You can use the following apps as a Calculator for Mortgage. We have collected the Best Mortgage Calculator Apps for Android and iOS devices.
What is Mortgage?
A mortgage is a type of loan that is typically used to finance the purchase of a home or other real estate property. In a mortgage, the borrower (also known as the mortgagor) pledges the property as collateral to the lender (also known as the mortgagee) until the loan is fully repaid.
What is Calculator for Mortgage
A mortgage calculator is a tool that helps you estimate your monthly mortgage payments based on certain inputs, such as the home price, down payment, loan term, and interest rate. It can also help you determine how much you can afford to borrow based on your income and expenses.
Using a mortgage calculator can be helpful when you’re shopping for a home, as it can give you an idea of how much you can expect to pay each month for your mortgage. This can help you narrow down your search to homes that fit within your budget.
Mortgage calculators are available online and can be used for free. Most of them require you to enter information such as the loan amount, interest rate, loan term, and down payment, and then they will calculate your monthly mortgage payment.
It’s important to note that while a mortgage calculator can give you an estimate of your monthly payments, it may not include other costs associated with homeownership, such as property taxes, homeowners insurance, and maintenance costs.
Benefits of Mortgage:
There are several benefits to getting a mortgage, including:
Homeownership: A mortgage can help you become a homeowner, allowing you to build equity in your property and potentially benefit from rising property values over time.
Lower interest rates: Mortgages typically have lower interest rates than other types of loans, which can save you money over the life of the loan.
Tax benefits: Depending on your country of residence, you may be able to deduct mortgage interest and property taxes from your taxable income, which can result in significant tax savings.
Flexibility: Mortgages can come in a variety of terms and payment schedules, which can be tailored to your individual needs and budget.
Formula for calculating a mortgage payment:
The mortgage payment calculation looks like this: M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]
The variables are as follows:
M = monthly mortgage payment
P = the principal amount
i = your monthly interest rate. Your lender likely lists interest rates as an annual figure, so you’ll need to divide by 12, for each month of the year. So, if your rate is 5%, then the monthly rate will look like this: 0.05/12 = 0.004167.
n = the number of payments over the life of the loan. If you take out a 30-year fixed rate mortgage, this means: n = 30 years x 12 months per year, or 360 payments.
How a mortgage calculator helps you:
Figuring out your monthly house payment is a crucial step in determining the affordability of your home. As it typically constitutes the largest portion of your cost of living, it’s important to calculate it accurately.
NerdWallet offers a mortgage calculator that can help you estimate your monthly mortgage payment when purchasing a home or refinancing. This tool allows you to adjust various loan details and run different scenarios to find the best option for you. By utilizing this calculator, you can make an informed decision about your mortgage and home affordability.
Best Mortgage Calculator Apps:
Rocket Mortgage:
Now you can manage your entire mortgage all from our comprehensive app.
Tap to e-sign your entire mortgage application
– Message us directly with the in-app message board
– See your full to-do list to track what we need from you and what we’re working onAlready have a mortgage with us?
– Easily manage your payments, bank account and autopay
– Get customizable push notifications so you know when your payment is due or when there’s a change to your escrow account
– Access all of your loan documents at any time, including statements, tax forms and escrow analysesFreedom Mortgage:
Access and manage your mortgage where and when it’s most convenient.
Manage your mortgage from anywhere
• View your mortgage balance and current loan details
• Pay your bill and manage recurring payments
• Utilize the in-app help center for questions and tips
• Go paperless, view, and download important documents
Stay in the know with push notifications
• Get notified when a new statement is available
• Never miss another opportunity to lower your rate
Rest easy with built-in security features
• Login with secure fingerprint or facial recognition
• 24/7 fraud monitoring
• Access protected by multifactor authentication
Freedom Mortgage is committed to fostering homeownership across the United States. We service mortgages for more than 1.4 million customers and have been family owned and operated since 1990.With Appsivy, you can effortlessly compare various options and make an informed decision. Check Out the Best Life Insurance in Australia Apps.
Mortgage Calculator:
Mortgage Calculator Calculates mortgage and loan payments given principal, interest and term. You can use the mortgage calculator to calculate house mortgages, auto loans or other types of loans. The mortgage calculator can be used like any loan calculator.
Our Mortgage Calculator is very easy to use, all you have to do is enter the loan amount, interest rate, and years of payment, and you will get all the details about mortgage payments. You have the option to see a yearly or monthly breakdown of each payment.
The mortgage calculator is free. You can export your mortgage to your email with payment information. You can also print the Mortgage Amortization as well as saving the mortgage information as a PDF file. You can also save mortgages for future reference. In addition, the loan calculator allows you to customize using many beautiful themes.
Our mortgage calculator helps determine your total monthly mortgage payment, inclusive of principal, interest. The payment amount is based on the value of the home, with the mortgage calculator setting default values for property value, loan length, interest rate and other details. You are able to adjust these details to reflect your situation and get a more accurate monthly payment estimate. The monthly mortgage payment calculator also provides a mortgage amortization schedule that shows the money you will pay toward your principal and interest over the course of the home loan.
Karl’s Mortgage Calculator:
Calculate mortgage payments given principal, interest and term. Reverse calculate any one variable given the other three.
Enter a down payment amount or percentage and let the calculator show how large a mortgage you require.
See how the monthly payment changes when you factor in additional monthly or annual loan costs such as PMI, HOA, taxes and insurance.
The calculator supports Fixed and Adjustable Rate Mortgages (ARM) loans with up to five changes in interest rates. Interest-only mortgages loans are also supported.
You can pay off your mortgage early with extra payments. Add one-off, monthly and annual extra payments. Choose up to ten additional extra payment amounts and payment periods and the calculator will show how much money you can save on the loan.
Choose from weekly to annual loan payments and adjust the compounding period from daily through annual periods. The calculator supports Canadian mortgages along with UK annual rest mortgages.
Multiple rounding options on loan calculations are also available. Choose between no rounding, round half up, half down, to even, to ceiling and to floor.
The calculator also supports the input and display of multiple currencies.