Simple Mortgage Payment app review: the tools you need

Introduction

If you are considering buying a home then you will be looking closely at house prices as you try to figure out what you can afford. The Simple Mortgage Payment app is designed to provide you with a quick and easy way to calculate the total house price or your monthly payment. It can even be used to figure out payments on loans with zero percent interest. This is the exact information that allows you to make informed decisions on your future.

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Before You Start Shopping

Before you head out on a house hunting expedition or even in search of a loan you may first want to check out how these amounts break down monthly so you get an idea of what you can afford. Often people end up rather surprised at how things break down monthly, either finding they can afford a higher home price than they thought, or that they actually need to spend less than they planned.

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This is a great way to get a grasp on the numbers without having to sit down with a loan or mortgage advisor. You can feel prepared on your own, which allows you to make better decisions for yourself. While obviously you will still need to secure the actual mortgage through your lending institution, at least it will allow you to create a budget on what you can comfortably spend and look for price-wise.

Using the App

This app is all about simplicity as the name suggests. There is no such thing as added bells and whistles; the app just requires a few pieces of information from you and then you will have your calculation.

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As soon as you launch the app you are taken to the calculator. There are no confusing menus or options to wade through as it's right to the point. You will need to input the house price, your down payment amount, the interest rate (percentage), the term (years), and then tap on calculate. You are instantly given the monthly payment calculation. When you tap on the “Reset” icon it will delete the house price, down payment amount, and the monthly payment but keep the same interest rate and terms.

There is a Pro version available of the app for $0.99. The only difference is that there are no ads in the Pro version. The ads really don’t hinder the app in any way so for me I don’t see that the purchase is necessary.

Pros and Cons

Pros

• Quick and simple monthly payment calculations
• Play with the input screens and change up the information as much as you like
• Calculations are instant

Cons

• The app is ad-supported but it doesn’t interfere with it
• No added features

Final Thoughts

The Simple Mortgage Payment app is a very basic approach to mortgage payment calculations. While this can’t be your be all-and-end-all answer I certainly think it can help guide you in the right direction as you hunt for that perfect house.