Customer Reviews (100)

Richard Ward • 2025-02-13T19:14:28.403Z

Just going through mortgage process and this app is acurrate to the penny. But seems strange if on a 5 year fixed I pay extra 5000.00 in month 60 then it's a smaller overall saving and mortgage still 18 years. But same amount at month 61 then much larger saving and knocks off almost 2 years?

Shane Hurley • 2024-11-14T04:26:05.181Z

Damn doctor is a genius. Livings inside a porta John and still bought this app. Made me want to refinance my porta john for better plumbing.

Ad Riet • 2024-08-21T15:37:48.243Z

Works very well predicting my mortgage payments and breaking down the total cost. Seems to have lots of functionality for arm mortgages as well

Summary of Key Insights

  • Karl's Mortgage Calculator Pro is highly regarded for its accuracy, comprehensive features, and usefulness in analyzing mortgage options, especially extra payments and adjustable-rate mortgages (ARMs).
  • The app enjoys overwhelmingly positive sentiment, with users frequently citing its accuracy and usefulness for financial planning. Many users purchased the Pro version to support the developer, even if the free version met their needs.
  • The main weakness appears to be occasional bugs or usability issues, such as problems with PMI calculations, difficulties clearing fields, or limitations in saving multiple mortgage scenarios. Feature requests include HOA/tax rate integration and more control over bi-weekly payments.
  • The app is popular among both individual users and real estate professionals.

Quantitative Metrics:

  • Overall Rating: Highly positive, skewed towards 5-star ratings.
  • Score Distribution:
    • 5-star: 92%
    • 4-star: 4%
    • 3-star: 0%
    • 2-star: 0%
    • 1-star: 4%

Data & Methodology Overview

  • Data Sample Size: 100 reviews
  • Time Frame: Not specified, but appears to be a mix of recent and older reviews.
  • Analysis Methods: Sentiment analysis (manual), keyword extraction (manual), frequency analysis of mentioned features and issues.

Key User Pain Points

  • Bugs/Glitches: Several users reported issues like the app becoming unusable, random figure entry, inability to clear fields, and inaccurate PMI calculations. This significantly impacts usability and trust in the app's calculations.
  • Limited Saving Options: Some users want to save multiple mortgage scenarios for comparison, which is currently limited.
  • Inaccurate Calculations with Extra Payments (Specific scenario): One user noted potential issues with calculating new balances when interest rates change after making extra payments.
  • PMI Calculation Issues: One user specifically complained that PMI calculations do not work, despite defining a FICO score.

Frequently Requested Features

  • HOA Fees and Tax Rate Integration: Users buying condominiums or townhouses want to see HOA fees and tax rates factored into the monthly payment calculation.
  • Override Bi-Weekly Payment Amounts: Users desire more control over bi-weekly payment amounts.
  • Multiple Mortgage Scenario Saving: Ability to save multiple mortgage scenarios for easy comparison.
  • Misc Fees Field: A field to input miscellaneous fees, especially when points are used, separate from the principal.
  • Month Number Since Mortgage Start in Payment Tables: Displaying the month number since the mortgage started in the payment and period tables.
  • Transfer Loans from Free to Paid Version: An easy way to transfer data from the free version to the paid version.

Strengths and Positive Aspects

  • Accuracy: Many users emphasize the app's accuracy in matching bank calculations and loan disclosures.
  • Comprehensive Features: The app offers a wide range of features, including ARM support, extra payment calculations, multiple payment frequencies, and currency options.
  • Ease of Use: Many users find the app straightforward and easy to use, even with its advanced features.
  • Extra Payment Analysis: The ability to analyze the impact of extra payments on loan payoff time and interest savings is highly valued.
  • ARM Support: The app's ability to handle adjustable-rate mortgages with multiple rate changes is a significant advantage.
  • Support for Different Mortgage Types: Support for Canadian and UK mortgages is appreciated.
  • Helpful for Professionals: Real estate agents and loan officers use the app in their daily work.
  • Developer Support: Users appreciate the developer's responsiveness and support.
  • Ad-Free Experience (Pro Version): Users are willing to pay for the Pro version to remove ads and support the developer.

Prioritized Action Recommendations

High Priority:

  • Bug Fixing: Address the reported bugs related to app unresponsiveness, random figure entry, PMI calculation errors, and clearing fields. These issues directly impact usability and user trust. (Priority: High)
  • Investigate Extra Payment Calculation Issue: Thoroughly investigate and fix the reported issue with calculating new balances when interest rates change after extra payments. (Priority: High)

Medium Priority:

  • HOA/Tax Rate Integration: Add fields for HOA fees and tax rates to provide a more complete monthly payment calculation, especially for condo/townhouse buyers. (Priority: Medium)
  • Multiple Mortgage Scenario Saving: Implement the ability to save multiple mortgage scenarios for easy comparison. (Priority: Medium)
  • Misc Fees Field: Add a dedicated field for miscellaneous fees. (Priority: Medium)

Low Priority:

  • Override Bi-Weekly Payment Amounts: Consider adding more flexibility in setting bi-weekly payment amounts. (Priority: Low)
  • Month Number in Payment Tables: Add a month number since mortgage start to the Payment and Period tables. (Priority: Low)
  • Free to Paid Data Transfer: Provide a seamless way to transfer loan data from the free version to the paid version. (Priority: Low)

Opportunities for Startup Ideas

  • Integrated Financial Planning Tool: Expand the app to include other financial planning tools, such as budget tracking, investment analysis, and retirement planning.
  • Mortgage Comparison Marketplace: Integrate a feature that allows users to compare mortgage rates from different lenders directly within the app.
  • AI-Powered Mortgage Advisor: Develop an AI-powered advisor that provides personalized mortgage recommendations based on user's financial situation and goals.
  • Real Estate Investment Analysis Suite: Create a suite of tools for analyzing real estate investment opportunities, including rental income projections, expense tracking, and ROI calculations.

Trends and Observations

  • High User Loyalty: Many users have been using the app for years and have upgraded to the Pro version to support the developer.
  • Word-of-Mouth Referrals: Users often recommend the app to friends, family, and clients.
  • Positive Sentiment Towards Developer: Users appreciate the developer's responsiveness and willingness to address issues.
  • Focus on Practicality: Users value accuracy and functionality over aesthetics.

Conclusion

Karl's Mortgage Calculator Pro is a highly successful app with a strong reputation for accuracy and comprehensive features. Addressing the reported bugs and implementing the requested features will further enhance its usability and appeal. The app's strong user base and positive sentiment provide a solid foundation for future growth and expansion into related financial planning tools. The developer should prioritize bug fixes and investigate the extra payment calculation issue immediately.

Overall Recommendation: Continue to focus on accuracy, functionality, and responsiveness to user feedback to maintain the app's competitive edge.

Original App Link

https://play.google.com/store/apps/details?id=com.drcalculator.android.mortgagepro