A mortgage calculator is an online tool that works out monthly mortgage payments based on the information fed into it.
However, mortgage calculators are not all-seeing infallible mystics that magically tally up 'the damage' out of the ether. In the words of that well-worn phrase, garbage in, garbage out. A mortgage calculator is only as good as the information it has to go on, and even then the result should only be regarded as a guide.
To get the best out of a mortgage calculator have to hand a realistic idea of your financial circumstances and the amount you wish to borrow. In order to arrive at the bottom line, a mortgage calculator asks a series of relevant questions.
Firstly, the calculator will need to know the amount you want to borrow, the length of time you need to pay it back and the interest rate that applies to the mortgage. You may also be asked, depending on the complexity of the mortgage calculator, about a number of other variables such as any discounted introductory interest rates, etc.
Using all this information, the calculator's back office crunches the numbers to produce the monthly repayments.
However, mortgage calculators are not all-seeing infallible mystics that magically tally up 'the damage' out of the ether. In the words of that well-worn phrase, garbage in, garbage out. A mortgage calculator is only as good as the information it has to go on, and even then the result should only be regarded as a guide.
To get the best out of a mortgage calculator have to hand a realistic idea of your financial circumstances and the amount you wish to borrow. In order to arrive at the bottom line, a mortgage calculator asks a series of relevant questions.
Firstly, the calculator will need to know the amount you want to borrow, the length of time you need to pay it back and the interest rate that applies to the mortgage. You may also be asked, depending on the complexity of the mortgage calculator, about a number of other variables such as any discounted introductory interest rates, etc.
Using all this information, the calculator's back office crunches the numbers to produce the monthly repayments.
