The document discusses the Homebuy iPhone app which allows users to calculate mortgage scenarios for homes. The app automatically focuses fields, has default values, and allows users to compare different scenarios. Users can enter details for a $125,000 house, add taxes and insurance, and view monthly payments, total payments, and loan amortization tables to help decide what size home they can afford.
2. Homebuy runs on iPhones and iPod Touches with OS 3.0+ It's different because it auto-focuses fields, has default values, and is scenario based.
3. Let's start with a $125,000 house. The percent down changes as you type. The text fields move as you advance automatically.
4. Add taxes, insurance, and PMI. Or not. If you have PMI, Homebuy will tell you when you're done paying it and what your new payment will be.
5. Once you've set up your mortgage, hit Calculate. Homebuy will slide back up to the top and show you important loan information.
6. View your monthly payment, total of all payments, and final payment. You can optionally show a guideline indicating “how much house” you can afford.
7. View amortization tables by month or by year. See how much of the loan you're actually paying down each month.
8. Plot your course. Flip the device and view loan balance vs interest and principal.
9. Now... what if you bought that bigger house the realtor showed you? Change your loan terms and recalculate.
10. Compare new mortgage scenario with the previous one. The $25,000 increase ups the monthly payment by $138, but the overall amount by $49,977.
11. Thanks for using Homebuy Learn more at http://slidetorock.com First-time homebuyers and realtors
