A mortgage calculator is a calculator which asks you questions such as your income and mortgage amount, and outputs how much lenders may be able to lend you and how much the repayments of the mortgage will be each month. Obviously, if you have a tracker mortgage, the payments will vary each month so most mortgage calculators will also have a box for interest rate so that you can try varying interest rates to see what would happen to your mortgage repayments.

Mortgage calculators are an excellent tool for when you are about to get a mortgage as they can give you a good idea of the amounts of money that a lender will be prepared to lend you, along with the sorts of amounts you will be paying back each month. Mortgage calculators also allow you to plug in different interest rates so that you can be sure that if the rates go up, you have enough income each month to cover the mortgage payments.

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