Mortgage Calculator for Pros 2.7.6

Mortgage Calculator – Designed to cater to the needs of professionals such as loan officers and real estate agents, this user-friendly tool is suitable for a wide range of users. To utilize the calculator, simply input the Loan Amount, Interest Rate, Number of Months, and click on "Payment" to receive an instant result.

Moreover, this tool offers the convenience of reverse-calculating loan terms. Users can enter any three loan terms – Loan Amount, Interest Rate, Number of Months, and Payment – to swiftly calculate the fourth term.

Not limited to mortgages, this versatile calculator can also handle car and auto loans efficiently. Additionally, it includes a fully functional basic calculator for everyday use.

Example #1 – Monthly Payment Calculation:

• Calculate the monthly payment for a $120,000 loan with a 4% interest rate over 30 years (360 months):
  1. Enter 120,000. Tap "Loan $".
  2. Enter 4. Tap "Rate %".
  3. Enter 360. Tap "Months".
  4. Tap "Payment" to calculate the monthly payment.
  Result: $572.90 per month.

Example #2 – Loan Payoff Duration:

• To determine how long it will take to pay off a $140,000 loan with a 4.25% interest rate while paying $1000 per month:
  1. Enter 140,000. Tap "Loan $".
  2. Enter 4.25. Tap "Rate %".
  3. Enter 1000. Tap "Payment".
  4. Tap "Months" to calculate the payoff duration.
  Result: 16 years and 2 months.

Example #3 – Affordability Calculation:

• To find out the loan amount one can afford with a bank's 3.75% interest rate on a 20-year loan while being able to pay $1250 monthly:
  1. Enter 240. Tap "Months".
  2. Enter 3.75. Tap "Rate %".
  3. Enter 1250. Tap "Payment".
  4. Tap "Loan $" to calculate the maximum affordable loan amount.
  Result: $210,832.29.

Example #4 – Current Interest Rate Calculation:

• To determine the current interest rate on a loan based on various provided details:
  1. Determine the remaining months on a 30-year loan by multiplying years and months:
      i. Enter 26. Tap "*". Enter 12. Tap "=".
      Result: 312 months).
      Use this value as months remaining.
  2. Input the provided payment amount and loan balance to calculate the interest rate:
      i. Type in payment amount. Tap "Payment".
      ii. Type in loan balance.Tap "Loan $".
      iii. Tap "Rate %" to calculate the interest rate.
     
  Result: 7.4675%.

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You can explore this application at no cost for up to 21 days before unlocking Lifetime Access through a single in-app purchase.

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