Karl's Mortgage Calculator
Enter a down payment amount or percentage and let the calculator show how large a mortgage you require.
See how the monthly payment changes when you factor in additional monthly or annual loan costs such as PMI, HOA, taxes and insurance.
The calculator supports Fixed and Adjustable Rate Mortgages (ARM) loans with up to five changes in interest rates. Interest-only mortgages loans are also supported.
You can pay off your mortgage early with extra payments. Add one-off, monthly and annual extra payments. Choose up to ten additional extra payment amounts and payment periods and the calculator will show how much money you can save on the loan.
Choose from weekly to annual loan payments and adjust the compounding period from daily through annual periods. The calculator supports Canadian mortgages along with UK annual rest mortgages.
Multiple rounding options on loan calculations are also available. Choose between no rounding, round half up, half down, to even, to ceiling and to floor.
The calculator also supports the input and display of multiple currencies.
Permissions:
- Internet access required for adverts and analytics
- External storage access required to store email attachments prior to sending
Category : Finance
Reviews (29)
I love this app! It has everything I've been looking for in an amortization schedule. You can add extra payments (up to 50 1-time or adding extra to a group of payments) and immediately see the interest savings over the life of the loan. It calculates the payments given interest, loan amount, etc. The ads are unobtrusive at the bottom of the screen. I'm using a Samsung Galaxy S10.
This is a great loan calculator and amortization tool. It allows you to enter lump sum payments and regular extra principal payments to your existing loan or a hypothetical one to see how it affects your loan balance. It then allows you to email the results to yourself/others. The emailed results are both in HTML format or in CSV format for use in Excel spreadsheets. I would definitely recommend this app to others.
One of the rare finds in mobile app stores, well designed but not over designed, right to the point, full featured, no annoying ads, lots of ways to look at the data, everything is just perfect. I just wish Carl takes on compound interest (rrsp calculator) in a similar, excellent fashion.
The one and only amortization calculator you'll ever need! It is customizable in so many ways, it is the ideal calculator to find out how much money you'll save if you change your monthly premium payment! Thank you for a great app!
Makes calculating extra payments to see how it affects your interest/principal so easy. Super motivating to see what's possible. I also love that you can see the data represented in raw numbers, graphs, charts, etc, so you can digest the info however you prefer.
Excellent lightweight (small), yet powerful app. Quite useful to project mortgage payments and loan payoff dates based on interest adjustments, extra payments, etc. Although I haven't experienced any issues with this app, a quick look at other reviews will tell you that the developer is very responsive to user feedback. Great work!
Following recent update, when I reopen the app the interest rates that I have entered in the 'extra' section are rounded down to full numbers, I.e. there is nothing after the decimal point. This has an impact on the loan as it is then incorrect. I have to edit the interest rates every time if I want accurate figures.
Annnnd perfect! Thanks, Karl; I should have played around with it more. Almost perfect. The only thing missing is the option to choose a different mortgage schedule frequency ie. Monthly, bi-weekly, etc.
Excellent!!! Use it for a mortgage or any other loan! Nice amortization schedule that allows for extra payments. Useful "sum" tab that shows how much principle/interest you pay throughout the life of the loan. Graphs are also helpful. Best app to calculate loans out there!!!
This calculator let's you figure out things that are impossible to do with most of the other mortgage calculators; i.e, I wanted to know how much of a monthly extra principal payment I needed to start paying next month (on a 30-yr mortgage that I had already been paying for 62 months) in order to pay the mortgage off by the time I reached 62 years old. I can do it with this app! Thanks!
Excellent App! Very rarely does an App deliver to such a high standard. The interface is functional, it won't win any awards, but it is really powerful. A real eye opener for financial planning. Highly, highly recommend
It is a great app. Calculation entries might seem little none-intuitive first, as you need to check the radio button for what you want to calculate - typically your payment - and then your other unchecked radio button items are your input entries. Works great once you figure this out.
Straight forward, easy to use. Many different options. Played around with many other mortgage calculators, this one is easiest with user friendly interface. Thanks Karl!
Downloaders beware!! Soon after I downloaded this app, an unwanted opening screen started appearing, along with unwanted ads. I went through several procedures to try to remove unwanted screen and ads from my phone, to no avail. But the very moment after I uninstalled this app, the junk screen and ads were immediately gone. The day after I uninstalled this app, I got a Google notification that someone near Vietnam had been blocked from signing into my account with my password.
Because it's a single-propose app, it's really straightforward and gives all the fields I need on one screen for a quick snapshot of what my total monthly payment would be. Taxes, HOA, insurance... easy.
I like this app. I am still going to give 5 stars but I wish that I could save different loans on the app without it clearing every time I enter different numbers. In other words, I would like to download the app twice with different numbers. GREAT APP! Update - Since the developer, too the time to teach me how to properly, the app, I have to give this app an honorary 6th star. Thanks!
Downloaded after hearing mortgage officer on podcast say he has specifically this one on his phone & uses it every day. So, no usage experience yet however wanted to share hearing a mortgage officer say he has this particular calculator & uses it day. [Despite no use yet, while I personally doubt 1 rating would affect it much, I didn't want to rate less stars & screw up your overall ratings.]
Just the best app! Briefly tried others, but this is so far superior AND easy to use, no reason. Especially appreciate ability to add in loan modifications or changes in interest rate with ease. Thank you, Karl!
Best and easiest apps to use when I need to calculate the monthly instalment and show it to my clients. But recently I faced issue when I key in all the details it did not show me the monthly instalment amount. Have tried to uninstall and install the apps but still face the same issue. May I know where went wrong?
Very useful tool. We're just starting our first mortgage and the overpayment option is really interesting to play with. Will be purchasing the full version once I have evaluated the free one fully
The app has so much information available. Quite intuitive, and allows lots of tweaking to calculate your best available options when choosing your home loan. One question if I may Karl, is there of way to change the extra repayment option to match the selected repayment frequency? I have it set to fortnightly (bi-weekly) parents, but can't change the extra repayment option to anything other than monthly. Help please?
Perfect blend of simplicity. Everything required to get what you need quickly in seconds with graphs, tables and ability to email or text results. 100%
Where are the radio buttons to enter advanced mode & override the default mode, and input a specified payment amount? I had the app installed preciously but I've just reinstalled and now the buttons are gone. Edit: got it, thanks!
used to work brilliantly for me but now im confused. Dear Dr Karl, this app used to work fantastically for me but now it seems complicated and i never get a sum that makes sense. Especially since i swapped to an interest only mortgage and want to work out the savings made by overpayments. i would give you ten stars if you could tell me how to work your app again!!
My payment for my mortgage is on the 30th of each month. February only has 28 days, so all of the sudden the rest of the month is all on the 28th. I believe this is an error that needs to be fix, otherwise this will calculate incorrectly. Please have this fix! =(
The interface is clean and concise. The Calc displays exactly the info I want without any fluff. This is the PERFECT amortization app!
I use to love this app but now I can't add extra payment after 10. The add extra payments disappeared.
I've tried many different mortgage/loan apps and this one is by far the best. Simple, lightweight, easy to use, and displays information clearly.
After trying several downloadable and online apps, couldn't find one that was simple to use without losing features, or they needed you to create an account, or were simply trying to upsell you to a paid service. Karl's calculator has nearly everything! Simple interface, multiple cases, calculation, forecasting, reverse calculating, extra payment, reports and graphing. It really is awesome! Super cheap payment to remove ads if wanted, but we'll worth supporting this developer.