Pay It Down ($14.95 – Mac Only) comes from Snowmint Creative Solutions the company that does Budget, Budget Planner, and Budget Workbook.
It’s a simple debt calculator with a few special features.
- It’s graphical, it makes it very obvious about your debt profile and what even little changes can do to save you money.
- You can specify additional amounts that take effect some time in the future.
- You can rollover your payments when one loan is paid off to the next priority loan to pay it down faster.
The simplicity of the application is its strength, right down to no preferences to bother with ….. just install, open and start using.
It is neat to be able to project some ‘what if’ scenarios, and I have a feeling that it may help motivate and maintain focus for many people.
Simple and effective, and easy to use, it could well be a good iPhone application?
Word From The Developer
For what it’s worth, most of our programs are geared towards helping people get out and stay out of debt. We think the graph is the best part of Pay It Down. Being able to see the original loan pay off and then see the difference it makes when you add even a small additional amount to the payment is a real inducement to users to actually do that. With more than one loan just rolling over the payment from the first loan to the second shows how much faster you can really get out of debt.
To see what I mean start Pay It Down. Click the plus (+) button to create an account. Enter a balance of $5000, payment of $200 and interest of 12%. Click the plus (+) button to create the second account and enter $3000, $80 and 12%.
Now for the fun part. Click the Additional tab in the second account and enter $10 for the additional payment and see the difference it makes visually If you want you can actually look at the numbers to see the savings in both time and dollars. Now check and uncheck the Rollover Payments checkbox to see the difference it makes.
Ron Hooper