Finding the right mortgage is as difficult as finding a new house. It is a daunting task to balance how much you want to take and how much you’ll be able to pay per month. This is where Mortgage Calculator for Android, developed by Elastic Elevation, could extend you a helping hand. It let you easily calculate mortgage payments, as well as letting you precisely estimate how much money you’ll end up paying over the course of the loan. You can get Mortgage Calculator app for $1.36 from Google Play Store.
Before using Mortgage Calculator app for Android, you must know the property value as well as mortgage interest rate. This let you input how much you’re willing to pay upfront as well as the term of the mortgage. Once you’d entered every data it requires, Mortgage Calculator app goes to work, and it’ll take some time before it returns with a plethora of data for your perusal. As mentioned, it takes a while to get the calculations done. May be this is because the app is designed to compute info visually.
Once Mortgage Calculator provides the results, you’ll be able to see how much interest you got to pay during the duration of the loan, as well as the total cost of the loan. Further, you can swipe through the app to view the breakdown by monthly payment, pie chart showing principal and interest and a summary of the mortgage concerned. You also got an option to email the monthly payment breakdown and view it in MS Excel.One of the standout aspects of Mortgage Calculator app is the ease of use. You don’t have to be a financial expert to use the app. As long as you provide the necessary info, it provides accurate reports. You can use Mortgage Calculator in both landscape and portrait mode. But it is frustrating to find that the app recalculates the mortgage data when switched between the two views. This could lead to more time wastage. If there is a feature that you would have loved to find in Mortgage Calculator, it has to be the ability to keep track of mortgage calculations. Such a feature comes handy if you have to deal with multiple mortgage options and houses or both.
Mortgage Calculator app for Android would come handy to anyone who is shopping around for a mortgage. Even though the overall experience can be a bit frustrating due to the slow processing, it indeed provides accurate reports based on the information you input. The app is pretty simple to use, even if you know nothing much about finance or accounting. Check it out if you’re curious.