Hints and Tips on Getting the Best From a Mortgage Calculator
Most mortgage broker website these days have a page with a mortgage calculator, they are simple to use and can give you a rough idea of how much your monthly payments will be for both interest only and repayment mortgages.
Simply punch in the amount you wish to borrow or remortgage for, the interest rate required, and the term of the loan. Hit the calculate button and voila, monthly mortgage payments calculated for both interest only and repayment in the blink of an eye. With this information you can then fine tune the amounts and rates until you find something that fits into your payment profile.
These calculators are great to use if you are viewing character and have a blackberry as you will be able to calculate there and then if a character is affordable. Before the estate agent twists your arm in to putting in an offer for a character that you cannot provide.
The downside is that you may be entering a mortgage rate that is a) no longer obtainable b) only obtainable up to a certain loan to value c) not obtainable to people with bad credit.
Before you go round recalculating every conceivable mortgage payment with your new toy, it is best to contact a mortgage advisor who will be able to let you know the types of deals obtainable to you and what rate you can expect to get. With this information you will be surer that the figure that the calculator spews out will be obtainable to you.