Economics and Personal Finance: Mortgage/Loan Calculator

In this web-based and Android™ mobile application, users determine the monthly payment and number of payments for a mortgage or loan by entering information about the mortgage/loan amount, length of the mortgage/loan, and the interest rate. Once information is entered, users can view a list showing the payment amount split into principal and interest for each payment as well as the declining mortgage/loan amount over time.

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Virginia Standards of Learning

This application addresses the following Virginia Standards of Learning for Economics and Personal Finance:

  • EPF.12c
  • EPF.18a

This application addresses the following Virginia Career and Technical Education Competency-Based Tasks/Competencies for Economics and Personal Finance:

  • Task 79: Calculate payment schedules for a loan, using spreadsheets, calculators, and online tools.

The Mortgage/Loan Calculator was developed by Dr. Harry Zhu in the Department of Information Technology and Decision Sciences through a partnership with Old Dominion University and is made possible by an Enhancing Education Through Technology competitive grant from the Virginia Department of Education. The Mortgage/Loan Calculator is available as a web version and through Google Play™ for use with Android™ phones or tablets.

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