Mortgage Calculator app review

Introduction

Purchasing a house or condo is likely the most expensive purchase you will ever make in your life so wouldn't it be wise to have financial information tools at your fingertips? The Mortgage Calculator app for your iPod touch, iPad, iPhone provides you with a tool that answers all the key mortgage questions. Use this app to quickly determine what your mortgage will be and set a variety of parameters that allow you to customize the equation further.

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Don't Make Guesses with your Investment

There are some purchases you can make guesses with but when it comes to a mortgage you need to have all the information available to you before signing on the dotted line. As you start your home search the Mortgage Calculator app can come in extremely handy as it's able to quickly provide you with the answers you need even while in the middle of a showing. This app can even be used by professionals in the business in order to give clients that extra bit of information they need to help with their purchase decision.

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The app is completely free to use and was last updated over a year ago. In the latest update there were a number of user interface enhancements and it was optimized for iOS 5 and 6 at that time. It currently has four out of five stars from users who can't seem to find enough good things to say about it including how quick it is to use and the fact the information is very easy to understand.
 

The User Experience

It doesn't matter if you are a first time home buyer or a seasoned real estate broker or agent this app is easy and quick to use. This app is of course able to calculate your mortgage payment as well as additional information. Use this app to discover the total amount you will pay, the total interest paid, and even your price per square foot. Set your loan term, the interest rate, and of course enter in the property cost. All calculations take into account your insurance, taxes, and your down payment.

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What I like is that you can save loan information, this is great when you're shopping around because you can quickly go back and see how different amounts are broken down. You will also be able to keep all this information private thanks to the password protection feature. If you want to share the content you can do so as an HTML/CSV file.
 

Pros and Cons

Pros

• The mortgage calculator app is quick and easy to use
• Calculations are done instantly
• Customize the equation to fit your needs
• The final amount factors in your down payment, interest, and taxes
• Offers password protection
• Information can be shared as an HTML/CSV file

Cons

• The app is rather simple and doesn't offer any unique features

Final Thoughts

The Mortgage Calculator app for your iPod touch, iPad, and iPhone is a great way to quickly figure out what a property will cost you not just monthly but over the entire span of the mortgage.