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Demystify the Loan Process with Mortgage Calculator

Demystify the Loan Process with Mortgage Calculator

Users

Price: $1.36
Rating:
Mortgage Calculator
Android App Review by AndroidAppsReview.com

Reviewed by Sarah Hanlon

Reviewed by Sarah Hanlon

Finding the right mortgage can be just as difficult as finding the perfect house. It can be a daunting task to balance how much you’d like to take out and what you can actually afford to pay per month. This is where an app like Mortgage Calculator comes in handy.

Developed by Elastic Elevation, Mortgage Calculator is a handy way to easily calculate mortgage payments on your Android device.

Mortgage Calculator features a wide variety of useful tools and it’s a great way to estimate how much money you’ll spend on a mortgage over the course of the loan.

Concept and Functionality

To properly use Mortgage Calculator, you need to know a few things about the mortgage itself. First, you need to know the property value of the house, as well as the interest rate of the mortgage in question.

Mortgage Calculator Android App Review

Mortgage Calculator Android App Review

It allows you to input how much you’re able to afford for a down payment, as well as the term of the mortgage in question. Once you’ve entered everything into the app, Mortgage Calculator goes to work and computes a plethora of data for your viewing pleasure, albeit quite slowly.

I’m not sure if it’s the speed of my Nexus 7 or if the app is meant to visually compute information, but I became impatient when it seemed to take longer than I expected to calculate everything.

Once Mortgage Calculator figures everything out, you can see how much interest you’re likely to pay over the life of the loan, as well as the total cost of the loan (interest and principal combined).

You can swipe through the app to see information such as breakdowns by monthly payment, a pie chart depicting interest and principal, and view a summary of the mortgage in question, such as monthly payments.

There’s even an option to email the monthly payment breakdown and view it via Excel. Users can also view results in a variety of different currencies, making the app universally usable around the world.

One of the things I really like about Mortgage Calculator is the fact that it’s very easy to use and navigate. You don’t need to work for a bank to know how to use the app and as long as you have all of the necessary information available, the app does a decent job of providing accurate reports. Naturally there are always variables that factor into mortgages, so I wouldn’t use this tool as the source for mortgage info.

Features

Though Mortgage Calculator can be used in landscape and portrait mode, I found it to be incredibly frustrating that the app re-calculates mortgage data when switched between the two. This can definitely add up to quite a bit of time wasted if you have to rotate the device again. Hopefully this is a small technicality that can be fixed.

One feature that I would really love to see implemented into Mortgage Calculator is the ability to keep track of calculations made with the app. This would be immensely useful for anyone who is looking at multiple mortgage options, houses, or both. Ideally, Mortgage Calculator would automatically keep track of calculations and allow users to optionally save the results with custom notes.

Value

Mortgage Calculator is available to download from Google Play for $1.36 and even though it can be slightly frustrating and time-consuming to use, the app does provide quite a bit of useful information that’s great for anyone who is shopping around for a mortgage.

mortgage_calculator.jpgMortgage Calculator requires Android 1.6+. A small expedite fee was paid to speed up the publication of this review.

Android App Review’s rating:

“The best Android apps are reviewed by AndroidAppsReview.com

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2 Comments

  1. Getting or Updating Mortgage Apps on Android smart phones are very much easy. Because, there are huge applications are available in Google store for android including Mortgage calculator, BMI calculator and lots more.

  2. Today, the need of mortgage calculator apps got increased among people around the world. It will definitely reduce our burden of calculating loan details and lots more.

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