Mortgage Payment Calculator

Thinking of buying your first home? Investment property? Up sizing? Downsizing? Then you may often ask 'can I afford the mortgage on that?' or 'what would my lifestyle be like if I purchased that house? Would I need to forfeit holidays, nights out, food!!'

To be sure of the size of your commitment you need this excellent Mortgage Payment Calculator that will calculate your monthly repayments for your mortgage. Mortgage Payment Calculator also calculates loan repayments where the length is in months.

The unique thing about this Mortgage Payment Calculator is that it is so simple to use - you go straight into the screen where you are asked for the basic information - loan amount, number of months or years, and the interest rate. Then without even pressing a button your answer is displayed.

If you close the app, or receive a call, don't despair! We save what you have entered for next time.

Mortgage Payment Calculator is ideal for looking at what-if scenarios like comparing the mortgages on two properties your like, or seeing how your repayments would look on a variable interest loan if the rates when up by 3%. This type of analysis is essential if you are serious about not getting into financial trouble with your investment.

A Fixed Rate Mortgage is a type of home loan where the interest rate doesn't change
for the duration of the loan. In contrast a Variable Rate Mortgage will go up and down over the life of the loan. More specifically the Adjustable-Rate Mortgage loan is a loan that has a
fluctuating interest rate.

With fixed rate mortgages, just use the app as-is. With variable rate mortgages, you should use it with the advertised rate, and then try again with some 'worst case scenarios'. There is a lot of difference between doing overtime and cutting back to pay a higher interest rate (which is uncomfortable) and defaulting on the loan (which means you lose the house). With interest rates in Western countries being at a historical low it is easy to forget that interest rates can go up.

Mortgage Payment Calculator is the ultimate tool for working out if you can afford a mortgage and how soon you can stop paying 'the man' AKA 'the bank' and be mortgage free.

Here is a list of features

1. You can find the monthly repayments for mortgages of 5,10,15,20,25,30 or any number of years you wish.
2. You can also express the amount in months - ideal for small loans, making it an ideal car lease calculator, loan repayment calculator, loan payoff calculator, etc.
3. It will save what you have typed even if you exit the app or get interrupted by a phone call.
4. There are no currency units but it works perfectly for whatever currency you are using - US Dollar, Australian Dollar, British Pound, Euro or other currency.

So in summary this is the app you need for working out your next mortgage, if you can afford it (or if the rent covers the mortgage on an investment property). Good luck and happy house / apartment / mansion hunting!