Mortgage calculator
Free App
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About Mortgage calculator
Calculate mortgage or loan payments and amortization table using both: the exact formula and the approximate formula used by some banks.
Compound interest is the only interest rate used in serious finances. It allows to compare products and to create competition. However, public mortgage quotas are calculated using an approximated formula (a mix between compound and simple interest). Apart from creating confusion, this makes mortgage interest rates to grow even greater when interest rates rise (as the approximation error gets larger).
In the old times, using the exact formula could be complex but, nowadays, even the phone on our pocket can calculate it. There is no excuse to continue using the approximated formula.
We are promoting a petition requesting to change the law to force the use of the formula applying the effective annual interest rate (the universal interest rate unit). Please, sign the petition at:
http://www.avaaz.org/en/petition/Bankers_and_lawmakers_Use_the_correct_formula_in_mortgages
Compound interest is the only interest rate used in serious finances. It allows to compare products and to create competition. However, public mortgage quotas are calculated using an approximated formula (a mix between compound and simple interest). Apart from creating confusion, this makes mortgage interest rates to grow even greater when interest rates rise (as the approximation error gets larger).
In the old times, using the exact formula could be complex but, nowadays, even the phone on our pocket can calculate it. There is no excuse to continue using the approximated formula.
We are promoting a petition requesting to change the law to force the use of the formula applying the effective annual interest rate (the universal interest rate unit). Please, sign the petition at:
http://www.avaaz.org/en/petition/Bankers_and_lawmakers_Use_the_correct_formula_in_mortgages
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Free
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Android
2.2+
2.2+
Bug
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Android app
App History & Updates
What's Changed
v1.3.1
Version with no ads. Improved interface in devices with Android 2.
v1.2.4
APP is installed in SD card if it's available
v1.2.1
Months limited to 11.
Petition messages best clarified.
v1.2
You can add years and months.
The annual interest earned by the approximate formula is shown now.
Corrections in the translation to English.
The amout of amortization is shown in the amortization table.
Fixed a bug in the application sharing feature.
v1.1.1
Changed font type in amortization tables
v1.3.1
Version with no ads. Improved interface in devices with Android 2.
v1.2.4
APP is installed in SD card if it's available
v1.2.1
Months limited to 11.
Petition messages best clarified.
v1.2
You can add years and months.
The annual interest earned by the approximate formula is shown now.
Corrections in the translation to English.
The amout of amortization is shown in the amortization table.
Fixed a bug in the application sharing feature.
v1.1.1
Changed font type in amortization tables
More downloads Mortgage calculator reached 1 000 - 5 000 downloads
Version update Mortgage calculator was updated to version 1.3.2
More downloads Mortgage calculator reached 500 - 1 000 downloads
What are users saying about Mortgage calculator
T
by T####:
by T####:
Calculate monthly payment with both formulas, including payment tables. Small, easy to use and no permissions required. Just want to spread knowledge about effective interest.
X
by X####:
by X####:
This app calculates both formulas, including payment tables. Small, easy to use and no permissions req. Just want to spread knowledge about effective interest.
by U####:
As fast as you type it, the cal has been done