I've created a mortgage calculator which shows the total P&I payment for a house right up front:
It's very basic so far. It just does principle and interest payments, not property taxes, PMI, maintenance, etc.
I got the formula from an old free calculator I found, and checked it against the formula on the Wikipedia, so I'm pretty sure it's correct.
It would be nice to have the property tax rates for all states, and somewhere to put in your income to see what the actual after-deductions dollar cost is.
Graphing would also not be too hard to add.
Viewing Comments 1-5 of 5 Last » See most liked comments
I use this one on my iPhone & iPad...
It's super easy to use! Let me know if you like it.
I would suggest including taxes, insurance, maintenance, etc. in the calculations. Include default values (taxes = 1.25% annually, insurance = 0.5% annually, maintenance = 1% annually). Or allow people to alternatively enter there own values there.
FollowBefriend (55)5,491 threads6,274 comments 46 maleMenlo Park, CAPremium
OK, will do.
FollowBefriend (13)44 threads351 comments Pacifica, CAPremium
I agree. I would add options for taxes, insurance, maintenance and PMI. Please :-)
FollowBefriend (3)24 threads3,743 comments San Jose, CAPremium
Wow, according to the calculator a $500k house with 20% down and a 30 year interest free loan would end up costing only $100k!
Damn, sign me up!