Canadian Mortgage Payment Estimator app review: planning your payments

Introduction

Do you plan on buying property in Canada? If so there is an easy way to find out what your mortgage payments will be and that's the Canadian Mortgage Payment Estimator app. You can enter in a few fields of information to get an instant calculation on your mortgage payment. The app could not be easier and faster to use and can give you a clear picture on whether or not the house you’re eyeing is within your reach.

A Few Simple Steps

All this app takes is a few simple steps and you'll get the answers you're looking for. You'll need to enter in your rate, amortization, down payment, and purchase price. Now where this app gets really helpful and cool is that you will be shown what your mortgage payments are as different frequencies. These are monthly, semi-monthly, bi-weekly, bi-weekly accelerated, weekly, weekly accelerated, and loan to value.

You can play around with these numbers all you want and adjust the down payment amount, the interest rate, and more. This is great when you're out shopping and looking at different prices so you instantly know what it would work out to.

Using the App

As easy as this app is to use there are a few problems I have come across. First off you need to enter all the fields. If you don’t happen to be making a down payment then you won’t be able to get calculations. Just like if you don’t know what the amortization is then you won’t get to see the calculations.

It would also be great if you could share the information by email or SMS/text so if you plan on buying the house with someone else they can see how the payments work out. The app is very easy and quick to use but extremely basic. If you’re looking for a quick calculation it will get the job done but don’t expect much more than that.

Because the app is free it is supported by ads but they really don’t get in the way at all. They aren’t there at all times either.

All in all it does as it claims and it doesn’t disappoint in that way it would just be nice if there was more flexibility in using it and the information you need to input.

Pros and Cons

Pros

• Easy to use
• Instant calculations on mortgage payments in different frequencies
• Input of information is quick and easy

Cons

• All input fields must be filled in for the app to work and give a calculation
• The app is incredibly basic and void of any extra features and tools
• There is no way of sharing the information by text/SMS or email
• The app is ad-supported

Final Thoughts

The Canadian Mortgage Payment Estimator app is a quick and simple way to get accurate calculations on what your mortgage payment would be on a property. View the payments in different frequencies so you can see the full picture.