Whether you’re looking to buy a new house, or you’re looking at refinancing a property, wouldn’t it be great to be able to figure out what a loan would look like anywhere on your phone? Well, now you can with a $0.99 app called “Mortgage Calculator – The Amortizer” for the iOS!
The app itself is pretty simple. To calculate the costs of a loan just touch the “+” button in the upper right corner of the screen and fill out the information that you see on the screen. You’ll need to enter the purchase amount, down payment, interest rate, loan term, etc., and then touch the “Calculate” button in the upper right corner of the screen to figure out the costs associated with the proposed loan.
In addition to calculating the actual mortgage cost, you can also add in your escrow as well to get a more accurate number. To do that just touch the “Add Escrow Cost” button at the bottom of the loan information screen. You can then enter in each cost that is a part of your escrow individually, or you can add the total amount of your current escrow if you choose.
The loan breakdown that you get once you’ve calculated it offers a variety of interesting information. It calculates the total interest that you’ll pay on the loan, the total amount that you will pay on the loan if it goes as scheduled, and a breakdown of how much you will pay each month towards the interest and principal of the loan!
Another great feature of the app is the ability to generate PDF’s of the loan information and email them to anyone! To do this just touch the “Email PDF” button in the upper right corner of the screen. You’ll get the choice of whether or not to include the amortization schedule or not, and then you’ll be taken directly to a form email with the PDF attached to it.
My personal experience with this app is that it made it very easy to get quick figures on what a loan will cost you. Unfortunately what it does not have is a way to calculate what it will cost you to refinance a loan. With that said, the app is only $0.99, and the PDF email feature is a great way to share loan figures with people while on the go. I’d encourage you to head to app store and check it out for yourself today!