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What is a mortgage borrowing calculator

Most banks and other financial institutions have a mortgage borrowing calculator available for use by potential customers. These calculators are used to help a person decide how much they can afford to borrow in order to purchase their own property. A mortgage borrowing calculator can also be used to compare interest rates and repayment schedules. All of this information is important to a person considering purchasing property.

The calculator itself is usually automated, and quickly works out the financial implications if the person goes ahead with purchasing their chosen mortgage. As well as visiting lenders, there are a whole host of comparison websites which offer the free use of a mortgage borrowing calculator. Not only do they help you work out how much a mortgage will cost, you also have the opportunity to compare the best mortgage lenders and most competitive interest rates. If you are interested in owning your own calculator, there is a mortgage borrowing calculator software available for your home computer.

Before the invention of the mortgage borrowing calculator a person had to rely on hard-to-understand and extremely complex interest tables, if they wanted an idea of the financial implications of taking on a mortgage. These interest tables, while available to everyone, only really held benefits for those with a more than a basic understanding of interest maths. A mortgage borrowing calculator is easy to use and the results are easy to understand. You can find out information on a variety of different mortgage amounts all in a short space of time.

It is worth nothing that while many calculators are attached to a reputable financial body, the Financial Services Authority does not regulate these calculators at this time. Therefore, you should always be careful who you give your personal and financial information too.

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