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Technology has radically changed the process of searching for, buying and selling a home or condo and it’s also significantly impacted how we shop for, pay and track our mortgage. Mortgage tracker apps are growing in number and popularity and offer an easy and even enjoyable way to track your monthly payments and overall mortgage status. Here’s a roundup of some of the best mortgage apps for new homeowners.
For those to whom the word amortization brings chills, this comprehensive app gives users a few different ways to understand your mortgage’s amortization process with charts and graphs that offer visual depictions of the declining principal balance. It’s also great for experimenting with different payment systems over time. Use this app to calculate the savings possible when you theoretically increase your monthly payments or make a lump-sum payment once or twice a year.
This app boasts one important feature that makes it perfect for the homeowner with a busy schedule – a handy monthly payment reminder right to your phone. This financial planner app also allows homeowners to pick a day in the future they’re like to be mortgage-free and watch while the app calculates what it’ll take for them to get there.
Not strictly a mortgage payment tracker, Bill Minder is perfect for the savvy investor with multiple properties or the homeowner with a car, student or credit card loan to pay off. This app is particularly great at tracking multiple loans at once, detailing your bills and payments in charts and graphs and reminding you when a bill is due. Homeowners can then make arrangements to pay the bill at a convenient time during the day right through the app.
For those looking for a clean and no-nonsense payment tracker, Mortgage Pro is the way to go, offering an easy to use interface that provides new homeowners with a clear and current breakdown of their home loans. Mortgage Pro will track everything associated with your home, including property taxes and home insurance costs to give you a comprehensive view of what your home will cost you monthly, beyond your mortgage payments. These figures can be easily adjusted to accommodate changes in interest rates and insurance costs. It’s important to note, this app doesn’t have a payment due date feature, so it may not be suitable for the forgetful homeowner.
Empire is not affiliated with the services and products listed above. Consult with your financial planner to see which suggestions are right for you.