Ever wondered exactly what the mortgage you are about to take out actually costs you, how would it be effected by just a 0.25% increase in interest rates, well I was and decided to write an application for my phone!
This is a simple j2me app, that should run on any phone that has Java and MIDP2, if theres enough people who would like it to run on MIDP1 I will port the application, just let me know, in the comments section!
Anyway the application, after you have inputted the amount you wish to borrow, how long you wish to borrow the amount over in years and the interest rate being offered will tell you the following
How much the monthly amounts would be for a repayment mortgage
How much a 0.25% increase in interest rates would add to the monthly payment of a repayment mortgage
How much the monthly amounts would be for an interest only mortgage
How much a 0.25% increase in interest rates would add to the monthly payment of a interest only mortgage
How much you would pay in total for a repayment mortgage
How much of the total amount was interest for the repayment mortgage
How much you would pay total for an interest only mortgage over the term
Hope someone else finds it useful, if you do please let me know, also if you have problems or suggestions for improvements do let me know
I have set up two links
if you have an xhtml compatiable phone you should just be able to goto
http://www.htpcme.com/tap/index.php
for a direct link to the jad please go here(shortened the url with some php to make it easier to type in, on your phone)
http://www.htpcme.com/tap/i.php
If anyone wishes to help pay off my mortgage all donations accepted via paypal haha
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