With over 250 Apple® iTunes® Store downloads, MortQ is a mortgage payment calculator designed by a real estate professional to quickly calculate the metrics used by lenders and cooperative apartment boards to qualify real estate purchasers. In addition to mortgage rate, term and principal amount, users can enter other relevant monthly expense data and annual income data to calculate their debt to income ratio (DTI) - a key factor in determining one's ability to borrow for and purchase a home.
There are no advertisements in MortQ and no personal data is uploaded from your phone or tablet. All data entered is stored locally on your device so that specific values can be changed for different property prices, mortgage rates, etc. An online rate table gives instant access to a sample of current mortgage rates in various locations. A complete analysis detailing input data, after-purchase liquidity requirements and estimated after-tax monthly payments can be emailed to save a printable text version of all output. A help screen defines the terms used and provides an email link for further help.