Downloading the Mortgage Calculator App
I downloaded this App on my iPhone, and iPad, but it is also available for Android devices. The App is completely free of charge and does not take up much space. Only 8.9MB on my iPhone.
Details and my Experience
I was expecting this to be more of a mortgage calculator where I would put in my variables like rate and amount to put down etc and then I would be given my mortgage payments and have access to amortization charts etc. Instead, you input the mortgage and down payment and the App tries to hook you up with lenders showing their interest rates and contact info.
My Rates: When you open the App you can click on one of three choices at the bottom. To the left is My Rates. At the top of this section you can put in whether you are looking to refinance or purchase a new home. If you choose Purchase you can input The Home Price, Down Payment, and an estimate range of your credit score plus your zip code. Then click “see rates, and the App will show you different types of mortgages you might be interested in like 30 fixed, or 5/1 Arm etc. Each rate is actually an ad for a lender. If you click on the ad, you will see a loan summary and lender fees as well as contact info for the Lender.
If you click on Refinance, you input your property value, current mortgage balance, including second mortgage balance or any cash you want to take out. Then you estimate your credit score and put in your zip code. When you click “see rates” you again gets ads for lenders with some great specifics about the loans and contact info for the lenders.
Affordability Calculator: From the home screen click “Calculator” in the middle at the bottom and you can put in your annual income, how much you have saved for a down payment and your monthly expenses for other debts. You can also add an interest rate and more options like property taxes insurance and more. As you check the variables the app will give you an estimate of how much they think you can afford for a monthly payment. I personally think you need to sit down with more information and come up with what you can afford on your own. Some things that the app does not ask that I think are important are…how many people are you supporting with your income, and general living expenses. I know that banks and these calculators can be misleading. Our son and his wife recently bought their first home and beforehand were told they could afford way more than we thought they could. We showed them how to estimate their expenses and come up with a reasonable number. This is especially important for first time home buyers who may have no clue how much it costs to keep a house up and pay utilities etc.
Final thoughts and Rating
Given that this app is mainly an Ad for various lenders I can not really recommend it. I could see adding those ads as an option but generally the app pushes you into the ads in such a way that I just do not is helpful when I am trying to find information. The App does have a few redeeming qualities and is easy to use so I will give it 2 stars but I can not recommend it if you are just looking for a calculator since it really is a glorified Ad.