New App Added to the web: Mortgages and Loans- Calculator.
This is a simple calculator to know the amount of monthly payment of your personal loan or mortgage.
The app consists of the following fields:
★ PURCHASE PRICE: This is the amount you need for your student loan, car loan, personal loan, or mortgage.
★ INITIAL PAYMENT: the amount you can pay at the beginning of the loan or mortgage.
★ PRINCIPAL: It is the total capital to be requested, discounting the value of the initial payment. it will be calculated automatically depending on the values entered in PURCHASE PRICE and INITIAL PAYMENT.
★ INTEREST: the percentage of interest that the bank offers you.
★ YEARS: Number of years the loan or mortgage will last.
★ CALCULATE: button that will calculate the monthly fee with the entered data.
★ MONTHLY FEE: it will be the calculation of the fee that you will pay monthly adding the INTEREST during the indicated YEARS. This calculation does not include if your mortgage increases or decreases interest over time, you can always recalculate it with the new interest to know exactly what you will pay.
This calculator can be used for all types of loans and mortgages, even for refinancing, just by indicating the values it will make the calculation easily, if we need to refinance student loans, for example. We could include in the INITIAL PAYMENT the amount already paid on the loan, increase the PURCHASE PRICE and the YEARS in which it is extended, in this way we will obtain the new monthly installment.
(Same for refinancing mortgage or home equity loan)
It can also be used for a small business loan, to perform calculations with prior mortgage approval, in short, for all types of mortgages and loans.
You can download it totally FREE in the Google Play Store.
More details on the next page: Mortgages and Loans – Calculator.