In the market to buy a house? Mortgage Calculator by Quicken Loans is an iPhone app that includes a purchase payment calculator, a refinance payment calculator, an interest rate calculator, a loan amount calculator, and a mortgage term calculator to help assist you during your stressful hunt.
The purchase payment calculator lets you enter a purchase price, down payment amount, interest rate, term, , and annual taxes and insurance, and calculates the monthly payment.
The refinance payment calculator will calculate your monthly payment given the loan amount, interest rate, term, and annual taxes and insurance.
The interest rate calculator will determine what interest rate you need to get the monthly payment you want on the loan amount and term length you desire.
The loan amount calculator will calculate the value of the loan you can afford given an interest rate, term, and the monthly payment you can afford.
With the mortgage term calculator, you can enter in the loan amount, interest rate, and monthly payment to determine what term length you should choose.
If you make a calculation you want to save, like the one that calculates the monthly payments of that house you really have your eye on, you can save it as a favorite, give it an icon, and even save a photo to it so you remember which house the calculation is associated with.
Remember, this is an app by Quicken Loans, so there is of course a little advertising for the company that includes their current rates and a method of contacting them. This doesn't bother me, though. The calculators are very helpful and it's also nice to at least have an idea of why kind of rates are currently available.
The good
- Five different calculators: purchase payment, refinance payment, interest rate, loan amount, mortgage term
- Easy to use
- Save favorite
- See current interest rates for Quicken Loans
The bad
- No complaints
The bottom line
Mortgage Calculator by Quicken Loans is a fantastic app for those shopping for their next home. Personally, I'm not quite yet in the market to purchase a house, but I'm in the dreaming stage and I have been using Mortgage Calculator to determine how big of a loan my husband and I could afford as well as quickly calculate what our house payment would be if we purchased one of the specific homes that are for sale in my area.
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