Use the official mortgage calculator by adonis apps for iphone financial model to instantly estimate your potential monthly payment, total interest costs, and amortization schedule for any loan scenario.
Mortgage Calculator
Estimated Monthly Payment (P & I)
Total Interest Paid:
Total Payments:
Detailed Calculation Steps
Please calculate first.
Mortgage Calculator Formula
The standard formula used by financial applications, including the mortgage calculator by adonis apps for iphone, for calculating the fixed monthly payment (M) is based on the amortization method.
Where:
- M = Monthly payment (Principal & Interest)
- P = Principal Loan Amount (Home Price – Down Payment)
- r = Monthly interest rate (Annual Rate / 1200)
- n = Total number of payments (Loan Term in years * 12)
Variables Used in the Calculator
Here is a breakdown of the input fields and what they represent in the calculation:
- Home Price: The total market price of the property you intend to purchase.
- Down Payment: The upfront cash amount you contribute, which reduces the principal loan amount needed.
- Annual Interest Rate (%): The nominal yearly interest rate charged by the lender. This is converted to a monthly rate for calculation.
- Loan Term (Years): The duration over which the loan will be fully paid off (e.g., 15 years, 30 years).
Related Calculators
Explore these other useful financial tools:
- Refinance Savings Calculator
- Amortization Schedule Planner
- Loan Affordability Estimator
- Future Value of Annuity Calculator
What is the Mortgage Calculator by Adonis Apps for iPhone?
The mortgage calculator by adonis apps for iphone is a popular mobile application designed to provide quick and accurate estimations for potential home loan costs. It simplifies complex financial formulas into an easy-to-use interface, helping prospective homeowners budget for monthly expenses before committing to a lender.
By inputting simple data like home price, down payment, and interest rate, the tool instantly generates the principal and interest payment due each month. This transparency is crucial for financial planning, allowing users to quickly compare different loan products and terms.
This online module replicates the core functionality of the mobile app, providing an accessible, web-based tool for calculating mortgage payments using the same robust mathematical principles.
How to Calculate a Mortgage Payment (Example)
Follow these steps to manually calculate a mortgage payment, or use the calculator for instant results:
- Determine the Principal Loan Amount (P): Subtract the Down Payment from the Home Price. (e.g., $300,000 – $60,000 = $240,000).
- Find the Monthly Rate (r): Divide the Annual Rate by 1200. (e.g., 6.5% / 1200 = 0.0054167).
- Calculate the Total Payments (n): Multiply the Loan Term in years by 12. (e.g., 30 years * 12 = 360).
- Apply the Formula: Substitute P, r, and n into the amortization formula to find the Monthly Payment (M).
- Calculate Total Interest: Multiply the monthly payment (M) by the total number of payments (n), then subtract the original Principal Loan Amount (P).
Frequently Asked Questions (FAQ)
What is PMI and is it included in this calculation?
PMI (Private Mortgage Insurance) is generally required if your down payment is less than 20%. This calculator provides the P&I (Principal and Interest) portion only. You should add estimated PMI, property taxes, and home insurance to determine your true total monthly cost.
How does the loan term affect the total interest paid?
A shorter loan term (e.g., 15 years vs. 30 years) results in higher monthly payments but significantly less total interest paid over the life of the loan, as the principal is paid down much faster.
What is the difference between APR and the Interest Rate?
The Interest Rate is the primary rate used to calculate P&I payments. APR (Annual Percentage Rate) is a broader measure that includes the interest rate plus certain closing costs, representing the total cost of the loan as a yearly rate. For the P&I calculation, only the Interest Rate is required.
Can I use this calculator to estimate my commercial mortgage?
While the underlying formula is the same, commercial mortgages often have different fee structures, amortization schedules (e.g., 25-year amortization with a 5-year balloon payment), and interest calculation methods (e.g., 360-day year). Use this tool for an initial estimate, but consult a commercial lending expert for final figures.