What is a mortgage? In a nutshell, a mortgage is a loan you take out to help you pay for a house. In exchange for the loan, you commit to making monthly payments
to your lender until the loan is paid in full or you sell the property and repay the loan. Each monthly payment includes an interest payment (the money you give the
bank that makes the loan worth their while) and a principal payment (money that decreases the amount you owe the bank). Over the life of your loan, you keep
making payments to decrease the amount you owe the bank and once you have paid the loan to the bank your mortgage has become "Amortized".
Important note about mortgages. Once you have a mortgage, it's important to remember that you do not fully own your house until you have repaid the loan.
When you buy with a mortgage, the lender gets a "lien" against your house, which is another way of saying that the lender can take possession of your
home if you fail to make your payments.
What is a mortgage calculator? A mortgage calculator is a tool that helps the borrower determine how much money is required and whether the borrower can
afford the property to be purchased. This calculator can be used to compare costs, rates, schedule of payments or determine the loan term by adding principal payments.
The Mortgage Calculator allows you to automatically calculate the financial implications of mortgage payments for numerous variables such as the loan amount,
interest rate, frequency, amount of regular payments and several others. The calculation result depends on mortgage loan type and can be presented in the form of tables,
graphs, charts and drawings.
Our Mortgage Calculator Toolkit App provides users with a wide collection of mortgage calculators packed in one app. The Mortgage Calculator Toolkit consist of
- • Fixed Rate Loan Payments
- • Mortgage Terms Comparison
- • Mortgage Qualifier
- • Mortgage APR
- • Adjustable Rate Loan Payments
- • Balloon Mortgage
The major variables in a mortgage calculation include loan principal, balance, periodic compound interest rate, number of payments per year, total number of payments and the regular payment amount. More complex calculators can take into account other costs associated with a mortgage, such as local and state taxes, and insurance.
For user convenience each calculator has the following sections: Input page, Charts page, Amortization table page, Summary page.
Built-in on-screen keyboard enables user to modify values easily. Touch any mortgage value on Input page to open keyboard.
Each calculator automatically generates report that includes all available charts and amortization schedule. This report can be shared via email with friends.
Download Mortgage Calculator Toolkit App
Current version for Android devices - 1.2.1