Iphone Calculators by MortgageSuite Fixed Rate Mortgage v.2.1 by MortgageSuite

Notes on Usage

Fixed Rate Mortgage Calculator v.2.1 by MortgageSuite

To perform a loan calculation three values in the following ranges are required:

  1. Loan Value, between 1000 and 900'000'000
  2. Interest Rate, between 1 and 60%
  3. Loan Term in years, between 1 and 60
The monthly overpay is optional.

Calculating and Saving a loan

When you tap the calculate button, the loan data you entered and the results are automatically saved.
Monthly Payment: This is the amount you will pay monthly -- includes the principal and the interest. Other fees, such as Property tax escrow, or private mortgage insurance, are not reflected.
Total Interest: This is the sum of all interest payments you will make during the life of the loan.
Total Cost: This amount is what you need to pay back for this loan. It is the sum of the underlying loan and the total interest amount.
If you entered a monthly overpay amount you will see a reduction in the total interest amount and a shorter duration of the loan. The savings in interest payments are also calculated.

Mailing a loan

The last saved/calculated loan can be emailed out by tapping the 'send' button.

Resetting a loan

The 'reset' button clears all input values on the display. The loan is still saved on disk and you can reload it at anytime.

Reloading a loan

You can reload the last saved loan by tapping the 'reload' button. The calculator will read in the values from the last saved loan and give you the option to resume where you left off. Upon startup the calculator initializes at the last saved loan.

Amortization

To get to the amortization screen tap the amortization button.

Amortization Calculation

The Amortization screen displays the last viewed amortization table. Tap the 'Refresh' button to force a newly calculated amortization table. If you have not yet viewed an amortization table, the amortization screen will remind you to either tap 'Refresh' or to set up a loan and calculate it first if you have not done so already.

Definitions and Explanations

Loan Amount A mandatory field within the defined range (see above).
Interest Rate Mandatory. Annualized. Must be within the defined range.
Loan TermMandatory. Loan duration in years in the indicated range.
OverpayOptional field. A fixed monthly amount applied to the outstanding principal of your loan. For example, assume your monthly payment is 1000, before this payment you owe 100300 on the loan, the current monthly payment is broken down as 800 in interest and 200 in principal and you have selected a 100 overpay amount. After this particular payment your loan amount will be 100000 = 100300 - 200 - 100. Overpaying shortens the duration of the loan, reduces the amount paid in interest, and lowers the overall cost of the loan.

This Screen

The 'info' button brings you here. Tap the 'Go back' button to return.

Pop-up Alerts

When required fields are missing or are outside of a meaningful range and you are trying to calculate a loan a pop-up alert will appear with hints as to what is needed.