Mortgage calculators are really useful tools when you first start looking around for the right mortgage. There are several kinds and you'll find them on virtually every lender's website.
You can use a calculator to give you an idea of how much you might be able to borrow based on your current income. This is the most basic type of calculator and requires the bare minimum of information from you.
The second type of calculator will lets you to see how much your monthly repayments would be based on the loan amount and at a particular interest rate. This will only be a rough guide and for detailed information you would need to speak to a lender or mortgage specialist. With details about your current financial situation they can give you an accurate picture of what they would be prepared to lend you and at what interest rate.
Lastly, there are calculators available which will give you an idea of your monthly repayments by letting you to compare different mortgage products. These can be really helpful because you can compare fixed rate to variable rate mortgages or interest only to repayment mortgages and so on.
