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Buying an apartment is one of the biggest financial decisions in a person's life. An integral part of this process is understanding the terms of the mortgage — the amount of the monthly repayment, the duration of the period, the total interest rate and more. Here comes into the picture Mortgage calculator, an online tool that allows you to make quick calculations and understand the order of magnitude of the future payback. But -- not every calculator is accurate, and not every result tells the whole story.
Most mortgage calculators use the financial formula to calculate Fixed monthly repayments (using the Spitzer method), which looks like this:
Explanation of variables:
M — Monthly payback
P — loan amount (principal)
r — Monthly interest rate (annual divided by 12 parts 100)
n — Total number of payments (years × 12)
The calculator gives an immediate idea of the expected amount of payback, allowing:
Not every calculator provides a complete picture. Here are the common problems:
1. LACK OF SUPPORT FOR VARIED ROUTES- MORTGAGES OFTEN CONSIST OF SEVERAL TRACKS (E.G. FIXED ATTACHED, VARIABLE NOT ATTACHED, PRIME). A simple calculator that calculates only one route -- is irrelevant to actual reality.
2. Ignoring index and variable interest rate increases- many calculators assume interest rates will remain constant over the period -- but in variable trajectories this is a problematic assumption. CPI linkages are also not calculated in most tools.
3. There is no complete disposal schedule- the lack of showing a breakdown of payments over time makes it difficult to understand the ratio of principal to interest on each payment. A disposal board is important for understanding the total payback and the ability to repay early.
Look for a calculator that includes the following features:
A mortgage calculator is a great tool to get started -- it helps figure out numbers, feel the size of the repayment, and manage a budget wisely. But he Not a substitute for personal advice — A professional mortgage advisor will know how to build a personalized mix, take into account changing conditions and achieve better conditions in the bank. Use a calculator to ask smart questions, not to make final decisions.
If you are a financial institution that provides mortgages — Line Systems is the technology partner you are looking for. The advanced mortgage calculator in Israel!
The Ko-Systems mortgage calculator calculates the expected repayment amount in accordance with the Bank of Israel's forecast of expected interest rates and inflation during the mortgage period.
The advanced calculator of its kind includes 3 layers of information:
- Central information of the total expected payments for the entire mortgage.
- Information on the level of the different mortgage routes, the total expected payments
- Unique! Possibility to view a detailed payment schedule anticipated in detail of charges and payments.
- Our smart calculator upgrades the mix building process, providing extensive response to different types of tracks with many complexities.
- Simple integration
- ADVANCED CAPABILITIES — MULTI-TRACK SIMULATIONS, OPTIMIZED SILOQUIN BOARDS, VARIABLE INTEREST SCENARIOS AND MORE
- Possibility to collect leads directly from the calculator
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