Pretty much everybody has a little bit of debt these days. Whether it be a $500,000 mortgage or a $7000 car loan, pretty much everyone has a regular payment coming out of their salary to pay for a big ticket item. If you want to minimise the interest and pay your stuff off sooner, an app like iHome will let you take a closer look at exactly what you're paying.
The app lets you enter in as many different loans as you like, adjusting the principle amount and the interest rate, as well as a lot of finer details, including comparison rates, fees, fixed portions and allowances for extra payments. Once you've entered in all the details, you can analyse the information and get detailed graphs on how much you should expect to pay over the life of your loan.
It will also create detailed tables of how much you actually pay off the loan, and how much difference extra payments will make. If you have multiple loans, you can compare them as well and then export all the information over email for a more detailed analysis.
For a $2.49 app, iHome can show the specific details of your loan and potentially inspire you to save thousands. That's why we like it. [iTunes]
iAppalooza is Gizmodo Australia’s showcase of their favourite iPhone apps across a range of categories.