Moving and becoming a home owner are major financial decisions. When looking to buy a property, potential buyers start shopping around for the best mortgage rates and need to do all sort of budget calculations to see what they can afford.
As part of your search for a new home, it can be very useful to have a Mortgage calculator to quickly determine if the place you are looking at fits your budget.
On this post, I will be reviewing 3 free mortgage calculator Apps for iPad.
Mortgage analyzer calculates your payments, principal and interest payments based on your loan amount, interest rate, type of loan and loan term.
The App prints the amortization schedule and displays the total payments as well as the total interest for the full loan term. This information can be exported and sent out by email.
You can also save mortgage information and load it at a later date.
Mortgage Calculator Plus
Mortgage Calculator Plus offers several options to calculate your mortgage. You can enter the usual mortgage amount, interest rate and term (in years) as well as the payment frequency (weekly, bi-weekly, monthly, quarterly, yearly) and extra payments.
It also has an option for Canadian Mortgages (which are compounded semi-annually).
Calculation displays the payments, # of payments, total interest, total repaid, etc. The App displays the schedule and mortgage graph (with cumulative principal, interest and balance left). You can save the mortgage calculations for later review.
Mortgage Calculator & Mortgage Rates by Zillow
Mortgage Calculator & Mortgage Rates by Zillow offers a mortgage calculator, a pre-aproval form and a search to shop for rates (by zip code).
The mortgage calculator lets you input the price, down payment, rate, loan term, taxes and insurance and calculates your estimated monthly payments. Swiping left and right lets you see the amortization schedule as well as the principal, interest and balance graph.
The mortgage calculator I liked the most was Mortgage Calculator Plus because it’s very easy to use and offers the most amount of customizable options.
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