iPhone App Review: Mortgage Calculator Pro
Back in July of this year I wrote a post about the 10 most useful iPhone apps for real estate pros in which I recommended a mortgage calculator titled “Loan Calculator – What If?” Since then Apple’s App Store has grown significantly and the number of mortgage apps has increased dramatically as has the quality of each app.
Sadly, I can no longer recommend “Loan Calculator – What If?” because it’s been trumped by a new competitor, offered at $0.99, called Mortgage Calculator Pro by SVT Software. [iTunes Link]
I -love- this app for a few reasons including the option to create separate pre-filled loans (I’ll explain more in a minute) and the option to email all of this info to your client. Check out more of the app in screenshots below:
Longwood Model Loan Scenario
In the screenshot above you can see the last loan you used before closing the app. In this case I used a pre-created loan for one of my models at Brighton Green called the Longwood. Because the community is FHA approved I used presets including a 3.5% down payment with the monthly HOA of $220 and annual taxes estimated for that model.
This is particularly useful when you’re touring one of the models and need to run quick numbers for a client! Editing your loan scenario is also super easy with the clean number and percentage interfaces shown below:
Easy Number Panel
Down Payment Scroll Panel
Aside from ease of input, you have the aforementioned option of emailing loan details to your client. If you want to stay within the application you still get a full breakdown of interest, principal etc. paid over the course of the loan in addition to the total cost of everything factored into the loan at the bottom. Have a look at an example for the Longwood model:
Payment Schedule
Lastly, creating a new loan type is a simple one click on the bottom menu which brings you to a ‘New Loan’ window. You write in a name for your loan and then you go to your ‘Favorites’ menu to choose from all of your saved loans. Here’s a look at the saved loan page:
Loan Selection Menu
There are a few things missing from the app that would be useful like PMI but for $0.99 you can’t go wrong. It’ll also serve you well in the field when your clients want quick numbers on a potential property. Click here to learn more about the Mortgage Calculator Pro app. [iTunes Link]
Do you have any preferred real estate iPhone apps that you use?
pierrebatbatian
Posted at 06:59h, 16 Decemberconsidering a app like this would be between 5-10$ on a blackberry i think its pretty ok. i hate you iphone users LOL. im still waiting to see what happens to act wiz before i chose to switch back over
Josh Ferris
Posted at 09:18h, 16 DecemberPierre – The price of some iPhone apps (like Pocket God) are amazing. 99 cents buys so much more than traditional app stores. I think the sheer volume of customers for iPhone apps probably allows developers to sell for less and make up for it in volume. Come join the dark side! 🙂
Pierre Batbatian
Posted at 09:43h, 16 Decemberyah i know that 🙁 i envy it. i just have a really hard time letting go of Blackberry messenger, and the keyboard
im really starting to enjoy this blog lol, why dont you guys setup a little forum? i have a vbulletin license i can give away for it
drewmeyers
Posted at 11:19h, 16 DecemberGlad you are enjoying the discussion here at Geek Estate. You think there are enough people that would use a forum to make it useful?
pierrebatbatian
Posted at 14:04h, 16 Decemberi cant honestly answer that since i havent been on the site long enough. but 1522 rss readers for the site. so there has to be enough people that read the blog daily. i dont even have rss setup since i prefer visiting the actual pages. i use the top site feature in safari. so there has to be more people like me that also visit the site.
bobgibbs
Posted at 13:38h, 16 DecemberVery Cool tool. I can invision a time where a tool like this could also provide an electronic pre-approval document for those clients who have already had their credit varified.
gadgets
Posted at 04:05h, 18 DecemberHi,
Thanks for sharing.The mortgage payment calculator is a simple way to make sure that you've got a match.I love the feature that It calculates your potential monthly payment by computing parameters related to loan and property information.
Rita Cox
Posted at 05:43h, 19 DecemberAnything similiar for the Blackberry?
Dave Peniuk
Posted at 11:12h, 21 DecemberAs Rita mentioned, does Blackberry have anything similar? Pierre mentioned an app like this would cost $5-10 on a Bberry – but where is it? I carry a mortgage calculator around with me everywhere I go, but having an app like this and to be able to save and even send it would be awesome! Any suggestions for the Bberry or am I going to have to buy (and carry) an iTouch around with me too???
Great post!
Thanks!
farooq517
Posted at 00:06h, 02 FebruaryVery Cool but i should say it is really similar to blackberry…
iPhone99
Posted at 02:08h, 23 FebruaryGreat app with the ease of input, we can email loan details to our client. Editing our loan scenario is also a usefull features…
Thanks for sharing
Giles Nugent
Posted at 07:52h, 23 FebruaryIf you don't mind, I'll toot my own app. Home Finance MD. It includes the above, + tax savings, Buy vs. Rent, a glossary, PMI impact.
itms://itunes.apple.com/us/app/home-finance-md/id351040464?mt=8
And still only $0.99.
Enjoy!
Lump Sum Annuity
Posted at 10:08h, 23 FebruaryGreat app with the ease of input, we can email loan details to our client. Editing our loan scenario is also a usefull features…
Thanks for sharing
Giles Nugent
Posted at 15:52h, 23 FebruaryIf you don't mind, I'll toot my own app. Home Finance MD. It includes the above, + tax savings, Buy vs. Rent, a glossary, PMI impact.
itms://itunes.apple.com/us/app/home-finance-md/id351040464?mt=8
And still only $0.99.
Enjoy!
Annuity Providers In Canada
Posted at 08:02h, 28 AugustMajor cell phone providers in Canada?
I’m moving to Canada next year for work for about 1yr, and was just wanting some advice on some of the good mobile phone companies in Canada. I will be mostly based in Alberta and British Columbia but want one with a nationwide network. So my question is:
1) What are 2-3 of the major or largest, bestwell known providers
2) Which 1-2 are regarded as the cheapest (I will do a lot of texting back home and international calling)
3) Is Prepay service available in Canada?
Thanks
Jcksn65
Posted at 08:01h, 15 NovemberOne of the advantages of a tracker is that your interest rate is tied to the Bank of Englands, not your lenders SVR. This means that your rate is set by an independent body, and even if your lender decides to make a steep hike in their rates, you will be unaffected. If the base rate falls, you will benefit from a drop in monthly payments. However, by the same token if the market rises you will be subject to increases in your mortgage premiums.
Jcksn65
Posted at 08:01h, 15 NovemberOne of the advantages of a tracker is that your interest rate is tied to the Bank of Englands, not your lenders SVR. This means that your rate is set by an independent body, and even if your lender decides to make a steep hike in their rates, you will be unaffected. If the base rate falls, you will benefit from a drop in monthly payments. However, by the same token if the market rises you will be subject to increases in your mortgage premiums.
Male Reproductive System
Posted at 09:35h, 17 Novemberthere are mortgage calculators online that are free but i wonder if they are up to date ‘`:
Jcn000
Posted at 23:38h, 25 MarchGood app!
There is another good real estate and mortgage app that you might want to check out, iQualify Pro. It is a new mortgage calculator on the App Store. Has a powerful feature that allows real estate or loan professionals to pre-qualify their clients in seconds based on their income and other factors such as debt ratios. Great app, but need UI improvement.