Looking for any kind of loans? When anyone comes to this many feels the calculations are very tough as they have to get an exact idea on the amount to pay, what should be the amount of interest for a certain rate, overpayment etc. So here shines Mortgage Mentor for your iPhone which makes these processes pretty simple.
The app is pretty simple in looks but when comes to use it is truly handy. The initial tap takes you to the My Mortgages where you can add your loan details by tapping the + button on the right top. You have to enter the name, amount of loan, interest rate, years, the mortgage type and some more informations. That’s it, fill the details and just rotate your device which shows the tabular details of the entire things you need to proceed with your lender.
This table shows you the month by month payments, interest, total paid, what is the balance for each year. A settings option is available which lets you to change these factors as per your needs. You can also view the graphical representation here. You can compare if you have entered more than one loan.
A calculator is available in the main screen, which makes you to find what you can afford (single/joint) by entering your salary. You can check out the cost of moving, monthly payments for your loan and how much money and years you can save if you are willing to go for an overpayment. And of course there is a help for this mentor to find out what you can do this with the app. But I didn’t find an option to change the currency so by default it gets the dollars.
That’s it about My Mortgage Mentor, a simple but useful application which is available in the app store for $2.99