There are many factors that go into mortgage, such as loan amount, interest rates and tenure, repayment, fees, etc. Mortgage loan calculators can help you understand how each factor will affect your finances. This tool not only educates, but also saves time when dealing with a mortgage lender.

What is the Maximum Loan?

Calculators for mortgage loans can help you determine the amount of loan that you are eligible for based on your financial situation. The monthly installments for the loan can be calculated and you can determine if you are able to make these payments.

What Type of Loan?

Fixed rate and interest-only mortgages are the most popular types of mortgages. Fixed rate mortgages amortize over time while interest only loans only pay the interest. There are many different calculations involved in each of these loans. Loan calculators can help you determine which type is best for you.

Which mortgage lender?

It is possible to compare interest rates, costs and fees among different lenders to help you choose the best lender.

How much equity?

Most mortgage lenders will lend you up to 80% of your property’s value. You can also put 20% of your equity in. You can calculate the equity required and plan your finances by using mortgage loan calculators.

It is easy to use a mortgage loan calculator. Simply enter the amount of the loan, amortization term and probable interest rate. After subtracting the equity from the property’s value, the loan amount can be calculated. The amortization term is typically 30 years. Interest rates can be found on various websites. The calculator will calculate the monthly payments required to service your mortgage based on the information above.

Although the mortgage loan calculator will give you a basic understanding about your mortgage, it doesn’t provide a monthly payment amount. The calculator does not take into account other fees and charges, and your credit score.