Posted By Mark Kaelin in App Picks, Lifestyle, Mobile

BreakingModern — Buying a home is one of the more stressful things one can do. It’s a major decision, and comes down to a number of factors, like interest rates, credit scores and down payments. The numbers can get overwhelming. The Zillow Mortgage Calculator is a great tool that gives meaning to the plethora of house-buying variables, and lets you make a decision with confidence.

The Zillow Mortgage Calculator is available free for Android on Google Play, Apple iOS and even through a web browser.

Calculate It

Mortgage calculators are nothing new — they’ve been around for years. Shareware versions of calculators were offered in ancient times (also known as the 1980s). I’ve even used Excel to make mortgage calculators for myself — but that’s probably because I’m an accountant.

Today, mortgage calculators are usually free and accessible on any tech device. The Zillow Mortgage Calculator has a leg up on competition because it ties in real estate listings and real-time information for home buying. When you start the Zillow Mortgage Calculator app, for example, a screen automatically displays the current mortgage interest rates and how they have changed over time.

This kind of information is usable and useful — it may provide a leg up on the process, getting you a lower interest rate when you are ready to purchase a house. But, of course, deciding to purchase depends on more than mortgage rate. A downpayment, overall cost and the factor of affordability are paramount to a smart decision. If you can’t pay your monthly mortgage rate comfortably, struggle and stress will find you. The mortgage calculator will give you perspective on the issue of affordability, and you can start with location. See below for basic things like zip code, cost, down payment and credit score.

That basic information lets the calculator show you a list of available interest rates with links to individual lenders who offer those mortgages. You can then calculate your monthly mortgage and the fee the lender will charge to process the loan.

Advanced information is useful in the calculator, too — you want it to realize your specific situation. Your annual income, monthly debts and whether or not you have veteran’s benefits will make a serious impact on the search results.

Buying a home is not the calculator’s only ability. It can also help current homeowners assess their refinancing options. Getting a lower interest rate for the remaining principal on your current mortgage might save you large amounts of money over the course of a mortgage loan. Of course, after the real estate bubble burst in the U.S., many homeowners found that they owed more money than their house was worth. That is a more complicated situation, but even then the Zillow Mortgage Calculator could help give you perspective to manage the situation.

Those Who Are Serious

The Zillow Mortgage Calculator is truly designed for those seriously looking to a buy a house. If you’re not quite there, you might want to use a more conventional motgage calculator that simply estimates your monthly payments. Because Zillow’s app puts you in contact with lenders who will initiate the purchase process, use it when you ready to make the call. Happy hunting!

For BMod, I’m Mark Kaelin.

All Screenshots: Mark Kaelin