Financial App

Chart displaying

Inspiration

Many people struggle with understanding financial concepts like mortgages and interest rates. Our goal was to create a tool that offers assistance to people who are planning to take out a mortgage. Our inspiration came from one of our team members, who mentioned that his cousin’s parents were mortgaging their home and having trouble understanding the process. They wanted to know how much they would still owe after 5 years had passed.

What it does

This inspired us to create an application that provides users with essential information, such as monthly payments and remaining balances, based on the average interest rate for a given state. The app generates graphs and charts that can be converted into an Excel file, displaying how much money remains to fully pay off the loan month by month.

How we built it

We used React and material UI for the front-end, and we wrote a class and a struct to organize the mortgage data and calculations.

Challenges we ran into

At first we saved all the interest rate averages inside a json file. However, retrieving it in react posed a challenge for us. We were able to figure out how it could be connected but decided not to proceed with using json as we realized that we do not really need to.

Accomplishments that we're proud of

We are proud to have a functioning application that is able to process the mortgage and we are able to display the results.

What we learned

We learned that sometimes simplicity is the best way. We decided that by keeping things simple we will have a better user experience as it will be easier to navigate through the website.

What's next for Financial App

We were thinking about adding a simple bot to the web-application however due to time constraints we decided not to. Also, the pdf button is not working and we would firstly fix it. We also realized that some values are off in the chart that is displayed at the bottom so we will work towards fixing those.