Mortgage calculator

Discussion in 'Loans & Mortgage Brokers' started by JesseT, 30th Sep, 2017.

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  1. JesseT

    JesseT Well-Known Member

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    I'm looking for a simple mortgage calculator, I used to have an app called 'tap mortgage' which was great, you select loan amount, interest rate P&I/IO and had an option to make extra payments and see the reduction in time it took from your loan.

    That app is no longer around and I can't find one as useful, what is everyone using?
     
    JesseT, 30th Sep, 2017
    #1
  2. Invest_noob

    Invest_noob Well-Known Member

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    Invest_noob, 30th Sep, 2017
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  3. Eric Wu

    Eric Wu Well-Known Member

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    Eric Wu, 30th Sep, 2017
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  4. LifesGood

    LifesGood Well-Known Member

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    Vow Mortgage Kit is the best app I've used. Better than Tap in my opinion.
     
    LifesGood, 30th Sep, 2017
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  5. JesseT

    JesseT Well-Known Member

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    Thanks Eric,
    I believe I listened to to you on SPI podcast on my way to work the other day.
    Great work, keep it up!
     
    JesseT, 30th Sep, 2017
    #5
    Eric Wu likes this.
  6. JesseT

    JesseT Well-Known Member

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    Thanks, best one I have seen
     
    JesseT, 30th Sep, 2017
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  7. Eric Wu

    Eric Wu Well-Known Member

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    Thanks @JesseT , I was on SPI a while ago. (I feel awkward listening to my own voice:()
     
    Eric Wu, 1st Oct, 2017
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  8. Peter_Tersteeg

    Peter_Tersteeg Mortgage Broker Business Member

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    There's millions of mortgage calculators out there. They all work on the same equation. A Google search or a search of any app store will give you plenty of results.

    Personally I write them myself in Excel as I can make this do all sorts of things. The formula to generate a monthly repayment is:

    -PMT(Rate, Loan term, Amount)

    Rate is the annual interest rate, divided by 12 to give you the monthly interest rate.
    Loan term is the amatorisation period in months.
    Amount should be self explanatory.

    If you're after interest only repayments, it's the following:
    Repayment = Loan amount x Rate / 12.
    In this case the rate is the annual interest rate.
     
    Peter_Tersteeg, 2nd Oct, 2017
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