Mortgage Plus – Calculator 1.0.2

The Mortgage Plus - Home Affordability Calculator offers a comprehensive tool for managing the home finance process, allowing users to gain a clearer understanding of their mortgage options.

Upon entering relevant financial data, users can:

• Estimate total and monthly principal and interest mortgage payments over the life of a fixed-rate loan.
• Review a detailed amortization schedule.
• Determine eligibility for a loan and identify affordable housing options based on gross income, debt-to-income ratio, and other financial parameters.

This application also explains key mortgage and real estate terms, making it accessible for first-time homebuyers or those unfamiliar with the topic.

The mortgage calculator feature allows users to interactively adjust various parameters such as property value, down payment, loan amount, interest rate, loan term, and monthly payment. As users manipulate these sliders, all relevant indicators update in real-time, providing a dynamic view of how changes in one variable influence others.

Additionally, the home affordability calculator assesses gross income alongside current debt payments to calculate the debt-to-income ratio that lenders typically consider for loan qualifications. By incorporating details regarding planned down payment amounts or percentages, interest rates, and loan duration, users can gauge both their potential mortgage qualifications and what home prices are within their reach.

For enhanced financial insight, the app facilitates credit score checks through CreditKarma and provides real-time interest rate information from Bankrate without requiring users to exit the application.