iPhone Mortgage Apps: Loan Calculator and Rates

When it comes to buying your first home or even moving to a bigger property, the first thing that you need to do is see if you will be able to afford it first. It is all very well saying you have a certain amount and can afford this, but you can only truly get an idea by using a loan and rates calculator. Let us take a look at a few mortgage apps for the UK and the U.S.

The first app we have for you is ‘UK Mortgage Calculators’ and you will be pleased to to know that it is free. What we like about this app for the iPhone is how it is 5-in-1, each one offering advice on different areas of a mortgage, be it a homeowner or a buy-to-let mortgage.

The second app for the UK is ‘Mortgager – Compare Interest Only and Repayment Mortgages’ and costs £0.59. The app is very easy to use, just put how much you wish to borrow and how long you wish the mortgage term to run for, as well as the rate that you will be able to get your home loan for. Once you have clicked done you will see how much your monthly payments will be; repayment or an interest only.

For the U.S. we have ‘Mortgage Loan Place Mortgage Calculator’ and costs just $0.99. This app is a little more complex than some of the others, as it allows you to play around with the financial tool. The reason why is because when you have a home load for say 20 years things never stay the same during that term, so creating scenarios could help you prepare for the worst.

‘Mortgage & Loan Calculator Pro – InThePhone’ is a little more expensive – but still only $1.99. This app is one of the easier ones to work, and should be able to answer certain question when it comes to not only a mortgage but also loans and if you wish to invest in a property.

We hope that these four apps will help you.