Customer Reviews (106)

ChefQuinton • 2022-09-12T03:57:13-07:00

I’ve been using an android calculator for years now. It’s way better than this app. Much more simple and, it’s free. Don’t pay for this. It’s not even worth the dollar. I’d give it negative 5 stars if it was an option.

Fa9595 • 2022-02-08T01:33:31-07:00

So far so great

dukadukananatooka • 2020-10-03T14:54:58-07:00

Frustrating to use with an iPad. I usually use my iPad mounted on it keypad stand. Can’t use this app unless I take the iPad off its keypad. Frustrating.

Summary of Key Insights

Mortgage Calculator Pro is generally well-received, particularly for its simplicity, ease of use, and inclusion of taxes and insurance in calculations. However, users consistently request features related to government loans (FHA, VA, USDA), extra payment options, and improvements to the amortization schedule. The app's age and lack of recent updates are also concerns. The overall sentiment is positive, reflected in the high number of 5-star reviews, but addressing the identified pain points and requested features could significantly improve user satisfaction and competitiveness. The app has an overall rating leaning towards positive, but the need for updates to remain compatible with future iOS versions is a major concern.

Overall Rating: Approximately 4.3 out of 5 (based on the weighted average of star ratings)

Score Distribution:

  • 5-star: 53.8% (57/106)
  • 4-star: 21.7% (23/106)
  • 3-star: 8.5% (9/106)
  • 2-star: 7.5% (8/106)
  • 1-star: 8.5% (9/106)

Data & Methodology Overview

  • Data Sample Size: 106 reviews
  • Time Frame: The reviews span several years, with some mentioning usage for a decade and others referencing recent updates. The presence of reviews mentioning iOS compatibility issues suggests the reviews are relatively current.
  • Analysis Methods:
    • Sentiment Analysis: Primarily manual assessment based on review text.
    • Keyword Extraction: Identification of frequently used terms and phrases related to features, issues, and sentiments.
    • Frequency Analysis: Counting the number of times specific issues or feature requests were mentioned.

Key User Pain Points

  • Lack of Support for Government Loans (FHA, VA, USDA): Many users, especially real estate professionals, need the ability to calculate mortgage insurance (MI), upfront mortgage insurance premium (UPMIP), VA funding fees, and other aspects specific to government-backed loans. This limitation makes the app less useful for a significant portion of the market.
  • Missing Extra Payment Feature: A common request is the ability to factor in extra monthly principal payments to see the impact on interest saved and loan duration.
  • Amortization Schedule Limitations: Users want the ability to add dates to the amortization schedule, increase the font size, and potentially rotate the schedule for better viewing on larger screens.
  • Inability to Consolidate Loans: Some users want to consolidate multiple loans and view a combined amortization schedule.
  • iPad Optimization: Several users noted that the app is not optimized for iPad use, appearing as a scaled-up iPhone app.
  • Interest Rate Limit: Some users reported the app doesn't allow interest rates above 9.99%, which makes it unusable in certain economic conditions.
  • Concerns about Updates/Maintenance: Several users expressed concern that the app hasn't been updated recently and may not be compatible with future iOS versions.
  • Occasional Calculation Errors: A small number of reviews mentioned inaccurate calculations.

Frequently Requested Features

  • Mortgage Insurance (MI/PMI) Calculation: Including a field or calculator for MI/PMI is the most frequent request.
  • Extra Payment Calculation: Allowing users to input extra principal payments and see the resulting savings is a highly desired feature.
  • Government Loan Support (FHA, VA, USDA): Adding fields for UPMIP, VA funding fees, and other government loan-specific factors.
  • Amortization Schedule Enhancements: Adding dates, larger font size, and rotation options to the amortization schedule.
  • iPad-Specific Version: Creating a version of the app specifically designed for iPad screens.
  • Loan Consolidation: Ability to consolidate multiple loans.
  • Down Payment as Percentage: Option to enter down payment as a percentage instead of just a dollar amount.

Strengths and Positive Aspects

  • Ease of Use: The app is consistently praised for its simplicity and intuitive interface.
  • Speed: Users appreciate the fast calculation times.
  • Inclusion of Taxes and Insurance: The ability to factor in property taxes and insurance premiums is a significant advantage.
  • Email Feature: The ability to email loan information and amortization schedules is a valuable feature for real estate professionals.
  • Saving Loans: The ability to save and organize loan scenarios is well-received.
  • No Advertising: Users appreciate the lack of ads and pop-ups.
  • Accurate Calculations: Most users find the calculations to be accurate (although some disagree).

Prioritized Action Recommendations

High Priority:

  • Address iOS Compatibility Concerns: Update the app to ensure compatibility with the latest and future iOS versions. Failure to do so will render the app unusable for many users.
  • Implement Mortgage Insurance (MI/PMI) Calculation: This is the most frequently requested feature and a significant omission, especially given the popularity of FHA loans.
  • Add Extra Payment Calculation: Implementing this feature would greatly enhance the app's usefulness for users looking to accelerate their mortgage payoff.
  • Fix Interest Rate Limit: Ensure the app can handle interest rates above 9.99%.

Medium Priority:

  • Add Government Loan Support (FHA, VA, USDA): Include fields for UPMIP, VA funding fees, and other government loan-specific factors to cater to a broader user base.
  • Enhance Amortization Schedule: Implement user-requested improvements such as adding dates, increasing font size, and rotation options.
  • Optimize for iPad: Create a native iPad version or optimize the existing app for larger screens.
  • Allow Down Payment as Percentage: Add an option to enter down payment as a percentage.

Low Priority:

  • Loan Consolidation: While requested, this feature is less critical than the others.
  • Add a place to keep notes: This would help users to identify each mortgage when house hunting.

Opportunities for Startup Ideas

  • Subscription-Based Mortgage Management App: A more comprehensive app that allows users to track existing loans, forecast payoff dates based on extra payments, and provide personalized financial advice. This could include features like automated budgeting and debt management.
  • AI-Powered Mortgage Advisor: An app that uses AI to analyze a user's financial situation and recommend optimal mortgage strategies, including loan types, payment schedules, and refinancing options.
  • Mortgage Calculator API: Offer a paid API that allows other apps and websites to integrate the Mortgage Calculator Pro's functionality into their own platforms.

Trends and Observations

  • Real Estate Professionals as Key Users: A significant portion of the reviews come from real estate agents and brokers who rely on the app for their work.
  • Long-Term Users: Many users have been using the app for years, indicating strong loyalty.
  • Desire for Advanced Features: While the app's simplicity is a strength, many users are requesting more advanced features to handle complex scenarios.
  • Importance of Email Functionality: The ability to email reports is a crucial feature for many users, especially real estate professionals.

Conclusion

Mortgage Calculator Pro is a valuable tool for calculating mortgage payments, particularly due to its simplicity and inclusion of taxes and insurance. However, the app's lack of recent updates and missing features, especially those related to government loans and extra payments, are significant drawbacks. By addressing these issues and implementing the requested features, the developer could significantly improve user satisfaction, attract new users, and maintain the app's competitiveness in the market. A focus on maintaining iOS compatibility is paramount.

Original App Link

https://apps.apple.com/us/app/mortgage-calculator-pro/id315103123?uo=2