Customer Reviews (120)

emailselwyn • 2024-06-24T08:38:55-07:00

This app works well to find out how much interest will be charged and how much is spent at any given time during the life of a mortgage. I also use it for comparison shopping.

SicRick01 • 2024-03-10T06:03:41-07:00

Better than Mortgage+ now that it’s busted

Minpinbakke45 • 2024-03-08T17:18:14-07:00

This is great to compare refinance options and see the impact of making additional principal payments toward goals. Definitely shows you visually the amortization breakout.

Summary of Key Insights

This Mortgage Calculator app generally receives very positive reviews, with users praising its ease of use, comprehensive features (especially the ability to model extra payments), and clear visualization of mortgage scenarios. The app is considered a valuable tool for both prospective homebuyers and current homeowners looking to refinance or optimize their mortgage payments. However, some users have reported issues with specific functionalities, desired features, and occasional crashes after updates. The overall sentiment is highly positive, with a strong skew towards 5-star ratings.

  • Strengths: Ease of use, comprehensive features for modeling mortgages, visualization of savings through extra payments, inclusion of taxes/insurance/PMI, ability to compare multiple mortgages.
  • Weaknesses: Occasional crashes after updates, some features not intuitive for all users, specific feature requests (e.g., amortization charts, more flexible payment scheduling, better handling of existing loans), potential branding upgrade cost.
  • Overall Rating: High (skewed towards 5 stars)
  • Score Distribution: 1-star: 10.8%, 2-star: 3.3%, 3-star: 2.5%, 4-star: 12.5%, 5-star: 70.8%

Data & Methodology Overview

  • Data Sample Size: 120 reviews
  • Time Frame: Reviews span several years, but the provided text doesn't indicate specific dates beyond the "Update Aug 22" mention in one review.
  • Analysis Methods: Qualitative analysis of review content, focusing on sentiment identification, keyword extraction (e.g., "extra payments," "easy to use," "crashes"), and feature request categorization.

Key User Pain Points

  • App Crashes After Updates: Several 1-star reviews mention the app crashing after recent updates, rendering it unusable. This is a critical issue.
  • Lack of Intuitiveness for Some Features: Some users find certain features (e.g., inputting taxes, integrating existing loans) not intuitive, leading to frustration and negative reviews.
  • Limited Payment Scheduling Options: Users want more flexible payment scheduling, such as bi-weekly payments or specifying exact dates for extra payments.
  • Inability to Remove Extra Payments: One user specifically asked how to remove an extra payment.
  • Branding Upgrade Cost: One user felt that the branding in-app purchase is overpriced.
  • Bugs: Some users have reported bugs with tax calculations.
  • Help Screen Mismatch: One user reported that the help screens don’t relate to the interface.

Frequently Requested Features

  • Amortization Chart: Several users explicitly requested an amortization chart.
  • More Flexible Payment Scheduling: Users desire the ability to schedule bi-weekly payments or specify exact dates for extra payments.
  • Improved Handling of Existing Loans: Some users found it difficult to accurately model existing loans.
  • Down Payment Percentage Calculation: Real estate agents want the app to automatically calculate the loan amount based on the purchase price and down payment percentage.
  • Email/Text Sharing: Mortgage professionals would like the ability to easily email or text loan information to clients.
  • Ability to Label Extra Costs: One user suggested a way to label the extra costs.
  • Duplication of Saved Scenarios: Allow duplication of a saved scenario, then allow edits.
  • Balloon Payoff Feature: Would be nice to be able to show impact of a balloon payoff at a future year.
  • Incorporate the cost of an outside loan: Like the cost of debt for a down payment.
  • Revenue projection: Would love to see more features that allows to enter intake if I were to rent out the property so I can see possibles revenue.

Strengths and Positive Aspects

  • Ease of Use: Many users praise the app's intuitive interface and ease of use.
  • Comprehensive Features: The app offers a wide range of features for modeling mortgages, including extra payments, taxes, insurance, and PMI.
  • Visualization: Users appreciate the clear and interactive charts that visualize mortgage costs and savings.
  • Extra Payment Modeling: The ability to model the impact of extra payments is a key selling point.
  • Comparison of Mortgages: The ability to compare multiple mortgages side-by-side is a valuable feature.
  • Accuracy: Users report that the app's calculations are accurate and match bank calculations.
  • Flexibility: A lot of flexibility, provides all the right tools and options to explore all possible scenarios.
  • Dropbox Backup: Backup & Restore via Dropbox

Prioritized Action Recommendations

  • High Priority:
    • Fix App Crashes: Immediately address the app crashes reported after recent updates. This is a critical issue that affects usability.
    • Improve Intuitiveness: Review the user interface and help documentation to ensure that all features are intuitive and easy to use. Focus on areas where users have reported confusion (e.g., inputting taxes, integrating existing loans).
  • Medium Priority:
    • Implement Amortization Chart: Add an amortization chart to provide users with a detailed breakdown of their mortgage payments.
    • Enhance Payment Scheduling Options: Provide more flexible payment scheduling options, such as bi-weekly payments and the ability to specify exact dates for extra payments.
    • Address Minor Bugs: Resolve reported bugs, such as the issue with tax calculations.
    • Implement ability to remove extra payments.
    • Allow duplication of saved scenarios.
  • Low Priority:
    • Consider Down Payment Percentage Calculation: Evaluate the feasibility of adding a feature to automatically calculate the loan amount based on the purchase price and down payment percentage.
    • Implement Email/Text Sharing: Add the ability to easily email or text loan information to clients.
    • Address Branding Upgrade Cost: Re-evaluate the pricing of the branding upgrade.
    • Balloon Payoff Feature.
    • Incorporate the cost of an outside loan.
    • Revenue projection.

Opportunities for Startup Ideas

  • Hyper-Personalized Mortgage Advisor App: An app that goes beyond basic calculations and provides personalized mortgage advice based on user's financial situation and goals. This could include features like automated loan comparisons, credit score monitoring, and recommendations for optimizing mortgage payments.
  • Mortgage Modeling API: A robust API that allows developers to integrate mortgage modeling functionality into their own apps and websites. This could be used by real estate agents, financial advisors, and other professionals who need to provide mortgage calculations to their clients.

Trends and Observations

  • Positive Sentiment Dominates: The overall sentiment is overwhelmingly positive, indicating that the app is generally well-received.
  • Importance of Extra Payment Modeling: The ability to model the impact of extra payments is a key differentiator and a major driver of positive reviews.
  • Impact of Updates: Updates can have a significant impact on user satisfaction. It's crucial to thoroughly test updates before releasing them to ensure that they don't introduce new bugs or crashes.
  • Need for User-Friendly Design: A user-friendly design is essential for attracting and retaining users. The app should be intuitive and easy to use, even for users who are not familiar with mortgage calculations.

Conclusion

The Mortgage Calculator app is a valuable tool for anyone looking to buy a house, refinance their mortgage, or optimize their payments. The app's strengths include its ease of use, comprehensive features, and clear visualization of mortgage scenarios. However, there are some areas for improvement, such as addressing app crashes after updates, improving intuitiveness, and adding requested features. By addressing these issues, the developer can further enhance the user experience and solidify the app's position as a leading mortgage calculator. Overall, the app is highly recommended, but users should be aware of the potential for occasional crashes after updates.

Original App Link

https://apps.apple.com/us/app/mortgage-calculator/id409695797?uo=2