Some questions come to mind:
Which applications have you worked with in the past?
What were the specific problems you ran into regarding interpreting the bounce messages?
How many messages were you sending?
What is your definition of low cost?
What does it mean to have bounce messages "organized"?
Answers to those questions would help determine which tools might work best for you.
As a point of reference, RFC 3463
lists 47 SMTP possible bounce error codes (Appendix A). I use this reference to highlight the fact that sending mail and processing bounces is more complex than many people think, and regardless of the price point, it is usually better to go with a service like Postmark, Amazon SES, SendGrid (not on my recommended list) or MailGun that handles the difficult pieces of that for you rather than to bypass using one of these services and attempting to build that on your own, regardless of the price point.
I put that phrase in twice on purpose, just in case that was an option you were considering.