After my first post about a simpler mortgage calculator now I developed a more advanced one, especially designed to compare different mortgages, and calculate which one lets you pay less interest over time.
Compared to the last tool, which just calculated the total interests and the installment amount, this app offers these other features:
- charts of the installments over time
- capability to add different types of events:
- interest rate change
- time renegotiation
- amortization on time
- amortization on installment amount
Adding events makes this tool extremely versatile and allows for simulating complex scenarios. You can compare a 10 year mortgage with a 20 years one in which you reduce the time amortizations with annual cash deposits, or a combination of different interest rates which may happen in some situations. The charts are updated automatically, and there is a comparison chart to make it easy to compare the two mortgages over time, focusing on the interest amount paid.