Mortgage Calculator

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Mortgage Calculator

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Amort Information

Hello welecome to the Amort Mortgage loan calculator and estimator.

The Amort calculator is meant to quickly get a rough estimation of a loan amoratization.

Amort Default Settings

The Amort calculator defaults in with a $100K loan, at 4% APR fixed rate, for 30 Years

The default min-max loan bracket is $20K to $300K. Minimum APR is 1% with max 9% incremented in steps of 0.125%. Loan period is only 10, 15 and 30 year terms.

If you would like a different loan amount bracket, please select settings:

Settings page

Note to make using this calculator easier, the Settings page makes some reasonable assumptions about your selected loan bracket and will also default in max extra-payment and affordable payment amounts.

The following five loan bracket settings are available:

Low: Loan min of $1K to max $50K dollars. Max extra payment per month is $1k. The Min-Max affordable payment per month is $0 to $5K

Medium: Loan min of $20K to max $300K dollars. Max extra payment per month is $1k. The Max affordable payment per month is $0 to $5K

Moderate: Loan min of $200K to max $600K dollars. Max extra payment per month is $2k. The Min-Max affordable payment per month is $200 to $10K

Upper: Loan min of $500K to max $1.5M dollars. Max extra payment per month is $5k. The Min-Max affordable payment per month is $1K to $30K

High: Loan min of $1M to max $5M dollars. Max extra payment per month is $12k. The Min-Max affordable payment per month is $2K to $80K

Amort Disclaimer

This information and application are presented as is with no expressed or implied warrenty.

Figures are estimates only! Your lender's figures will almost no doubt vary.

This calulator uses standard and commonly used amoratization formulas, but are approximate, therefore you should always consult with your lender for exact quotes and exactly how they charge interest and amoratize outstanding principal balances.

This calculator does not include property taxes which vary greatly in different area's of the US, mandatory insurances such as fire or perhaps flood insurance, nor PMI (Private Mortgage Insurance) which for the USA is an estimate based on MGIC standard 30 year fixed mortgage and FICO credit score... Therefore: please insure you can afford what you are buying!

Also: be sure and allow for inevitable home maintenance issues...budget at least 1% of the price of the home per year for repairs: You won't have a landlord to call to fix that leak!

And finally: Our recommendation is to pay off your loan as quickly as possible: Don't give your hard earned money to the banks! Pay yourself first by making extra payments into your biggest investment: Your house! Your Life!

Contact

If you have questions or comments please email:

Acknowledgements

Please feel free to view the source of this page. The Amort application is meant as simple demonstration project for what can be done with jQuery Mobile

For a rough overview presentation of how to put the app together, including some notes on how to use PhoneGap to port to an installed Android APK application, please ref following link: LinktoGoogleDocsHowToDocumentation

The Graphs are from the FLOT. Please reference: LinkToFLOTgraphs Per web site: “Flot is a pure Javascript plotting library for jQuery. It produces graphical plots of arbitrary datasets on-the-fly client-side. The focus is on simple usage (all settings are optional), attractive looks and interactive features like zooming and mouse tracking. The plugin works with Internet Explorer 6+, Firefox 2.x+, Safari 3.0+, Opera 9.5+ and Konqueror 4.x+ with the HTML canvas tag (the excanvas Javascript emulation helper is used for IE < 9).”

The icon is a PNG file that was created by graphic artist, Michael Goodwin from Santa Rosa California.

The mortgage calculation algorithms were derived from several sources. First was Wikipedia: LinktoWikiPedia-MortgageCalculations

And second from Stephen R. Schmitt web site who has excellent javascript mathematical examples and write up: LinktoStephenSchmittDocumentation

Information

Extra Payments


Extra payments shorten your loan term and save you money!

Extra Payments

Afforable Loan

Use slider to select a monthly payment you can afford, then a listing of approximately how much you can borrow will be displayed. Remember this is only principle and interest for the bank loan.

Click here to select settings for lower/higher min & max payment amounts.




loan listing

Affordable Payment

Amort Settings

Choose a min & max Loan Amount.

Low: Medium: Moderate: Upper: High: