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?
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