Mortgage Calculator: Home Loan

Features Mortgage Calculator: Home Loan

Home Mortgage Calculator is an app that is used to calculate monthly payments on a Home loan with other factors like PMI, Insurance, Taxes etc.
This app provides you with the calculation for monthly payments, total interest paid, the total amount to be paid in the Amortization Period with multiple currencies -- $, €, £, ₹, ¥, ₽, R$ etc and languages like -- English, French, Spanish, Chinese, Japanese, Russian, Portuguese etcA mortgage is a debt instrument, secured by the collateral of specified real estate property, that the borrower is obliged to pay back with a predetermined set of payments.KEY TAKEAWAYS1.
Mortgages are also known as "liens against property" or "claims on property."2.
With a fixed-rate mortgage, the borrower pays the same interest rate for the life of the loan.3.
A burgeoning share of the lender market includes non-banks.Individuals and businesses use mortgages to make large real estate purchases without paying the entire purchase price upfront.
Over many years, the borrower repays the loan, plus interest, until she or he owns the property free and clear.App Features:- 1.
Calculate Mortgage Monthly payment and interest paid etc2.
Calculate Mortgage eligibility for individual and business.3.
Save the Mortgage detail with name and email id.4.
View Saved Mortgage details and share with others or delete5.
How to use guide6.
Settings for saving your name email and phone no.
to show on sent detail.7.
Use multi-languages as per your requirement 8.
Use multi-currencies as per your requirement.9.
share the app with others.10.
Green earth -- donate to any green earth charity as you like.Types of MortgagesMortgages come in many forms.
The most popular mortgages are a 30-year fixed and a 15-year fixed.
Some mortgages can be as short as five years; some can be 40 years or longer.
Stretching payments over more years reduce the monthly payment but increase the amount of interest to pay.With a fixed-rate mortgage, the borrower pays the same interest rate for the life of the loan.
The monthly principal and interest payment never change from the first mortgage payment to the last.
If market interest rates rise, the borrower’s payment does not change.
If interest rates drop significantly, the borrower may be able to secure that lower rate by refinancing the mortgage.
A fixed-rate mortgage is also called a “traditional" mortgage.
With an adjustable-rate mortgage (ARM), the interest rate is fixed for an initial term then fluctuates with market interest rates.
The initial interest rate is often a below-market rate, which can make a mortgage more affordable in the short term but possibly less affordable long-term.
If interest rates increase later, the borrower may not be able to afford the higher monthly payments.
Interest rates could also decrease, making an ARM less expensive.
In either case, the monthly payments are unpredictable after the initial term.DISCLAIMER:Kindly consider this calculator as guidance only.
Investors are required to make their own assessment before investing.