MortgageLen API

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Introduction

The MortgageLen API is a RestFul API that allows you to calculate the monthly or annual payments based on the interest rate provided. The API gives you access to all the mortgage loan functions (calculator) and allows you to find out the (Monthly payment, interest rate, beginning balance, remaining balance and more..)

What is a Mortgage

A Mortgage is a loan taken out to buy a property or land. Most run for 25 years, but the term can be shorter or longer. The loan is secured against the value of your home until it's paid off. If you can't keep up your repayments the lender can repossess your home and sell it to get their money back.

What is amortization

Amortization is the process of spreading out a loan into a series of fixed payments. The loan is paid off at the end of the payment schedule. Some of each payment goes towards interest costs, and some goes toward your loan balance. Over time, you pass less in interest and more toward your balance.

API Specification

Endpoints Structure

Endpoint	Method	Description
/api/mortgage/calculator/	POST	Calculates the monthly/annual payment of the mortgage

Endpoint Example

Request:
POST /api/mortgage/calculator/

    {
        "property_value": 150000,  # property value (the amount borrowed from a lender or bank)
        "deposit_amount": 0, # the upfront payment of the purchase
        "mortgage_term": 10, # the amount of time over which the loan must be repaid in full
        "interest_rate": 3.0, # the rate of interest charged by a mortgage lender
    }

    Response:
    {
        "monthly_mortgage_payment": 100,
        "total_interest_rate_amount": 100000,
        "total_mortgage_amount_with_interest_rate": 110000,
        "amortization_schedule": {
            "annual": [
                {
                    "year": "2021-02-07",
                    "beginning_balance": 150000.0,
                    "interest_amount": 4321.42,
                    "principal_amount": 13059.5,
                    "remaining_balance": 136940.5,
                },
                {
                    "year": "2022-02-07",
                    "beginning_balance": 150000.0,
                    "interest_amount": 3000.42,
                    "principal_amount": 13059.5,
                    "remaining_balance": 136940.5,
                },
            ],
            "monthly": [
                {
                    "month": "2021-02-07",
                    "beginning_balance": 150000.0,
                    "interest_amount": 4321.42,
                    "principal_amount": 13059.5,
                    "remaining_balance": 136940.5,
                },
                {
                    "month": "2021-03-07",
                    "beginning_balance": 150000.0,
                    "interest_amount": 4321.42,
                    "principal_amount": 13059.5,
                    "remaining_balance": 122940.5,
                },
            ],
        }
    }
    

HTTP RESPONSE CODES

RESPONSE CODE	MESSAGE
200 OK	All is well
201 CREATED	A resource has been created
400 BAD REQUEST	Your request has missing arguments
405 METHOD NOT ALLOWED	You are using an incorrect HTTP verb
404 NOT FOUND	The endpoint requested does not exist
500 INTERNAL SERVER ERROR	Something is wrong on our end

License & Author

License 2021 © MIHAIL BUTNARU

Made by Mihail Butnaru