Why use an Online Mortgage Calculators?

There are hundreds of mortgage calculators to be found online. These tools help you to figure out questions such as:

  • How much can you afford to borrow?
  • How much will your mortgage repayments be?
  • How quickly will you be able to pay of your loan?

When should you use a Mortgage Calculator?

A mortgage calculator is useful when calculating how much money you need to borrow to buy a house. It helps you figure out how much you'll need to put down, how long you'll need to pay off the loan, and whether you're better off buying or renting.

How to use a Mortgage Calculator?

Depending on the mortgage calculator, you will need to have some details handy. These generally include:

  • Length of the loan
  • Interest rate
  • Amount you wish to borrow
  • How often you will make repayments

Will mortgage calculators tell me how much I can afford?

Yes. Some online mortgage calculators will be able to tell you how much you can afford to borrow. Most banks have online mortgage calculators on there websites to help you see how much they think you can afford based on their calculations so make sure to compare these estimates across all you local banks.

Do online mortgage calculators consider lump sum payments?

Depending on the calculator you can add lump sum payments to the calculations to reduce the amount owing by the lump sum amount.

Where to find an online mortgage calculator?

You can find online mortgage calculators easily by visiting our list of the best free online mortgage calculators.

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