Empower your homebuying journey with our top-rated mortgage calculator app – easily calculate your monthly payments, compare loan options, and make informed decisions on your dream home purchase!

What is Mortgage and Mortgage Calculator?

A mortgage is a type of loan that is used to purchase a property or real estate. The borrower (also known as the mortgagor) agrees to pay back the loan amount, plus interest, over a set period of time. In exchange, the lender (also known as the mortgagee) places a lien on the property, which gives them the right to foreclose if the borrower fails to repay the loan.

Mortgage calculators are online tools that help borrowers estimate their monthly mortgage payments. These calculators take into account several factors, such as the loan amount, interest rate, term length, and property taxes. By inputting these variables, borrowers can get an idea of how much they will owe each month.

Mortgage calculators can be used for several purposes. For example, they can help borrowers determine how much house they can afford. By inputting their income and other financial information, borrowers can see how much they can borrow and what their monthly payments will be. Additionally, mortgage calculators can be used to compare different loan options. By inputting the terms of each loan, borrowers can see which one offers the most favorable payment schedule.

Overall, mortgage calculators are a useful tool for anyone who is considering purchasing a property or refinancing their existing mortgage. They can help borrowers understand the costs associated with a mortgage and make informed decisions about their financing options.

Best Mortgage Calculator Apps:

Following are the Best Mortgage Calculator Apps for Android and iOS.

U.S. Mortgage Calculator:

The U.S. Mortgage Calculator app is a powerful tool that helps homebuyers calculate their monthly mortgage payments quickly and easily. Here are some key features of the app:

1. Simple and easy to use: The app is designed to be user-friendly and intuitive, so you don’t need any advanced knowledge of finance to use it.
2. Customizable loan options: The app lets you input a variety of loan options, such as loan amount, interest rate, and term length, so you can get an accurate estimate of your monthly payments.
3. Accurate calculations: The app uses up-to-date mortgage rates and other variables to provide accurate calculations for your monthly payments, as well as other expenses like property taxes and insurance.
4. Detailed payment breakdowns: The app provides a detailed breakdown of your monthly payments, including how much of each payment goes toward principal, interest, taxes, and insurance.
5. Comparison tool: The app lets you compare different loan options side-by-side, so you can see how different loan terms and interest rates affect your monthly payments.
6. Save and share results: You can save your calculations and compare different loan scenarios at any time, as well as share your results with others via email or social media.

Mortgage by Zillow:

This app is designed to help users calculate their monthly mortgage payments and compare loan options from multiple lenders. It also provides personalized quotes based on the user’s financial information.

Mortgage Pal:

This app offers a range of mortgage calculators, including ones that help users calculate their monthly payments, estimate closing costs, and compare loan options. It also has a built-in mortgage rate tracker.

Karl’s Mortgage Calculator:

This app is a popular mortgage calculator for Android devices. It lets users input a range of loan options and calculates their monthly payments, as well as provides a detailed amortization schedule.

Mortgagecalculator.org:

This website offers a range of mortgage calculators, including ones for calculating monthly payments, refinancing options, and affordability. It also provides helpful guides and articles on various mortgage-related topics.

Bankrate.com:

This website offers a variety of financial calculators, including several for mortgages. Users can calculate their monthly payments, compare loan options, and estimate closing costs. It also provides helpful articles and resources on various mortgage-related topics.

Mortgagecalculator.net:

This website offers a simple mortgage calculator that lets users input basic loan information and calculate their monthly payments. It also provides helpful articles and resources on various mortgage-related topics.

Benefits of Mortgage Calculator:

Here are some benefits of using a mortgage calculator:

1. Accurate calculations: Mortgage calculators use current interest rates and other variables to provide accurate calculations of monthly mortgage payments, as well as other expenses like property taxes and insurance.
2. Helps in financial planning: By using a mortgage calculator, borrowers can get a clear understanding of how much they can afford to borrow and what their monthly payments will be. This can help them plan their budget accordingly and avoid taking on more debt than they can handle.
3. Comparison tool: Mortgage calculators allow borrowers to compare different loan options side-by-side, so they can see how different loan terms and interest rates affect their monthly payments. This can help them choose the best option for their financial situation.
4. Saves time: Calculating monthly mortgage payments and other expenses manually can be time-consuming and complicated. Mortgage calculators simplify the process and provide accurate results in just a few clicks.
5. Helps in decision making: By using a mortgage calculator, borrowers can make informed decisions about their financing options. They can see how different loan terms and interest rates affect their monthly payments, which can help them decide whether to buy a home or refinance their existing mortgage.

What is the formula of the Mortgage Calculator?

The formula for a mortgage calculator is:

M = P [ i(1 + i)^n ] / [ (1 + i)^n – 1]

Where:

• M = the monthly mortgage payment
• P = the principal (amount of the loan)
• i = the interest rate per month (annual interest rate divided by 12)
• n = the number of payments (number of years of the loan multiplied by 12)

This formula calculates the monthly payment required to repay a mortgage loan, including principal and interest, over a set period of time. The mortgage calculator also takes into account additional expenses like property taxes and insurance, which can be added to the monthly payment calculation.

That’s all.