When looking at houses, it is nice to have an idea of what your house payment will be. With the House Payment application, you simply enter the sale price of the house, the amount of money you plan for your down payment, the length of the loan, the interest rate, property taxes, and home owner’s insurance.
The application will calculate PMI (private mortgage insurance) if your down payment is less than 20%. Please note that banks and mortgage companies have different rates for PMI. I have included this feature to help you have a better idea of what your payment will be. The percentage I used for PMI is based on talking to my local banker. Always consult your loan officer to find out the amount of PMI that will be charged.
Once your data is entered, tap the calculate button, and you will have your monthly payment. No graphics to take up memory, just simple data entry and a quick calculation.