The iMortgage Calculator is a simple fixed conventional mortgage fees and repayment calculator. Along with estimating your monthly mortgage fees, the application allows the user to also estimate annual home insurance, annual property taxes, and private mortgage insurance (PMI) fees.
With the current declines in the real estate market, Ive found myself monitoring the real estate market for potential properties that I could more easily afford with todays interest rates. However, I could not find a single application that would pull everything together to analyze my complete financial situation. So I decided to develop this application that would take into account my additional financial obligations such as home insurance, property taxes, PMI fees, and other miscellaneous debts along with estimated mortgage loan obligations.
The main input view of the application provides four sections where you can input all of this information. After inputting all of your financial information, you can examine your estimated expenses on the "Expenses Summary" view. The expenses summary view provides an estimated monthly summary of fees and potential savings, a view with estimated loan details, and finally a view with details estimating fees associated with PMI.
You can also view an example payment schedule that will estimate how much your monthly mortgage payments might be each month. In each monthly estimate, the payment schedule will breakout your payments into how much you will pay towards principal, interest, and PMI each month until the balance reaches zero.
This application can be very useful while analyzing properties with your real estate agent. While making an offering on a property, this application can also be quite useful for estimating the cost of ownership. Your mortgage broker or financial institution will perform similar calculations to analyze whether you can actually afford a mortgage loan. Therefore, this application can also be used as a sanity check of the figures provided by the financier of your mortgage loan. However, this application should NEVER be used as a substitute for those calculations provided by a real estate, financial, or mortgage professional for your local area.
This application should be able to estimate your financial situation given the standard financial equations used by most in the accounting field for real estate calculations. Since the actual Mortgage calculations will vary depending on the specific terms of your loan, the most accurate calculations and figures should be provided to you by a mortgage loan officer or an employee at the financial institution providing you with a mortgage loan to finance the purchase of a real estate property. Therefore, it should be expected that the calculations in this application will vary from those provided by your mortgage financier in lieu of the specific terms of your loan.
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