Our mortgage is usually our most significant monthly expense, and you can save yourself thousands if you pay it off faster. If you want to keep an eye on your mortgage to see how fast you’re paying it off, keep reading about the helpful apps below. Also, for those searching for a mortgage and needing a low rate, check out Savings.com.au for useful info.
US Mortgage Calculator
This free app for iOS and Android lets you add several payment situations as one-time or recurring to get an idea of how much quicker you can pay down the loan.
You can put in information as an amount in dollars or a part of the home value as a percentage for calculating homeowners insurance or private mortgage insurance (PMI).
Unsure what the exact amount is? The US Mortgage Calculator gives the averages for the US as your default so that you can get a rough estimate of your costs.
Mortgage Payoff Track
This free app for Android is helpful if you want to see how your additional payments in a fixed-rate mortgage affect your balance and interest over time.
The app allows you to track the extra principal amount you pay at any time for your loan. Some like to use it as a simple amortization calculator. But it also lets you check out different interest rates to simulate future plans. But most say its strength is to track how you pay down your loan over the years.
Easy Mortgage Calculator
If you want a simple app, this free one for iOS provides the same essential functions as the others mentioned here.
When you type in your home cost, rate, and loan term, it tells you how much interest you paid, the total paid, the payment per month, and even the prices per square ft. Next, add in an extra payment and see how the balance changes.
Loan Calculator Pro
This .99 app for iOS lets you determine the impact of variable additional payments over the years of the home loan. For instance, if you know you’ll get a holiday bonus in December, you can see what your loan looks like if you apply the same annual bonus to your balance each year.
The app will tell you how it will affect your total interest and payoff date by making those extra payments. You don’t need to put the extra payments on a schedule; you can type in various amounts for any month throughout the loan’s life.
Easy Loan Payoff Calculator
Designed for the iPad, this .99 app was the original loan calculator application for iOS. It helps calculate home loan repayments, interest rates, and many ‘what-if’ situations. You can save yourself a lot of money and time by using this calculator to figure the payment for all fixed-rate loans, such as a mortgage, car loan, and credit card.
Karl’s Mortgage Calculator
This free Android and iOS app lets you play with putting in extra payments to lower your long-term interest payments. Plus, you can do a reverse calculation of the interest amount, loan length, and principal if you provide sufficient information to devise different scenarios based on what the house costs.
It also features a neat summary page that tells you all the critical information, such as savings, total interest, and term reduction. It supports many currencies besides the US dollar.
Mortgage Payoff Track
This free app for Android and iOS lets you import a CSV file if you have been using a spreadsheet to this point. It features a simple prediction page where you can put in extra money or change the rate to see what would happen to your payoff and the data. This one is a good choice if you like line graphs and pie charts as it uses both for illustrations.
Mortgage Home Loan Payment Calculator
This free Android app has a line item where you may type in miscellaneous home expenses to account for upkeep and repairs. You also can use the reverse calculation tool to input all numbers except the price of the home. Then, it crutches the price of a home you can afford based on the information provided.
This software has all the tools you need to monitor your home loan balance. After you input your expenses, debt, and income, this app determines the amount of extra cash you can send to debt every month; it tells you the amount rather than just estimating.
Debinator also has an excellent ‘play with your money’ function where you see what happens to your home loan if you spend less on other parts of your finances. This tool costs $19.99, but it’s worth the price.
How To Pay Off Your Home Loan Faster?
Now that you have plenty of tools at your fingertips to see how extra payments reduce what you owe faster, how do you do it? Here are some excellent options:
- Make your payments biweekly: You can split your mortgage payment in half and send one payment in on the 1st and the other on the 15th. After one year, you’ll have made 13 mortgage payments. Just this simple technique can take up to six years off a 30-year loan!
- Budget to make one extra payment every year: Don’t want to pay your mortgage twice a month? You can enjoy similar savings by sending in one additional payment per year. If you get a tax refund in May or June, earmark that cash to make your extra yearly payment. You might knock off seven years from your mortgage if you do this.
- Choose a flexible term loan: The 15-year and 30-year mortgages are what most of us have. But there are other options with some lenders. Think about setting up a shorter amortization term, such as 20 years. The payment will be less than a 15-year loan, but you’ll still pay off the principal faster than with a 30-year loan.
If you do your homework and stick to it, you will be on the road to paying off your mortgage years faster.