iMortgage Calculator

The iMortgage Calculator is a simple fixed 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. You may also enter your monthly income along with other debts, to estimate your potential monthly savings.

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 lower 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 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 will 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.

So far, Ive found this tool very helpful while speaking with my real estate agent and while browsing property listings online. The actual Mortgage calculations will likely vary depending on the specific terms of your loan. However, 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.

Dont forget to write a review and rate this application if you find it useful!