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Run the numbers
Handheld apps put mortgage information at your fingertips.
You won’t find many homebuyers who don’t care how much their monthly payment will be. If you own a handheld running the Palm OS, you can quickly provide answers to a host of financing questions. (If you don’t own a handheld computer, see the article on page 15 about online mortgage calculators.)
Two well-known real estate technology experts have developed mortgage-calculator applications targeted specifically for real estate professionals, though the two titles differ greatly in their functionality and purpose.
The "I can answer that" calculator
Pat Zaby’s PZCalc helps you bring clarity to a variety of mortgage variables and scenarios, including basic payment information, qualifying-income requirements, and comparisons between 15- and 30-year loans. The application goes much deeper, too, with screens that enable you to figure out a homeowner’s tax savings from itemizing homeownership deductions, a rent-vs.-own calculator, comparisons between adjustable-rate and fixed-rated mortgages, and 13 other calculations. One function called "Isn’t It Worth It?" breaks down the difference between an offer and list price in dollars per month and dollars per day.
The interface is easy to understand and use, with fill-in-the-blanks entry for variables. PZCalc sells for $49 and can be downloaded from PatZaby.com. A trial version and detailed instructions are also available on the site.
The "Your Name Here" calculator
Stephen Canale’s Canale Calc provides calculations for only the basics: Put in any three entries among the loan amount, interest rate, length of loan, and payment, and the calculator will determine the fourth variable. It also will figure out the total payment if you enter amounts for taxes, insurance, association fees, and PMI, and can amortize a loan. But the unique aspect of this application comes into play when you purchase the $49 customized version of the calculator. You get to put six lines of your personal information on the program’s initial screen–the one that pops up when the program is launched. You can even rename the calculator itself (12-character limit). Then, you can e-mail and beam the calculator to clients and colleagues, and every time they use it, your information appears.
The Canale Calc basic version ($15) and the customized version are available from Canale.com. A $74 version that includes program updates and free custom-information changes for two years is also available.
Other calculators abound
You can find several additional options from Palm-OS download sites like Palm.com and Download.com. A few mortgage calculators are free; many cost less than $10. Features and ease of use vary greatly among the offerings, but trial versions are available for many titles. Whichever application you choose to put on your handheld, you will be able to help clients figure out financing questions in a snap.
Illustration © Brand X Pictures.
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