DownPay update adds Loan Amortization for tracking your debts
By Life Utility Apps LLC • Oct. 27, 2024
DownPay, the iPhone app dedicated to helping you manage and eliminate debt, has just introduced a new Loan Amortization feature coming in the next update, 1.7.2, bringing enhanced transparency and planning tools to its user base. This latest feature joins a comprehensive suite of financial management tools designed for anyone who wants a clear and ease to use app for manually tracking debts.
About DownPay
DownPay is an iOS mobile application that focuses on personalized, user-driven debt tracking and savings management. Designed to help users keep close tabs on their debts—from credit cards and student loans to mortgages—DownPay offers an intuitive interface that transforms debt management into a simple, streamlined process.
With a range of customizable options, including icon personalization, hidden data collection for user privacy, and an optional Pro upgrade, DownPay caters to anyone who wants better control of their finances without monthly subscription costs.
Loan Amortization Feature: Bringing Transparency to Debt Tracking
The new Loan Amortization feature provides users with the ability to view the full breakdown of their loan payments over time, showing both interest and principal components at each stage of repayment. Users can now:
- View Total Interest Costs: See the total cost of interest on individual debts, helping to make informed financial decisions.
- Track Estimated Payoff Dates: Set target payoff dates or experiment with different payment amounts to see how they impact debt-free timelines.
- Use the Amortization Calculator: This Pro feature in the “Learn” section allows users to run debt simulations, understanding costs and potential savings under various payment scenarios.
This feature enables DownPay users to manage loans and debt in a more meaningful way, giving them insight into the true costs of borrowing and encouraging them to make adjustments that could save on interest in the long term.
Expanding Global Currency Support
In addition to the Loan Amortization feature, DownPay now supports over 20 international currencies, including recent additions like the Vietnamese Dong and Mozambique Metical, among others. This update makes DownPay an even more versatile tool for users around the globe who want to manage their finances in their local currency.
About the DownPay Team
Developed by Life Utility Apps, LLC, DownPay is continually evolving through feedback-driven enhancements and user-centered design. DownPay Pro, a one-time purchase upgrade, unlocks additional features like the Amortization Calculator, offering users more customization and planning tools without subscription fees or in-app ads.
With more updates and features on the horizon, DownPay remains committed to delivering a private, user-focused debt management tool that can help individuals around the world achieve financial independence. DownPay is available for download on the App Store.
What's New in DownPay Version 1.7.2
Estimated Amortization: Supported debts now display an estimated amortization, providing a helpful snapshot of your repayment timeline.
Amortization Calculator: Available in the Learn section, this new tool lets Pro users calculate interest, payments, and payoff time with ease.
Total Interest Summary: View total interest costs on supported debts for a clearer understanding of your financial journey.
Category Icons on Credit Card Purchases: Purchases made on credit cards now show their category icon.
Hide Paid-Off Debts: You can now toggle to hide paid-off debts from the My Debts table for a cleaner view.
Mozambique Currency (Metical): We’ve added the Metical (MZN) currency to support more users worldwide.
Bug Fixes: Resolved issues with number inputs on iPads and various other UI fixes to enhance your experience.
