Calculate and compare house loan payments from Fixed Rate Mortgage and Adjustable Rate Mortgage. This app helps you to project monthly loan payments for either the Fixed Loan Mortgage or the Adjustable Rate Mortgage or both. The TOTAL of All Payments and TOTAL of All Interest Paid to the lender are also evaluated.
Payments can be calculated for multiple houses each with different types of loans. All loan data for different houses are saved. Therefore, there is no need to recreate the loans for different houses.
The following data is evaluated for both fixed loan mortgages and adjustable rate mortgages:
- TOTAL of all Payments over life of the loan
- TOTAL of all Interest paid to the lender over life of the loan
- Monthly Mortgage Payment
- Portion of Monthly Mortgage Payment going towards Principal
- Portion of Monthly Mortgage Payment going towards Interest
- Total Payments to Date
- Principal Paid to Date
- Interest Paid to Date
- Total Payments Yet to be Made
- Principal Yet to be Paid
- Interest Yet to be Paid
- Equity Accumulated on the house to Date
- Total Monthly Payment that includes not only the monthly mortgage payment but also items such as homeowner’s insurance, property taxes, repair costs etc.
The data is evaluated for every month during the life of the loan for both the Fixed Loan Mortgage and the Adjustable Rate Mortgage.
For any house that is added, the loan parameters can be changed. Under the Fixed Loan Mortgage, the interest rate and borrowing period can be changed. For the Adjustable Rate Mortgage, the starting interest rate, the duration when the starting interest rate is fixed, the borrowing period, the expected interest rate adjustment, the interest rate cap can all be changed. Therefore, various scenarios can be evaluated for both these types of mortgages.
For definitions on what the various terms mean, double-tap on the label.