This is really a difficult time for people in need of a loan. The rising of interest rates and a tightening of mortgage deals - a byproduct of the credit crunch - mean that all banks are offering less generous deals. It is important then to have the opportunity to compare different mortgages and to understand clearly how much a loan costs in terms of interest.
Mortgage and Loan Calculator Analyzer will help you keep track of your loans and compare offers by having an overall view of how much a specific mortgage costs over the years. Unfortunately, because the program lacks any capability for comparing offers automatically, you're left to printing [or exporting] individual reports and doing the comparison work yourself.. The program is also able to keep an eye on multiple debts for those lucky enough to own more than one house (and of course more than one mortgage).
It would have been nice if the program could have compared the data of your mortgage with the average interests and tariffs available from different banks. It also lacks of a 'grand total' tool to know how much you will be spending every month for the years coming, taking in consideration all the obligations you have.
This application doesn't stand out for its features but it is useful to compare different mortgages having a clear report on how much they cost and how much total interest you are paying.
Pros
Clear report on costs
Cons
No comparison with updated data from loan lenders
No automatic comparison of mortgages
The Mortgage & Loan Calculator Analyzer is a software program designed to help borrowers organize and track their mortgages in great detail. It can also be used for other types of loans, but was intended originally for mortgages. Although this is a powerful program with features beyond what you will find elsewhere on the web for free, it is still easy to use for the novice software user and mortgagee.
The software, in its basic form, works like most any mortgage calculator. You can enter the information for your mortgage including data such as the term of the loan (number of years), the total principal you borrowed, the interest rate, the payment cycle (the program assumes each month, but you can change this around), and the compounding period of the mortgage (again the program assumes 12 months). The software will then calculate the monthly payment from this data. It will also generate an amortization table showing you the interest and principal paid for each payment over the life of the mortgage.
Other features include:
Multiple mortgages: allowing you to try out different payment options or interest rates to see how they affect your pay off date
Amortization table can be generated for both annual data as well as all date (every payment throughout the life of the mortgage)
Add in home insurance, PMI, and property taxes to figure the payment you will make to your mortgage company
An easy and quick extra payment option that automatically adjusts each payment and calculates the new mortgage pay off date
Numerous payment cycle and compound type options including monthly, bi-weekly, bi-monthly, annual, and bi-annual
Laws concerning the use of this software vary from country to country. We do not encourage or condone the use of this program if it is in violation of these laws. Softonic may receive a referral fee if you click or buy any of the products featured here.
