Take A Look At 5 Of The Best Apps To Help You Track Your Mortgages!
Searching for a new home is no longer the complicated affair that it was a few years ago. Thanks to technology, everything from finding the best home, to calculating the mortgage payments, is literally at the fingertips. A prospecting homeowner does not have to spend countless hours searching for the perfect home.
With price analysis sites and online listings, you can find your ideal home without using too much energy. Mortgage payments are much easier to make through technology and you can know how much you need to pay each month. There are several apps that will help you to keep track of your mortgage payments and you do not have to worry about missing payment dates.
1. Mortgage Payoff Track
This is a great app for homeowners who want a comprehensive look at the amortization process. The free iOS app comes with charts and graphs that help the user to visualize the process for a better understanding. The clear visual depictions show the reducing principal balance on the mortgage. If you want to keep track of both milestones and little victories, this is the app for you.
The Mortgage Payoff Track also comes in handy when you want to conceptualize different scenarios. If you have considered different scenarios like increasing the monthly payments or making a lump sum payment, you can calculate the interest savings you can make.
2. Mortgages Pro
This handy app is compatible with most of the Apple devices. This is an easy to use payment-tracking app that presents a clear and uncomplicated picture of the position of the home loan. As a homeowner, you simply enter the property purchase price, the interest rate and down payment amount, as well as the insurance costs, loan term and property tax rate among other fees.
The app allows you to make changes in the rates to account for any changes in interest, tax and insurance over time. The only drawback in the Mortgages Pro app is the lack of a payment date feature.
3. Mortgage Mentor
Mortgage Mentor is a useful app that operates as both a planning and a real-time tracking tool. Much like the Mortgage Payoff Track, the app has an engaging interface that makes it convenient for the user to alter the variables that help to determine the total cost of the home loan.
Apart from finding the exact loan payment, you can calculate out-year payments where you have a variable-rate mortgage. Mortgage Mentor accounts for PMI calculations and has different specific functions for different ARM mortgages. The app is available on iOS and Android devices.
4. Loan Calculator Pro
The Loan Calculator Pro has many features that are similar to the Mortgage Payoff Track and the Mortgage Mentor, but it also has a useful time feature. This feature is very handy when it comes to important payment reminders. As a homeowner, this important monthly reminder will help to ensure that you do not forget a payment.
You can also select a future date when you would like to be mortgage free. The app can calculate the payments you need to make in order to own the home by the date specified. The only major drawback of the Loan Calculator Pro is the absence of a feature to record down payments.
5. Bill Payment Log
The Bill Payment Log can be used to keep track of all your credit but it is especially useful for tracking mortgage payments. The best thing about this tool is that you can use it to track all your different loans at the same time. This is a useful app for homeowners who want to come up with a workable budget when they have multiple loans. This free iOS app is very handy for those who are not very diligent when it comes to tracking the activities of their checkbooks. You can also find similar versions compatible with Windows and Android devices.
Using any of the above-mentioned apps is very convenient and those who find it complicated to use spreadsheets can keep track of their mortgage payments with no difficulty. The simple functions are easier to understand and manipulate than a regular Excel graph. Even though you do not understand the technical side of mortgage payments, you can keep track of your loan. What’s more, the apps will help you to deal with complex mortgage calculations!