I am looking for a programmer who can build a mortgage calculator for me that I can use on my website.
To give you an example of what I need please have a look at this calculator:
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Now I want a few different features but this is the core of what i am looking after.
Please don't reply to this proposal unless you have looked at the example above, understand exactly how it works and have built something like this before. Here is what i need the calculator to do:
1) First of all I should be able to put in the following variables - Loan amount, term of the loan, interest rate, payment frequency, the ability to select whether the loan will be interest only or Principle and Interest. From this the calculator should be able to give me:
- The total payment amount (per week, fortnight or month)
- The principle and interest break up of each payment.
- An amortisation schedule for the loan for the entire loan term
- The total interest paid over the term of the loan.
2) More advanced features should then include:
- The ability to pay a lump sum off the loan at a specified point in the future ie $20,000 at month 52
- The ability to make an extra contribution every month starting at a specified point so it could be an extra $100 per month starting now (ie month 0) or at some point in the future ie month 20.
Obviously the point to this is to show how much you could potentially save in time and interest by making the additional loan repayments.
3) Even more advanced features
- It would also be great if we could have a feature that allows the user to opt to increase their payments by a % of the total repayment for instance if their monthly payment is $1000 they could see what would happen if the increased their payments by 25% ie $1250/month
- it would also be useful if this % increase could be a % increase on the principle portion of the loan repayment. For instance I am often telling my clients that if the paid double the principle component of their loan each month they would pay their loan off in half the time and save themselves hundreds of thousands in interest.
So if I have loan repayments of $1000/month and $700 was interest and $300 was principle I would like to be able make addition payment each month equivalent to 100% of the principle.
What we would want to see as a result of these additional payments is how much time and how much interest we save over the life of the loan.
So can you please provide a quote for how much it would cost for.
1) the core functionality outlined in point #1
2) Core Functionality point 1 plus point 2
3) All of the features.
Could you also give me a projected time frame to completion.
This Tool needs to present well and we easy to use.
I have guessed at a budget so will be flexible either way but what I am looking for most is someone who really understands the maths and what is involved and preferably someone who has done this sort of calculator before.