Yes! Mortgage Pal is completely free to download and use. There are no hidden fees, in-app purchases, or subscription costs. All features are available to all users at no charge.
Mortgage Pal is currently available on iOS (iPhone and iPad). You can download it from the Apple App Store.
No, Mortgage Pal works completely offline. Once downloaded, you can use all features without an internet connection. An internet connection is only needed for exporting calculations via email.
Mortgage Pal is designed with privacy in mind. All calculations are performed locally on your device. We do not collect, store, or share your financial information. For more details, please review our Privacy Policy.
Understanding Mortgages
An amortization schedule is a detailed table showing each mortgage payment over the life of your loan. It breaks down how much of each payment goes toward principal versus interest, helping you understand how your mortgage balance decreases over time.
The principal is the original amount you borrowed for your home. Interest is the cost of borrowing that money, charged by your lender. Each monthly payment includes both principal (which reduces your loan balance) and interest (which is the lender's profit).
PMI (Private Mortgage Insurance) is required when you make a down payment of less than 20% on a conventional loan. It protects the lender if you default on your loan. Once you reach 20% equity in your home, you can typically request to have PMI removed.
A fixed-rate mortgage has an interest rate that stays the same for the entire loan term, making your payments predictable. An adjustable-rate mortgage (ARM) has an interest rate that can change periodically based on market conditions, which means your monthly payment can go up or down.
While 20% is often recommended to avoid PMI, many buyers put down less. The right amount depends on your finances, loan type, and goals. A larger down payment means lower monthly payments and less interest over time, but it also ties up more cash upfront.
Refinancing means replacing your current mortgage with a new one, typically to get a lower interest rate, change your loan term, or access home equity. Consider refinancing when rates drop significantly, your credit improves, or you want to change your loan terms. Calculate if the savings outweigh the closing costs.
Closing costs are fees and expenses you pay when finalizing a mortgage, typically 2-5% of the loan amount. They include appraisal fees, title insurance, origination fees, property taxes, and other charges. These are paid at closing in addition to your down payment.
Using the Calculator
Mortgage Pal uses industry-standard formulas and practices to ensure accurate calculations. However, please note that these are estimates and your actual mortgage terms may vary based on your lender's specific requirements and policies.
Yes! You can export your calculations and results via email. This allows you to save your calculations for future reference or share them with others.
Mortgage Pal supports multiple payment frequencies including monthly, bi-weekly, weekly, and accelerated payment options. This flexibility helps you see how different payment schedules can impact your mortgage payoff timeline.
Absolutely! Mortgage Pal allows you to account for supplemental payments, property taxes, homeowners insurance, and other fees to give you a complete picture of your total monthly housing costs.
The affordability calculator uses your income, debts, and other financial information along with industry-standard debt-to-income ratios to determine the maximum home price you can afford. This helps you shop for homes within your budget.
Yes! Mortgage Pal includes an extra payment feature that shows you how making additional payments can reduce your loan term and save thousands in interest. You can model one-time or recurring extra payments.
Yes! While designed for mortgages, Mortgage Pal also supports calculations for car loans, personal loans, and other types of amortizing loans.
Technical & Support
Mortgage Pal works on recent iOS versions. Check the App Store listing for specific version requirements. We recommend keeping your device updated to the latest iOS version for the best experience.
We welcome your feedback! Please contact us at hello@mortgagepal.co to report bugs or suggest new features. We're constantly improving the app based on user feedback.
Yes! Mortgage Pal is optimized for both iPhone and iPad, giving you a great experience on any iOS device.
We regularly update Mortgage Pal with bug fixes, performance improvements, and new features. Enable automatic updates in your App Store settings to always have the latest version.