Mortgage Loan Calculator FREE Editor's Review
Editor's ratingThe editor's rating is calculated based on the average of the following criteria, rated on a
scale of 1 of 5:
- Installation: 5
- Features: 4
- Interface: 4
- Customization: 3.5
- Help and support: 3
Pros and cons
- Free and easy to integrate.
- No-frills — it does what it's meant to do, and does it well.
- Graphically represents year-over-year mortgage information in a visually pleasing and informative way.
- API support is a nice bonus, as is integration through WordPress.
- Figuring out the paths to query the API can be a little tricky due to terse documentation.
- Mortgage trends widget lacks any customization options.
This software may not be the coolest, but it's part of a category that touches people's everyday lives. That's right, I'm talking about financial software. Personally, I'm a big fan of financial software products and use quite a few of them on a day-to-day basis. From budget tracking to planning for the future, financial software is here to stay. Today, we're taking a look at MLCalc, a financial tool that helps its users make better decisions regarding their mortgages.
Let's take a look at the mortgage calculator first, focusing on three categories. The first is standard features that every calculator should have. This includes things such as down payment, interest rates, and total purchase price. Next, I looked for any additional features that were present. Finally, I observed its ease of use and clarity for new home buyers.
The calculator stacks up very well in the first two categories. It has all the features that you would expect, and then some. One of the features I particularly liked was the graphical representation of an individual’s home ownership over time. By overlaying the principal amount with interest and taxes, MLCalc is able to present a great visual representation of my payments over time. Compared to competitors which may just provide a dollar amount, this makes more sense and is easier to relate to.
On the flip side, some features were missing that I wish had been present. For one, it's not possible to re-calculate data in real-time, and that should really be the case. Every time a user wishes to change a parameter, they have to click the calculate button — instead, the chart and the numbers should be updated in real time for a more fluent user experience. Another missing piece was the lack of a credit score option. The widget requires an interest rate, but generating this from a credit score rating may have been easier for some users.
Next, let's take a look at the mortgage rate chart. This is a much simpler widget, and there's really not that much to see here. It does what you expect it to, and that's a good thing. Users can view various mortgage rates for the United States overall or on a state-by-state basis. The graph is easy to read, and provides data points a few weeks into the past. If anything, I'd like an option to see this extended well into the past to provide a bit more insight.
In summary, the widgets provided by MLCalc are a great no-cost option if you want to work with mortgage information on your site. You have nothing to lose, so I suggest you head over and give them a try!
This is an editorial review; not a recommendation. All editorial reviews, some of which we may receive compensation to perform, express our objective findings and experiences with the specific product (including version) under review. The review expressed is of the editor only. Any product claim, statistic, or other representation should be verified with the provider.