I am pleased to announce the release of my very own web app called "Erick's Mortgage Calculator"!
Read more about it inside or go directly to it here: Erick's Mortgage Calculator
As a first time home buyer, I found it difficult to make decisions without doing a lot of calculations. You always want to get the best deal but you also want to get a house that is right for you. It is tough/impossible to get both. Knowing that making a final decision on a house may take time and with the interest rates on the verge of going up, I needed a way to calculate the cost of waiting for a new home to be built that had exactly what I wanted vs. the cost of buying a pre-built home that was ready for an immediate move in but didn't have everything I wanted. That is where the app idea started.
With my mortgage calculator, you can quickly enter various home loan details and compare various types of loans. From my example above, I can increment the interest rate to what it may be a few months down the road to see how much more interest I would have to pay vs. the low interest rates available now. Then I can also start to add in an extra payment to see how much more I would need to pay each month in order to bring a higher interest loan cost down to the point where the higher interest rate would be negated.
This web app is constantly being updated with lots of new features. Graphs and an "investor" tab will be added at a later time. For right now, it is meant for home buyers or anyone curious as to the costs of buying a home.
There may be some quirks with the form validation and such but the numbers should be correct. Feel free to check with your own worksheet and report back any errors.
You can use the app here: Erick's Mortgage Calculator
If you like the app, let me know in the comments below and I will use all of your positive feedback as encouragement for building the app out further.