Coming soon to the iTunes App Store…
HouseCalc Mortgage Explorer is much more than a just a mortgage calculator — HouseCalc lets you visualize and explore your home loan options through powerful (dare we say fun) interactive graphics which show how your mortgage really works, how much you can afford and why, and whether it’s better to rent or buy — so you can be in control of your home loan!
HouseCalc is the must-have app for savvy home-buyers, brokers or real estate agents who demand the best tools for the job.
HouseCalc provides 4 tabs:
1. Monthly Payments
2. Payment Schedule
3. Rent versus Buy
4. Maximum Mortgage
MONTHLY PAYMENTS CALCULATOR
- Quickly calculate monthly mortgage payments for a conventional loan based on: Purchase Price, Down Payment (as a $ amount or % of purchase price), Interest Rate, and Loan Term.
You can optionally include: Property Tax, Home-Owners Insurance/Association fees (HOI/A), and Private Mortgage Insurance (PMI).
- The Repayment Pie Chart and Total Payment shows you what proportion (and $ amount) goes toward: Principal, Interest, Property Tax, HOI/A, and PMI The pie chart and the totals update whenever a you make a change so you can immediately see the effect on your total payment.
- Visualize payment over time with an interactive graphic. Rotate your device to see a graphic showing how your monthly payments go toward paying off the principal, interest, tax, HOI/A and PMI over the duration of the loan. Adjust the loan term and interest rate and the graph is updated instantaneously.
- View a month by month breakdown of your loan repayments in terms of Principal and Interest and see the remaining Loan Balance.
- Rotate to enter tax information to see how much you save each month from a federal tax deduction on the loan interest and property tax.
RENT VERSUS BUY CALCULATOR
- Enter your potential home and mortgage information along with the comparable rent you would otherwise pay to find out whether it makes better financial sense to buy or rent.
- Calculator determines how long you must live in your house for your home equity to exceed the opportunity cost. The calculations include everything from selling costs to tax incentives and more so you can be sure it’s as accurate as possible.
- Rotate to see the graph of your Home Equity and Opportunity Cost over time as well the difference between the two over time.
- Use sliders to see instantly how changing interest, savings and appreciate rates affect whether you should buy or rent.
MAXIMUM MORTGAGE CALCULATOR
- Enter your Annual Gross Income, Total Savings and Monthly Debt to see what loans you can afford based on adjustable Risk Factors.
- Adjust Risk Factors, including your maximum allowed debt-to-income ratio, the minimum percentage you will put for a down payment, and the number of monthly mortgage payments you want to keep on hand just in case.
- Calculator solves for the Maximum Home Purchase Price, as well as the Down Payment and Monthly Mortgage Payments, based on your financial input and risk level.
- Rotate to see a graphical interpretation of the risk parameters, and use sliders to adjust the risk level and instantly see how this affects the maximum home you can afford.
HouseCalc Mortgage Explorer will help you determine the right mortgage for you and understand more about how it all works, so that you can be sure that you’re making the most informed decisions about your home loan.
Coming soon… final screenshots and video demo of the app!