in the comments down below.
