[Free] [App] Loan Calculator

Discussion in 'App Announcements' started by steven.smith, Mar 31, 2013.

  1. steven.smith
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    steven.smith New Member

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  2. steven.smith
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    steven.smith New Member

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  3. steven.smith
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    steven.smith New Member

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    Thanks for the support, reached to 50 downloads on Google play store.
    The new Version 1.0.2 is available with more responsive UI and optimized experience for Tablet and Motorola Droid.
    Updates:
    Loan Product Search and filter functions optimized
    Chart and Table optimized for portrait and Landscape layouts.
    Correction done for Introductory EMI options and Loan repayments options
    Check out the new version at Google play store:
    http://bit.ly/YP42Z2
  4. FoxKat
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    FoxKat DF Super Moderator Staff Member Premium Member

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    +1 I am a PA Licensed Mortgage Banker and am always looking for "the best" loan calculator. I carry an HP 17B II Business calculator - the top line financial calculator for the mortgage industry, mainly because it is accurate to many decimal points. Also since a Reverse Polish Notation (RPN), calculator, it is easy to do multiple math calculations in one string rather than hitting "=" after each pair of data. I would LOVE to have a true emulator of the 17BII (like those of other earlier HP calculators). For example, see;

    https://play.google.com/store/apps/details?id=org.efalk.rpncalcprofessional&feature=search_result
    https://play.google.com/store/apps/details?id=net.sourceforge.uiq3.hp45&feature=search_result
    https://play.google.com/store/apps/details?id=com.limpidfox&feature=search_result
    https://play.google.com/store/apps/details?id=com.emmetgray.wrpn&feature=search_result

    Unfortunately however, it's still under the patent and copyright rules and cannot be emulated (legally) yet.

    Also, the HP 12-C is the "defacto standard" calculator for most mortgage representatives, however the 17BII is far more advanced, faster, easier to use and "looks" like a regular calculator. The last part is actually why many mortgage representatives like the 12-C better as it "looks" complicated and they may feel like it makes them "look" like financial wizards For me...I don't need my calculator to look confusing to prove to my clients that I am a competent financial mathematician. On the other hand, a simplified product such as the OP's is a blessing to have in a pinch on the elevator or at a public place when you bump into someone and strike up a conversation. It's times like that when you only need the basic info to bolster the conversation and move it toward a true prospect for a mortgage. This is why I like this product and want to see it expanded.

    Back to the OP Developer and his product. I will be evaluating it and hope to both give a good review, and also perhaps to be a contributor in his/her further development of the same. Upon first observation, I would suggest the Developer change the graduations for the Interest Rate on the slider from whole digits to eights as (at least in the USA), nearly all mortgages fall on a .125% increment...i.e.;

    .125%
    .250%
    .375%
    .500%
    .625%
    .750%
    .875%
    1
    1.125%
    etc.

    For those countries where mortgage rates are more variable and not tied to "eighths", the number can be entered directly so there's no need to go beyond .125% increments.

    By the way, I love the sliders for the amount, duration and rate. I also love that you can save "scenarios" for future reference, as well as saving actual client loan parameters for later recall as well.

    Next, I would add the necessary additional variables (annual taxes, annual insurance, annual or monthly rate for mortgage insurance, etc.) so that a total mortgage payment can be provided to the potential client as well. Then I'd love to see an option to have three choices for comparison, one with a lower rate or loan amount, one with a higher rate or loan amount, and the one in the middle, so we can discuss the pros and cons of paying points to reduce the rate versus receiving closing assistance by taking a higher rate. As well, I'd like to see an amortization option so that a full amortization table can be produced and printed. it would also be beneficial to be able to show additional payments if the client wishes, both scheduled and fixed or varying monthly payments, as well as ad hoc as they choose. There are LOTS of additional ways to enhance this, but you're on a good start.
    Last edited: May 2, 2013
  5. wardo
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    wardo Member

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    Damn son^^^^^
  6. steven.smith
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    steven.smith New Member

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    Thanks FoxKat for the valuable points and deep detailed review. We will consider the suggestions and amendments made by you to take this product to next level.
    Really appreciate your time and analysis.

    We will definitely consider the suggestions ,specially the additional variables additional variables (annual taxes, annual insurance, annual or monthly rate for mortgage insurance). The detailed table and Chart is already there for the paid version.

    Thanks again!

    regards,
    Steven