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Finding the Best Mortgage Origination Application for iPhone
Calculating a mortgage on paper is very complicated; interest rates, monthly fees, taxes etc. – make the calculations scary. Thankfully, we have mortgage calculation apps that make working out loan obligations smooth and easy. So, here are some of the best mortgage origination applications for iPhone.
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Mortgage Calculator Pro
Mortgage Calculator Pro lets you find out what mortgage to take on if you're planning to buy a house. This wonderful app can easily calculate mortgage loans, plus other fixed rate loans. You can add different variables such as property tax, insurance, and HOA to see if they affect the monthly payment or not. Another advantage of this application is that you can create separate pre-filled loans and email this info too. It also remembers and saves the last loan that you worked on.
Editing your loan scenario with this app is also super easy. Apart from the ease of editing, this cool application gives you a full breakdown of interest, plus principal paid over the course of the loan, as well as the total cost of everything included into the loan at the bottom.
Lastly, you can easily create a new loan type by clicking on ‘New Loan’ the bottom of the window. There are a few things missing in the app, including the PMI option, but at $0.99 the app is a must have.
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Mortgage Calculator – The Amortizer
Mortgage Calculator – The Amortizer is a great app if you are looking to purchase a new house or thinking of refinancing your property. The app, priced at $1.99, lets you figure out what loans fits your pocket while you are on the move.
The app is pretty simple to use, tap the ‘+’ button from the upper right corner of the window, fill out the information required and calculate the cost of the loan. Besides calculating the actual mortgage cost, you can get a more accurate number by adding your escrow.
The loan breakdown provided by the app includes the total amount to be paid on the loan, total interest to be paid on the loan, as well as the EMI. Another interesting feature of this app is that it creates the PDF file of the loan information that can be emailed to everyone.
Overall, the app is very easy to use but unfortunately it does not calculate the cost to refinance a loan. Having said that, I’d still encourage you to check out this application.
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Mortgage Calculator is an impressive iPhone mortgage app that highlights the small little details regarding your mortgage. You can easily calculate the monthly rate, price for each square foot, and even the amortization schedule with this app.
Mortgage Calculator automatically evaluates your monthly payment based on the information that you have provided. It’s a no-fuss app that allows you to view a tabular breakdown of the interest paid, principal amount, and balance remaining at the end of each year of the loan, along with a figure for principal amount + total interest.
This app is very handy and its graphing feature that generates graphs of repayments vs. time is also interesting. The bottom line is that it’s an incredibly wonderful app that makes quick calculations.
There you have it, these cool mortgage origination applications for iPhone, are for anyone interested in securing a loan. For further options in organizing your personal finances, see our article on the best free personal finance apps for iPhone.
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- Image Credits: Each image is the property of the respective app developer.