Mortgage Payment Calc is a free iPhone app designed for individuals preparing to buy a house, managing mortgage loans, or working in the housing industry. This utility and tools category app offers three calculators - Mortgage, Loan, and Affordability calculators. Users can calculate payment cycles, payoff dates, total payments, interest, affordability, payment schedules, and prepayments.

With the ability to input various values such as house value, frequency, term, interest rate, and more, users can save results for future reference and comparison. Additionally, the app allows users to manage loans efficiently by tracking loan processes, setting notifications, analyzing extra payments, and providing insights on new payoff dates and savings.