So you want to apply for a mortgage but before you even start speaking to lenders, you want to be able to calculate an approximation of what your mortgage payment will be. Maybe you don’t have access to your desktop right now, or maybe you’re on a crowded Toronto subway and you don’t want to pull out your laptop to do some quick calculations (nor do you have Internet access down there to do it.) But not having access to your PC or laptop doesn’t mean you can’t do some quick calculations for your mortgage – you just need the right smartphone app to help you do it. And we’ve picked the best five for you.
Mortgage iBacus for Blackberry
Not only does this app have an advanced mortgage payment, but it will also give you your monthly payment, as well as what the total overall amount of your mortgage will be. One of the really cool things about this app is that it will also figure in your monthly household income and then tell you how much of a house you can afford.
Android Mortgage Calculator
This app is as basic as its name, but it is a free mortgage calculator that will divide up your payments in any way that you want it to. It’s also got the small added bonus of calculating how much interest you’ve paid on your loan, and how much principal you’ve paid; so you can see how far along in your mortgage you really are.
Calcs Pro Mortgage Calculator App for iPhone
This app isn’t free, but for the $1.99 it will cost you will also bring with it some extras that you may not find in other basic mortgage calculator apps. Those extras include things like breaking down your property insurance, and telling you how much of your home’s interest you can deduct from your income taxes. Now that’s a useful money app!
Calcmoolator Pro for Android and iPhone
This isn’t just a mortgage app, it’s a complete financial app. Including the standards such as multiple mortgage calculators and calculating your estimated mortgage payments, Calcmoolator will also tell you whether it makes more sense right now to buy or rent (and that’s both homes and cars,) give you estimates for an auto loan, give you PMI estimates, and even search second mortgages for you. With so much, and at no cost, this could just be the one mortgage app that everyone needs to have.
iPMT Mortgage Calculator
This app is truly the Grand Daddy of all mortgage apps. With it you can find out information about many different types of mortgages, including those with private mortgage insurance attached. In addition to that you can also see what your down payment will be and get PMI and LTV estimates. In addition to all of that, this app is also automatically updated whenever there are changes in the industry or market. What else could you ask for in an app? Maybe a better price tag. At $7.99, it might be a little much for the average consumer. ”
