Shopping for a mortgage ? Overwhelmed by those many options. This tool allows you to easily translate the different options of loans and mortgages to make them comparable.
If you have a loan providing you with a monthly payment and you would like to switch to a biweekly payment just select biweekly and all numbers are translated accordingly.
Also an easy comparison is available with graphics showing which loan is better. You can compare loans with or without points, with different down payments and show the weekly, biweekly, monthly, yearly payments and payments based on twice a month.
Graphical representations will show which loan is better and how the principal, interest and the balance develop over time.
Bankers and Mortgage brokers will hate this app since you are a step ahead of them during negotiations. You understand your different options and can by a simple switch tap on the screen recalculate everything. Selecting different options immediately updates the fields and adjusts the numbers. No need to get a complicated calculator out. This is all you need if you buy a house or a car and get different mortgage or loan options.
The graphics immediately show you which is the better option for you.
This app is a must have for the financial literate.