Copyright (c) 2012
All Rights Reserved

amortization.com Ltd.
Burlington, Ontario
CANADA

905-639-0374
905-407-7988

info@amortization.com

Amortization Calculator for iPhone/iPad/iPod

For 99 cents you can have the power and convenience of calculating mortgages and loans on your Apple iPhone/iPad/iPod and being able to verify savings plans such as the biweekly payment mortgage. No other iphone/ipad/ipod software accurately calculates the proper biweekly plan that has been in use in North America since 1984.

Click here for more information and how to order from the Apple Store.

UPDATED 08/07/10

COMING SOON
Amortization Calculator v2.0

For version 2, the Amortization Calculator will feature an IRD calculator that calculates proper early renewal fees.

This new feature will make it simple and easy to verifying that your lender is charging you the correct early renewal fee (known as the Interest Rate Differential in Canada).

For example, suppose you are still making your original monthly payments of $1,194.14 based upon a 25 year (300 months) amortization period. Your current balance is $200,000 and you have 11 months remaining on your term rate of 5.27%. Your Bank offers you a rate of 2.25% for the remaining 11 months of your term if you pay them an early renewal penalty fee (IRD). Using the Amortization Calculator’s new IRD feature, you calculate the correct fee to be $5,346.67 and not a penny more!

The last 11 payments are the same regardless of which choice you make. If you pay your lender the IRD of $5,346.67 and the lender lowers the rate to 2.25% or if you remain at 5.27% interest rate and just continue the 11 payments, the balance owing at the end of the term is exactly the same, $196,342.98 That is precisely what the proper IRD is meant to achieve, … fair compensation to the lender, not a penny more!

FOOTNOTE!
The identical balance owing is easily verified by comparing two different amortization schedules after 11 months. The above example is a Canadian IRD example as IRD calculations are much more prevalent in Canada. The new IRD feature will also calculate the correct IRD for American mortgages. More and more Americans are becoming aware of this IRD technique as the fallout from the sub prime fiasco still continues in the USA.

Version 2.0 will be a free upgrade for Version 1.0 customers

VIDEO: INTRODUCTION TO AMERICAN AND CANADIAN MORTGAGES

TV INTERVIEW REGARDING 40 YEAR MORTGAGES

Look for this logo on the Apple Store!