How it Works: The Mortgage Calculator Pro, one of the top 10 finance apps for 2010, is a quick and easy calculator designed for brokers, Realtors and homebuyers. Optimized for iOS 4 and Retina Display, Calculator Pro allows users to compute monthly payments for mortgages, auto loans, credit cards and other types of fixed loans, while allowing adjustments for insurance, property taxes and monthly fees.
Benefits: The large numeric keypad is remarkably easy to use and data can be backed up and restored to your iOS device.
Catches: In the end, it’s a speculative app; interest rates fluctuate by the millisecond, so any estimate by the app should be treated as that – an estimate.
Overall: Inexpensive but by no means cheap, the Mortgage Calculator Pro is a great and highly-rated step in assessing the prospects of a fixed-rate loan. Just don’t interpret its estimates as the gospel.