A mortgage is a notoriously complicated thing to calculate on paper. Interest rates, insurance, taxes, monthly fees – it all makes for one big headache. Thankfully, we’ve moved on from the days of pen and paper. Mortgage Calculator from Raizlabs is a native mortgage calculator app for the iPhone, that makes working out loan obligations an easy, streamlined process.
Mortgage Calculator is designed go be a quick, no-fuss app – simply plug in the following information:
- Property price
- Interest rate
- Loan length (years)
- Down payment
- Applicable taxes
- Monthly fees
- Square meters
Mortgage Calculator will automatically calculate your monthly payment based on the information that you entered. You will also be able to view a tabular breakdown of the principal amount, interest paid and balance remaining for each year of the life of the loan, in addition to a figure for total interest + principal amount. This is very handy for seeing just how much interest you are actually paying each year on the mortgage. A graphing feature wouldn’t go astray here though – being able to generate graphs of repayments vs time, so you could visually compare different repayment structures would be a great addition to Mortgage Calculator.
Entering in a “square meters” value will enable you to work out what your price/sq meter is, which is also important to know when comparing properties.
Bottom line: An incredibly valuable tool for people in the market for real estate. Easy to use, makes calculations quick and easy.
Mortgage Calculator requires the 2.2.1 iPhone software update and is compatible with both the iPhone & iPod Touch.